Florida Housing Market – Hurricane Irma Impacts Sales, Data in September 2017

Orlando, FL – Oct. 20, 2017 (PRNewswire) Hurricane Irma, which made landfall in the Keys on Sept. 10 and continued up the state’s west coast, affected Florida’s housing market data in September, according to the latest housing data released by Florida Realtors®. Fewer sales, pending sales and new listings were reported, though median prices rose as a still-tight inventory of for-sale homes remained the norm in many areas. Sales of single-family homes statewide totaled 18,030 last month, down 20.4 percent compared to September 2016.

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“The impact from Hurricane Irma was wide-ranging across Florida, though the devastation and damage was certainly greater in some areas, such as the Keys and in Naples,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “But there were other consequences from Irma that disrupted the state’s economy and housing market as people took needed time for hurricane preparations and one of the largest evacuations in Florida’s history. Once Irma passed over the state, it took days or even longer to restore power to many areas, residents had to return from evacuations, and there was still debris cleanup, insurance claims and other issues to handle in the hurricane’s aftermath.

“It’s not surprising that Hurricane Irma had a negative impact on existing home and condominium sales across most local markets in September – but that’s a normal occurrence after a hurricane. To understand their housing market conditions, especially in times like this, consumers should work with a local Realtor, who can guide them through the complicated process of buying or selling a home.”

The statewide median sales price for single-family existing homes last month was $239,900, up 7.6 percent from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in September was $173,000, up 8.1 percent over the year-ago figure. September was the 70th month-in-a-row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in August 2017 was $255,500, up 5.6 percent from the previous year; the national median existing condo price was $237,600. In California, the statewide median sales price for single-family existing homes in August was $565,330; in Massachusetts, it was $398,125; in Maryland, it was $287,816; and in New York, it was $270,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 7,404 last month, down 15.9 percent compared to September 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for townhouse-condo properties declined 57 percent and foreclosures fell 62.3 percent year-to-year; short sales for single-family homes dropped 60.8 percent and foreclosures fell 60 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Perhaps the most important thing to understand about this month’s sales numbers is that these declines in real estate activity are not in any way indicative of a decline in the demand for housing going forward, or any other structural change in Florida’s housing market dynamics, for that matter,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “This is the result of a temporary economic decline brought about by Irma before and after it passed through. We should expect to see similar temporary drops in restaurant and retail sales, job hiring and other economic indicators at the local level.”

O’Connor noted that, looking at housing and other data following the 2004 hurricanes in Florida, there is “strong evidence that Florida real estate always has willing buyers as long as the lights are on and infrastructure is back in place. In parts of the state that are already back to business as usual after Irma, we likely will see a similar rebound in the October numbers.”

Inventory remained constrained in September with a 3.8-months’ supply for single-family homes and a 5.5-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.81 percent in September 2017; it averaged 3.46 percent during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the September 2017 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 170,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Existing-Home Sales Inch 0.7 Percent Higher in September

Washington, D.C. – October 20, 2017 (nar.realtor) After three straight monthly declines, existing-home sales slightly reversed course in September, but ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back on an annual basis, according to the National Association of Realtors®.

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Total existing-home sales(1), which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.7 percent to a seasonally adjusted annual rate of 5.39 million in September from 5.35 million in August. Last month’s sales pace is 1.5 percent below a year ago and is the second slowest over the past year (behind August).

Lawrence Yun, NAR chief economist, says closings mustered a meager gain in September, but declined on an annual basis for the first time in over a year (July 2016; 2.2 percent). “Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” he said. “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”

Added Yun, “Sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida – hit by Hurricanes Harvey and Irma – saw temporary, but notable declines.”

Real Estate Inforgraphic

The median existing-home price(2) for all housing types in September was $245,100, up 4.2 percent from September 2016 ($235,200). September’s price increase marks the 67th straight month of year-over-year gains.

Total housing inventory(3) at the end of September rose 1.6 percent to 1.90 million existing homes available for sale, but still remains 6.4 percent lower than a year ago (2.03 million) and has fallen year-over-year for 28 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.5 months a year ago.

“A continuation of last month’s alleviating price growth, which was the slowest since last December (4.5 percent), would improve affordability conditions and be good news for the would-be buyers who have been held back by higher prices this year,” said Yun.

First-time buyers were 29 percent of sales in September, which is down from 31 percent in August, 34 percent a year ago and matches the lowest share since September 2015. NAR’s 2016 Profile of Home Buyers and Sellers – released in late 2016(4) – revealed that the annual share of first-time buyers was 35 percent.

