The Midwest Dominates July’s Hottest Housing Markets

Midland, Texas maintains No. 1 spot for the fourth consecutive month

Santa Clara, CA – Aug. 16, 2018 (PRNewswire) Realtor.com®, the Home of Home Search, today released its July hottest markets list which reinforces home buyer interest is shifting away from pricey California to less expensive markets throughout the country. In fact, nearly a third of the markets were located in the affordable Midwest, which had a combined median list price well below the national average, according to the report.

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Midland, Texas continued its streak in July as the the nation’s hottest housing market for the fourth month in row. Driven by a surging oil economy, the median age of inventory in Midland is 29 days with homes receiving 2.4 times more listing views than the U.S. overall.

The remaining markets on the list, in rank order, are: Fort Wayne, Ind.; Boise City, Idaho; San Francisco; Columbus, Ohio; Colorado Springs, Colo.; Detroit-Warren-Dearborn, Mich.; Racine, Wis.; Vallejo-Fairfield, Calif.; Rochester, N.Y.; Sacramento; Janesville-Beloit, Wis.; Boston; Dallas; Pueblo, Colo.; Buffalo-Cheektowaga-Niagara Falls, N.Y.; Stockton-Lodi, Calif.; Fresno, Calif.; Odessa, Texas; and Grand Rapids-Wyoming, Mich.

This month 11 states are represented in the top 20 hottest, compared to eight a year ago. The combined median list price in the top 20 was $344,000 – the lowest price for the top 20 combined since realtor.com® started tracking in 2012. The largest geography represented on the list was the Midwest, which had a combined a median list price of $236,000, well below the national and top-20 list averages.

“With the median home list price hovering at a record level, affordable markets are very attractive for buyers, which is contributing to the popularity of many Midwestern markets,” said Danielle Hale, chief economist at realtor.com®. “Although construction is increasing in many regions, inventory remains scarce due to strong buyer demand and years of underbuilding. Even these affordable markets run the risk of what we’ve seen elsewhere if they aren’t able to keep pace with new construction.

Homes in these hot areas moved 17 to 30 days more quickly than the rest of the U.S. The time they spent on the market was on average four days fewer than last July. Buyer interest in these areas is also rising, with listing views 1.8 times higher than the national average and 16 percent higher than last year.

For more information, please visit: https://www.realtor.com/research/july-2018-hottest-markets/

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Realtor.com reviewed listing views by market as an indicator of demand and median days on market as an indicator of supply. This analysis led to the identification of the 20 hottest medium-sized to large markets in the country.

About realtor.com®

Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making 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®.

Contact:

Lexie Holbert
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Foreclosure Starts Increase In 44 Percent Of U.S. Markets In July 2018

July the Third Consecutive Month with an Annual Increase in 15 Percent of Markets; Atlantic City, Peoria, Fayetteville, North Carolina Post Top Metro Foreclosure Rates

Irvine, CA – Aug. 21, 2018 (PRNewswire) ATTOM Data Solutions, curator of the nation’s premier property database, today released its July 2018 U.S. Foreclosure Market Report, which shows that foreclosure starts increased from a year ago in 96 of the 219 metropolitan statistical areas (44 percent) analyzed in the report.

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A total of 30,187 U.S. properties started the foreclosure process for the first time in July, up 1 percent from the previous month and up less than 1 percent from a year ago — the first year-over-year increase in foreclosure starts nationwide following 36 consecutive months of year-over-year decreases.

Twenty-one states posted a year-over-year increase in foreclosure starts in July, including Florida (up 35 percent); California (up 3 percent); Texas (up 7 percent); Illinois (up 7 percent); and Ohio (up 2 percent).

Metro areas posting year-over-year increases in foreclosure starts in July included Los Angeles, California (up 20 percent); Houston, Texas (up 76 percent); Philadelphia, Pennsylvania (up 10 percent); Miami, Florida (up 29 percent); and San Francisco, California (up 10 percent).

“The increase in foreclosure starts is not just a one-month anomaly in many local markets given that July represented the third consecutive month with a year-over-year increase in 33 metro areas, including Los Angeles, Miami, Houston, Detroit, San Diego and Austin,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country. Most susceptible to rising foreclosure starts are affordability-challenged markets where homebuyers are more financially stretched and markets with some type of trigger event such as a natural disaster or large-scale layoffs.”