According to Freddie Mac, the average commitment rate (link is external) for a 30-year, conventional, fixed-rate mortgage dipped to 3.81 percent in September from 3.88 percent in August and is the lowest since November 2016 (3.77 percent). The average commitment rate for all of 2016 was 3.65 percent.

Nearly two-thirds of renters currently believe now is a good time to buy a home, but weakening affordability and few choices in their price range have made it really difficult for more aspiring first-time buyers to reach the market,” said Yun.

President William E. Brown, a Realtor® from Alamo, California, says Congress should keep in mind the barriers affecting prospective first-time buyers as they move forward with tax reform in the coming months.

“There’s no way around the fact that any proposal that marginalizes the mortgage interest deduction and eliminates state and local tax deductions essentially disincentives homeownership and is a potential tax hike on millions of middle-class homeowners,” said Brown. “Reforming the tax code is a worthy goal, but it should not lead to the middle class, who primarily build wealth through owning a home, footing the bill. Instead, Congress should be looking at ways to ensure more creditworthy prospective buyers are able to achieve homeownership and enjoy its personal and wealth-building benefits.”

Properties typically stayed on the market for 34 days in September, which is up from 30 days in August but down from 39 days a year ago. Forty-eight percent of homes sold in September were on the market for less than a month.

Inventory data from realtor.com® reveals that the metropolitan statistical areas where listings stayed on the market the shortest amount of time in September were San Francisco-Oakland-Hayward, Calif., 30 days; San Jose-Sunnyvale-Santa Clara, Calif., 32 days; Salt Lake City, Utah, 35 days; and Seattle-Tacoma-Bellevue, Wash., and Vallejo-Fairfield, Calif., both at 36 days.

All-cash sales were 20 percent of transactions in September, unchanged from August and down from 21 percent a year ago. Individual investors, who account for many cash sales, purchased 15 percent of homes in September (unchanged from last month and a year ago).

Distressed sales(5) – foreclosures and short sales – were 4 percent of sales in September, unchanged from last month and a year ago. Three percent of September sales were foreclosures and 1 percent were short sales.

Single-family and Condo/Co-op Sales

Single-family home sales climbed 1.1 percent to a seasonally adjusted annual rate of 4.79 million in September from 4.74 million in August, but are still 1.2 percent under the 4.85 million pace a year ago. The median existing single-family home price was $246,800 in September, up 4.2 percent from September 2016.

Existing condominium and co-op sales decreased 1.6 percent to a seasonally adjusted annual rate of 600,000 units in September, and are now 3.2 percent below a year ago. The median existing condo price was $231,300 in September, which is 4.1 percent above a year ago.

Regional Breakdown

September existing-home sales in the Northeast were at an annual rate of 720,000 (unchanged from August), and are now 1.4 percent below a year ago. The median price in the Northeast was $274,100, which is 4.8 percent above September 2016.

In the Midwest, existing-home sales rose 1.6 percent to an annual rate of 1.30 million in September, but are 1.5 percent below a year ago. The median price in the Midwest was $195,800, up 5.4 percent from a year ago.

Existing-home sales in the South slipped 0.9 percent to an annual rate of 2.13 million in September, and are now 2.3 percent lower than a year ago. The median price in the South was $215,100, up 4.6 percent from a year ago.

Existing-home sales in the West increased 3.3 percent to an annual rate of 1.24 million in September (unchanged from a year ago). The median price in the West was $362,700, up 5.0 percent from September 2016.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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NOTE: For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1. Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample – about 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2. The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3. Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

4. Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

5. Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at Realtor.org.

NOTE: NAR’s Pending Home Sales Index for September is scheduled for release on October 26, and Existing-Home Sales for October will be released November 21; release times are 10:00 a.m. ET.

Which U.S. Cities Have Changed the Most Over the Past Decade?

A MagnifyMoney analysis looks at a decade of data to determine which communities are undergoing dynamic transformations, and which are standing still

Charlotte, NC – October 19, 2017 (PRNewswire) Over the past decade, most U.S. cities have experienced at least some degree of change, whether the change has been for the better or worse. These changes may be indicative of emerging economic opportunities, or on the other end of the spectrum, economic decline. MagnifyMoney, a subsidiary of LendingTree that provides information, tools and resources to help consumers make informed financial decisions, analyzed the 50 largest U.S. metro areas using nine elements of data to measure and identify areas of growth, decline and inactivity.

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MagnifyMoney analyzed home prices, crime rates, building permits, commute times and other elements to identify areas of high metropolitan change and give each city a “Change Score” of 0 to 100. According to the data, Austin, Dallas – Fort Worth and Houston round out the trio of big Texas cities that received the highest Change Scores among the largest U.S. metro areas, suggesting that Texas is a hot spot for change.

Real Estate Infographic

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Places that Changed the Most

1. Austin, Texas (90.4) Austin is a magnet for change, with the fastest job growth in the nation (+40% since 2006), 60% of residents moving since 2010 and a 54% rise in house prices since 2006, the most of the 50 metros ranked.

2. Dallas – Fort Worth, Texas (89.7) Dallas-Fort Worth is in the top 10 for five of the change categories: employment, recent moves, building permits, house prices and crime rate. Dallas – Fort Worth’s crime rate is down 43% from 2006.

3. Houston, Texas (86.2) Houston rounds out the trio of big Texas cities at the top of the change list, led by housing factors. The city ranks No. 2 for house price appreciation, at 38% from 2006, and No. 3 for building permit expansion.

Places that Changed the Least

50. Birmingham, Alabama (61.1) Birmingham ranks in the bottom half of change for all nine metrics analyzed, and notably lags in employment growth, at 3% in the 10 years between 2006 and 2016. House prices are down 2% from their 2006 level as of 2016, while commute times are identical to levels 10 years prior.

49. Milwaukee, Wisconsin (61.7) Additional Information: Milwaukee also lags in employment growth at 4% in 10 years, but it’s one of the few areas where rent growth hasn’t significantly outpaced income growth, with median rent up 19% in 10 years, compared to income up 15%.

48. New Orleans, Louisiana (63.4) While New Orleans is third from the bottom in terms of change, in the wake of Hurricane Katrina it’s made big progress in one key metric – employment, which is up 30% since 2006, ranking No. 3 among the 50 largest metros for growth. It lags in some metrics where too much change is a negative – rent growth and commute time growth.

Ranking Highlights

Commute times

% change in commute times, 2006 – 2016
San Francisco +18%
San Jose + 18%
Los Angeles +12%
Boston +12%
Portland +12%

Employment

Employment change, 2006 – 2016
Austin +40%
Raleigh +32%
New Orleans +30%
San Antonio +29%
Nashville +24%

Income

Median income change, 2006 – 2016
San Francisco +37%
San Jose +36%
Austin +34%
Oklahoma City +31%
Portland +31%

House prices

House price index change, 2006 – 2016
Austin +54%
Houston +38%
Denver +35%
Las Vegas -34%
Dallas +32%

Rent

% change in median rent, 2006-2016
San Jose +68%
Denver +60%
Seattle +55%
Portland +52%
San Francisco +49%

Recent moves

% of residents who moved into their residence in 2010 or later
Las Vegas 66%
Phoenix 61%
Austin 60%
Orlando 58%
Denver 56%

Median age

Change in median age of residents, 2006 – 2016
Riverside, Calif. +3.4 years
Phoenix +2.8 years
Sacramento, Calif. +2.6 years
Detroit +2.4 years
Los Angeles +2.3 years

For more information on the study click here.

Methodology

We looked at nine factors to assess change, including:

  • Commute times — the percentage change in average commute times reported for each metro area in the U.S. Census American Community Survey, released in September 2017 and covering 2006-2016.
  • Building permits — The number of residential building permits issued, 2007-2016, as a percentage of the 2006 base of households, using data from the Department of Housing and Urban Development.
  • Median age — The change in median age of residents, 2006-2016, via the American Community Survey.
  • Employment — The percentage change in people employed from 2006-2016, via the American Community Survey.
  • Income — The percentage change in nominal median household income, 2006-2016, via the American Community Survey.
  • House prices — The percentage change in the nominal house price index, 2006-2016, via the Federal Housing Finance Agency.
  • Rent — The percentage change in median rent from 2006 – 2016, via the American Community Survey.
  • Crime rate — The percentage change in the crime rate from 2006-2016, via the Federal Bureau of Investigation Uniform Crime Reporting program.
  • Recent moves — The percentage of residents who moved into their current residence in 2010 or later, via the American Community Survey.

Ranks for each of the nine factors were evenly weighted to create a Change Score for each metro, from 0-100, with 100 representing the top score.

About MagnifyMoney.com

MagnifyMoney.com, a subsidiary of LendingTree, makes it easy for consumers to shop for the best financial products and get answers to their most important financial questions. MagnifyMoney’s unbiased advice and comprehensive product database helps millions of people compare credit cards, loans, checking accounts and savings accounts.

The Fine Print Blog, led by a newsroom of personal finance experts, is dedicated to helping people save money and lead financially healthier lives through strategies and tips for avoiding fees, getting out of debt, paying off student loans, avoiding consumer scams and other financial topics. MagnifyMoney was launched in 2014 and is based in New York, NY.

About LendingTree

LendingTree (NASDAQ: TREE) is the nation’s leading online loan marketplace, empowering consumers as they comparison-shop across a full suite of loan and credit-based offerings. LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 65 million loan requests. LendingTree provides free monthly credit scores through My LendingTree and access to its network of over 500 lenders offering home loans, personal loans, credit cards, student loans, business loans, home equity loans/lines of credit, auto loans and more. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

Media Contact:

Megan Greuling
(704) 943-8208
Megan.Greuling@LendingTree.com

Realtor.com® Names 2017’s Hottest ZIP Codes in America

Watauga, Texas, takes hottest ZIP title for second year in a row, followed by Livonia, Mich. and Kentwood, Mich.

Santa, CA – Oct. 19, 2017 (PRNewswire) Realtor.com®, a leading online real estate destination operated by News Corp [NASDAQ: NWS, NWSA]; [ASX: NWS, NWSLV] subsidiary Move Inc., today announced its third annual list of the Hottest ZIP Codes in America, which illustrates the power of millennial gravitation toward affordable suburbs with local “it” factors.

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For the second year in a row, Watauga (76148) leads the list, followed by Livonia (48154); Kentwood (49548); Medford, Mass., (02155); Littleton, Colo. (80123); Castro Valley, Calif., (94546); Colorado Springs, Colo., (80922); Overland Park, Kan., (66210); Mira Mesa, Calif. (92126), and Hilliard, Ohio (43026).

Realtor.com® analyzed 32,000 ZIP codes based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code. Homes in this year’s top 10 hottest markets sell in an average of 21 days – 50 days faster than in the rest of the country. Realtor.com® users view home listings in these markets four times more often than those in the rest of the country. One ZIP code was included per metro area.

“While low inventory is a challenge, millennials are the largest generation in U.S. history and they are flexing their muscle when it comes to the housing market,” said Danielle Hale, chief economist for realtor.com®. “Increasingly, the hottest housing markets are the ones that appeal to millennial preferences, and right now the standouts are relatively affordable suburbs with local ‘it’ factors such as hiking trails, great restaurants, and nightlife. With the largest cohort of millennials turning 30 in 2020, we can expect these types of areas to stay in demand in the years to come.”

Real Estate Infographic

Key factors heating things up in the top 10 hottest markets:

  • Relative affordability. The median price for a home in these markets is $360,000 – 1.4 times more than the national median – with prices in five of the top 10 ZIPs exceeding the national average. However, when compared to their immediate surrounding metro area, the median home listing price is lower in six of the top 10 ZIPs and when compared to the county, eight are lower.
  • Large shares of older millennials. Millennials aged 25 to 34 make up 17 percent of households in the top 10 ZIPs, compared to 15 percent nationally. Older millennial households comprise a greater share of households than their national share in eight out of the top 10 ZIPs. They also make up the largest share of mortgage originations, with 25-to-34-year-olds accounting for 36 percent of mortgages and 35-to-44-year-olds making up 30 percent.
  • High millennial ownership rates. Eight of the top 10 ZIPs have a higher home ownership rate among 25-to-34-year-olds than in their surrounding county as a whole. The average 25-to-34-year-old home ownership rate in top 10 ZIPs is 50 percent, compared to 39 percent in their respective counties and 41 percent nationally.
  • Strong job markets. The top 10 ZIP codes are located in counties with an average unemployment rate of 3.6 percent, well below the overall national unemployment rate of 4.4 percent.
  • High salaries. In nine out of the top 10 ZIPS, the median household income is higher than the national median. The average household income among the top 10 is $75,829, 1.3 times the $57,462 national median. This is true for millennial segment as well; the average household income for 25-to-34-year-olds in the top 10 is $74,635, 1.3 times the $55,871 national median.

Market Highlights – Top 10 ZIP Codes

1. 76148 – Watauga, Texas – Named the hottest ZIP code for the second consecutive year, due to its highly competitive housing market and desirable amenities. Watauga is an inner suburb of Fort Worth that has a young population, a strong economy and schools that have been rated among the best in the state. Residents also benefit from being part of a vibrant, multicultural metropolis, with great restaurants and cultural offerings like the Kimbell Art Museum and Fort Worth Zoo.

Key housing stats: Average home listing views in ZIP 76148 are up 28 percent over last year, with homes receiving five times more views than those in the rest of the country. Homes in Watauga sell in 18 days, 5 percent slower than last year, with a median list price of $160,441, up 12.4 percent over last year. Tarrant County is expected to add 28,000 jobs this year, an increase of 3 percent.

2. 48154 – Livonia, Mich. – A western suburb of Metro Detroit, Livonia combines the best parts of suburban living with close proximity to the great attractions of the resurgent Motor City. It’s just a half hour from downtown destinations such as the Detroit Institute of Art, the historic Eastern Market commercial district and the homes of four professional sports teams. Livonia also is equally close to many of the major employment centers scattered throughout the broader metro area, such as the headquarters of Ford Motor Company in Dearborn, Mich. and Beaumont Health in Royal Oak, Mich. It has also been ranked among the safest cities in Michigan and boasts more than 60 parks spread over 1,389 acres.

Housing stats: More than 86 percent of millennials living in the ZIP own their own homes, compared to only 44 percent in the surrounding county. Homes in Livonia sell in 21 days, 25 percent more quickly than last year, with a median list price of $223,780, up 12.3 percent over last year. Wayne County is expected to add 7,000 jobs this year, an increase of 1 percent.

3. 49548 Kentwood, Mich. – Kentwood is part of the Grand Rapids area, one of the fastest-growing parts of the country. In recent years, Grand Rapids has become known for its booming economy, huge annual public art competition and a great local microbrewery and dining scene. Kentwood also is conveniently close to the Gerald R. Ford airport, which has been adding direct flights to major destinations throughout the country.

Housing stats: The dominant buyer segment in Kentwood is millennials, who hold 42 percent of new mortgages in the ZIP and have a 62 percent home ownership rate. Homes in Kentwood sell in 16 days, 49 percent more quickly than last year, with a median list price of $118,833, up 22.4 percent over last year. Kent County is expected to add 5,000 jobs this year, an increase of 2 percent.

4. 02155 Medford, Mass. – Once overlooked as a sleepy city northwest of downtown Boston, Medford is now known for its lively dining options, ample recreation opportunities at Wright’s Park and along the Mystic River, and the annual Mystic River Celebration devoted to the arts. The area is home to the renowned Tufts University, and the T provides easy public transportation access to downtown Boston. Residents also enjoy a low tax rate compared to other cities in the region.

Housing stats: The dominant buyer segment in Medford is millennials, who make up 38 percent of new mortgage holders. Homes in Medford sell in 19 days, roughly 41 percent more quickly than last year, with a median list price of $541,158, up 12.9 percent over last year. Middlesex County is expected to add 18,000 jobs this year, an increase of 2 percent.

5. 80123 Littleton, Colo. – Situated on the southwest edge of Denver, ZIP 80123 spans communities including Littleton, Marston and Columbine Valley. This suburban hotspot boasts great shopping options, a fun and historic downtown area and plenty of great condo and single-family home options. That’s not to mention its natural beauty and perfect placement for outdoor enthusiasts: Littleton alone features more than 59 parks and an active trail system. Plus, only a 30 minute drive to the base of the Rockies, it’s one of the Denver suburbs with the best mountain access.

Housing stats: The dominant buyer segment in ZIP 80123 is millennials, who hold 34 percent of new mortgages in the area and have a median household income of $72,126. Homes in Littleton sell in 22 days, 19 percent more quickly than last year, with a median list price of $533,873, down 3.8 percent compared to last year. Jefferson County is expected to add 5,000 jobs this year, an increase of 2 percent.

6. 94546 Castro Valley, Calif. – Castro Valley is a Bay Area community perfectly located for those who want to live close to the thriving tech scene in San Francisco and Silicon Valley at more affordable prices. Because of its central location – it takes about the same time to get to San Francisco, Silicon Valley and Berkeley – it’s especially good for couples who work in different parts of the region.

Housing stats: Millennials make up 35 percent of the new mortgage share in ZIP 94546. Homes in Castro Valley sell in 23 days, about 8 percent more quickly than last year, with a median list price of $728,267, up 6.9 percent over last year. Alameda County is expected to add 4,000 jobs this year, an increase of 1 percent.

7. 80922 Colorado Springs, Colo. – Located less than 25 minutes from Downtown Colorado Springs, the Colorado Springs Airport, and the University of Colorado at Colorado Springs, ZIP 80922 is about as convenient as it gets. That’s especially true for the thousands who work at the nearby Peterson Air Force Base, but the area is also perfect for those simply seeking an active lifestyle: El Paso County has been called one of the healthiest counties in America. Recreational activity options abound, with miles of nearby trails for hiking, biking, and horse riding.

Housing stats: The number of households in the ZIP grew by 19.5 percent from 2010 – 2017, and it has a home ownership rate of 80 percent among all age groups and 68 percent among millennials. Reflecting the high concentration of military service members in the area, 43 percent of new mortgages in 80922 are guaranteed by the U.S. Department of Veterans Affairs. Homes in Colorado Springs sell in 21 days, about 5 percent more quickly than last year, with a median list price of $273,322, up 4.6 percent over last year. El Paso County is expected to add 9,000 jobs this year, an increase of 3 percent.

8. 66210 Overland Park, Kan. – Overland Park gets high marks for all the major factors: Top-rated schools, affordable homes, and easy access to shopping and attractions like Kansas City, Mo.’s highly rated Nelson-Atkins Museum of Art. Near the juncture of I-435 and I-69, ZIP 66210 also includes Sprint’s headquarters and the Kansas City metro area’s largest office park, the 50-acre Corporate Woods.

Housing stats: Millennials already comprise 20 percent of the area’s households and are the dominant buying group in the area, holding 39 percent of new mortgages. Homes in Overland Park sell in 24 days, about 22 percent more quickly than last year, with a median list price of $236,454, up 0.5 percent over last year. Johnson County is expected to add 3,000 jobs this year, an increase of 1 percent.

9. 92126 Mira Mesa – ZIP 92126 encompasses the San Diego community of Mira Mesa, which was formerly populated mainly by military families of the nearby Marine Corps Air Station, Miramar – where many Top Gun flight scenes were filmed. Recently, Mira Mesa has become a booming area with a diverse populace and wide variety of independent stores, restaurants and microbreweries. Located 15 minutes from the beach and bordered by a 5,800-acre nature preserve called Mission Trails, Mira Mesa is also a prime location for Southern California-style recreation enthusiasts.

Housing stats: From 2010 – 2017, the number of households in ZIP 92126 grew by 7.4 percent, compared to 5.7 percent in the U.S. as a whole. Homes typically sell within 22 days, about 30 percent more quickly than last year, with a median list price of $536,394, up 2.4 percent over last year. San Diego County is expected to add 5,000 jobs this year, an increase of 0.4 percent.

10. 43026 Hilliard, Ohio – A blend of small-town historical charm, museums and local eateries, Hilliard offers great price-per-square-foot home value and excellent schools. It also provides residents a mix of small-town historical charm, museums and local eateries. On top of that, it’s a quick trip to Columbus, which is home to Ohio State University, multiple Fortune 500 Companies and the newly opened Scioto Mile, a sprawling park in the heart of the city.

Housing stats: The dominant buyer segment in ZIP 43026 is millennials, who hold 41 percent of new mortgages and have a 59 percent home ownership rate. Homes in Hilliard sell in 25 days, about 37 percent more quickly than last year, with a median list price of $259,011, up 24.8 percent over last year. Franklin County is expected to add 16,000 jobs this year, an increase of 3 percent.

Top 50 Hottest Markets in America

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For more information about the list, please visit: research.realtor.com.

About realtor.com®

Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.

Media Contacts:

Realtor.com®
Lexie Puckett Holbert
a href=”mailto:lexie.puckett@move.com”>lexie.puckett@move.com

Redfin: Home Sales Fell 8.1 Percent in September, Third Month in a Row of Declining Sales

Lack of Inventory Stifling the Market Despite Still-Strong Demand

Seattle, WA – October 19th, 2017 (BUSINESS WIRE) (NASDAQ: RDFN) — Home sales fell 8.1 percent compared to last year, the largest decline posted since July 2016, according to Redfin (www.redfin.com), the next-generation real estate brokerage. Meanwhile price-growth is strong, up 7.6 percent in September to a national median sale price of $288,000 across all markets Redfin serves.

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Nationally, the number of homes for sale plunged 10.9 percent, continuing the 24-month streak of declining inventory. The number of new listings in September fell 7.7 percent from a year ago, leaving 3.3 months of supply. Less than six months of supply signals the market is tilted in favor of sellers.

The median days on market ticked up to 42 in September from 39 in August. The market was still five days faster than last September. The average sale-to-list price ratio was 98.4 percent and 23.6 percent of homes sold above their list price in September.

Weather took its toll in several markets, with Hurricane Irma in Florida and Harvey in Houston. Real estate activity was put on hold as communities dealt with the storm and its aftermath. As a result of hurricane-related disruptions, Redfin expects real estate activity to be more volatile than normal in these markets.

Home sales in Miami, Fort Lauderdale, West Palm Beach, Jacksonville, Orlando and Tampa all declined by more than 15 percent compared to last September. Miami sales took the biggest hit with a year-over-year decline of 38.4 percent. In Houston, home sales tumbled more than 25 percent in August, but recovered in September, and were essentially flat (0.2%) compared to a year ago.

“The housing market is running on fumes due to low inventory,” said Redfin chief economist Nela Richardson. “September marks the first time since 2014 that we’ve seen three consecutive months of year-over-year sales declines. The inventory shortage is most severe for affordable homes. There has not been an increase in homes priced under $260,000 in two years.”

In September, new listings from homes priced in the lowest tercile of the market (under $260,000) were down 14.9 percent year over year. Inventory for the middle tercile of new listings, priced between $260,000 and $470,000, was down 4.7 percent year over year. The only inventory increase was for listings above $470,000, up 2.3 percent from a year ago.

“The good news is that so far markets affected by Hurricane Harvey, like Houston, are rebounding in terms of sales quickly,” said Richardson. “That bodes well for Floridian markets.”

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Other September Highlights

Competition

  • Seattle, WA was the fastest market, with nearly half of all homes pending sale in just 10 days, down from 12 days from a year earlier. San Jose, CA, Boston, MA, and Portland, OR were the next fastest markets at 14 median days on market, followed by Oakland, CA (15).
  • The most competitive market in September was San Francisco, CA where 71.7% of homes sold above list price, followed by 71.6% in San Jose, CA, 64.6% in Oakland, CA, 47.7% in Seattle, WA and 42.7% in Tacoma, WA.

Prices

  • San Jose, CA had the nation’s highest price growth, rising 16.3% since last year to a median of $1 million. Tucson, AZ had the second highest growth at 15.8% year-over-year price growth, followed by Tacoma, WA (14.5%), Las Vegas, NV (14%) and Seattle, WA (13.3%).
  • Just 3 metros saw price declines in September: Camden, NJ (-6.4%), Baltimore, MD (-3.1%) and Newark, NJ (-2.7%).

Sales

  • Home sales in Miami, FL and Fort Lauderdale, FL declined by 38.4% and 32.4%, respectively, as Hurricane Irma ground the market to a halt.
  • 12 of 74 metros saw sales increase from last year. Camden, NJ led the nation in year-over-year sales growth, up 8.8%, followed by Honolulu, HI, up 7.8%. Detroit, MI rounded out the top three with sales up 4.8% from a year ago.

Inventory

  • San Jose, CA had the largest decrease in overall inventory, falling 51.7% since last September. Rochester, NY (-27.3%), Buffalo, NY (-26.9%) and Oakland, CA (-26.5%) also saw far fewer homes available on the market than a year ago.
  • Salt Lake City, UT had the highest increase in the number of homes for sale, up 39.6% year over year, followed by Baton Rouge, LA (34.0%) and Tulsa, OK (13.8%).

To read the full report, complete with data and charts, click here.

About Redfin

Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.

Contacts

Alina Ptaszynski
(206) 588-6863
press@redfin.com

70 Percent of Realtors® Self-Initiated Real Estate Career, Identify People Skills as Most Important

Washington,, D.C. – October 18, 2017 (nar.realtor) The majority of Realtors® self-initiated their career in real estate and identify strong people skills as the most important trait to be a successful agent, according to the National Association of Realtors® new research report, Choosing a Career in Real Estate: A Perspective on Gender, Race and Ethnicity.

NAR logo

The Choosing a Career in Real Estate report was developed to discover how and why Realtors®, members of the National Association of Realtors®, chose real estate as a career and to examine gender, race and ethnicity in real estate.

“A career in real estate offers a work environment and diversity of opportunity that attracts all types of individuals, and the report’s findings are a reflection of that,” says NAR president William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties. “That being said, NAR remains committed to ensuring that its membership continues to reflect America’s growing diversity.”

Real Estate Infographic

Choosing a Career in Real Estate

According to the report, nearly 70 percent of Realtors® self-initiated their career in real estate based on interest in the industry, and almost 20 percent were referred by a friend. Sixty-nine percent of males self-initiated their career compared to 65 percent of females, and 20 percent of women were referred by a friend, compared to 18 percent of men. Seventy-five percent of Black and African American members self-initiated their career in real estate – more than any other ethnic group – while 27 percent of Asian and Pacific Islander members had their career in real estate referred by a friend, also more than any other group.

Attractive Aspects of Real Estate

Nearly seven in 10 Realtors® found flexible hours to be the most attractive aspect about being a real estate agent, followed by interest in the industry (64 percent), working with people (54 percent), entrepreneurial field (50 percent) and salary possibilities (49 percent).

The report also surveyed Realtors® about important skills to possess to be successful in real estate. People skills (86 percent), self-motivation (84 percent) and negotiation skills (73 percent) ranked as the most important skills in residential real estate, while negotiation skills (69 percent), problem solving skills (63 percent) and analytical reasoning (62 percent) were viewed as the top skills for commercial real estate professionals.

The report also surveyed members on whether they began their career in real estate or if they transitioned into their current position from another industry, and the majority of Realtors® (82 percent) started their professional career doing something outside of real estate. Real estate is more often the second career for females (51 percent) and the third career for males (36 percent).

Sixty-one percent of Black and African American members stated that real estate is more often a second career, more than any other ethnic group. Male members were more likely to have a previous career in management or sales, and in contrast, female members were more likely to have a previous career in management, office support and education.

Income

Females make up 63 percent of NAR’s membership and those who work exclusively in residential have a median gross income from real estate of $46,700, compared to $54,600 for men. Women tend to be younger in age and more likely to work part-time. When it comes to residential business activity, women had a median of eight sales transactions, compared to seven for men.

Asian and Pacific Islander members working exclusively in residential real estate have the highest median gross annual income of all ethnic groups at $56,800, followed by White and Caucasian members at $54,200, Hispanic and Latino members at $41,700, and Black and African American at $23,000.

Those who work in dual specialties, both residential and commercial, tend to have higher gross median incomes at $89,300.

Specialty

Seventy percent of female members work exclusively in residential real estate, compared to 45 percent of male members. Fifteen percent of males work exclusively in commercial real estate, compared to only 4 percent of females.

Hispanic and Latino members make up the largest share of those working exclusively in residential real estate (71 percent), and Asian and Pacific Islander members make up the largest share working in both commercial and residential real estate (37 percent). Twelve percent of White and Caucasian members work only in commercial real estate, compared to 3 percent or less for all other ethnic groups.

Dual specialists typically have 10 residential transactions and one commercial transaction. Dual specialists tend to have more experience in residential real estate than those working exclusively in residential real estate and are more likely than others to work in small towns, rural areas and resort areas.

Race and Ethnicity in Real Estate

Comparing the activity of each ethnic group in real estate, the report finds that White and Caucasian members make up 82 percent of all NAR members and had the most transactions and highest sales volume. Asian and Pacific Islander members had the highest median gross income, sold the most expensive homes and had the highest median dollar value of residential sales transactions. They also had the second highest median years of experience (10 years) and the second largest group of members over 60 years in age (29 percent).

Black and African American members have the lowest median gross income and sell the least expensive homes, however, they make up the largest group working less than 20 hours a week and are also the largest group to receive less than half their overall income from residential real estate.

These findings indicate that the income of Black and African American members is more diversified outside the industry, and that real estate is only a part-time source of income. Hispanic and Latino members are the largest group specializing exclusively in residential real estate (71 percent), the largest group with less than one year of experience (25 percent) and are the youngest members.

Hispanics and Latino members have the second most median residential sales transactions and sold the third most expensive homes, according to the report.

NAR offers many resources to promote diversity in its Realtor® membership through its Equal Opportunity and Cultural Diversity program, including education, grants, partnerships and events. The NAR Diversity Initiative Grant Program provides grants to help fund outreach efforts to minority consumers and bring more diversity into Realtor® membership and leadership. NAR’s diversity course, At Home with Diversity, gives Realtors® tools and training to better serve today’s diverse consumers. NAR has also successfully built partnerships with housing groups and professional real estate organizations representing the multicultural community.

Choosing a Career in Real Estate: A Perspective on Gender, Race and Ethnicity report was based on a survey sent from March to April 2017 to 144,000 members of the National Association of Realtors®. A representative sample of 6,363 members responded to the survey, an adjusted response rate of 4.4 percent.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.