Real Estate Infographic

Atlantic City, Peoria, Fayetteville, North Carolina post top metro foreclosure rates

Nationwide, one in every 2,086 U.S. housing units had a foreclosure filing in July. States with the highest foreclosure rates in July were New Jersey (one in every 723 housing units with a foreclosure filing); Delaware (one in every 841); Maryland (one in every 1,038); Florida (one in every 1,180); and Illinois (one in every 1,277).

Among the 219 metropolitan statistical areas with at least 200,000 people, those with the highest foreclosure rates in July were Atlantic City, New Jersey (one in every 448 housing units with a foreclosure filing); Peoria, Illinois (one in every 622); Fayetteville, North Carolina (one in every 683); Trenton, New Jersey (one in every 703); and Philadelphia (one in every 851).

Report methodology

The ATTOM Data Solutions U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.

About ATTOM Data Solutions

ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.

Media Contact:

Christine Stricker
(949) 748-8428
christine.stricker@attomdata.com

Data and Report Licensing:

(949) 502-8313
datareports@attomdata.com

Home-Value Growth Slowing in Nation’s Hottest Housing Markets

– Seattle was leading the nation in home-value growth a year ago, but is now the 12th fastest-appreciating housing market and reported the greatest slowdown over the past year

– Annual home-value growth is slowing in 20 of the 35 largest U.S. housing markets, with Seattle and Tampa, Fla., reporting the greatest slowdown.

– U.S. home values rose 8 percent over the past year to a median of $218,000.

– The rental market is also showing signs of a slowdown. Median rent across the U.S. rose 0.5 percent since last July to $1,440, down from 1.6 percent growth a year ago.

– The number of homes for sale has been declining annually across the country for 42 straight months, with Columbus and Atlanta reporting the greatest drop in inventory over the past year.

Seattle, WA – Aug. 23, 2018 (PRNewswire) Home-value growth is slowing in almost two-thirds of the nation’s largest housing markets, according to the July Zillow® Real Estate Market Report(i). Seattle, Tampa, Sacramento, Calif., and Portland reported the greatest slowdown in home value appreciation over the past year.

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Seattle, which led the nation in home-value growth a year ago(ii), is now the 12th fastest-appreciating housing market and reported the greatest slowdown over the past year. At this time last year, home values in Seattle were appreciating at more than 14 percent annually, but have now slowed to a 9 percent appreciation rate.

Home values across the U.S. rose 8 percent in the past year, 0.7 percentage points faster than the year before. While national home value growth hasn’t slowed yet, Zillow forecasts the annual appreciation rate to drop to 6.8 percent over the next 12 months. The median home value in the U.S. is $218,000, the highest value ever reported.

While home-value growth is slowing in the majority of the largest markets, the current annual appreciation rate is still higher than historical norms(iii) in all but four of the markets analyzed. In Tampa, where home-value growth has slowed significantly over the past year, home values rose over 10.5 percent in the past year, while the historic average rate of appreciation is just over 5 percent. The historic average annual rate of appreciation in the U.S. is 3.7 percent.

“The nation’s pricier markets are starting to feel an affordability squeeze as buyers begin to balk at the sustained, rapid rise in prices that have followed the strong job growth and high housing demand of the past half-decade,” said Zillow senior economist Aaron Terrazas. “But despite the slowdown, home values are still growing faster than their historic pace in almost all large markets, and it’s far too soon to call it a buyer’s market. And in many of the nation’s more affordable areas, aside from the pricey and exclusive San Francisco Bay Area, home value growth has perked up as buyers continue to seek good value for their money. But it’s clear that the winds that have boosted sellers over the past few years are ever-so-slightly starting to shift.”

The rental market is also showing signs of a slowdown. Median rent across the U.S. rose 0.5 percent over the past year to $1,440, down from 1.6 percent growth a year ago. Among the 35 largest housing markets, 21 reported slower rent appreciation in July compared to a year ago, with Seattle, Portland and Kansas City leading the slowdown.

Rental prices rose the most over the past year in Riverside, Calif., Sacramento and Las Vegas. Median rent in Riverside rose 4.6 percent since last July to $1,898. Median rent in Sacramento and Las Vegas rose 4.4 percent and 3.2 percent, respectively.

The number of homes for sale has been declining annually across the country for 42 straight months, although the pace of the decline is slowing. Home shoppers will have about 4 percent fewer homes on the market to choose from than a year ago – the smallest annual decline in 17 months. Columbus, Ohio, Atlanta and Pittsburgh reported the greatest drop in inventory over the past year. In Columbus and Atlanta, home shoppers will have about 14 percent fewer homes to choose from than a year ago, and about 13 percent fewer to choose from in Pittsburgh.

July ended with mortgage rates on Zillow(iv) at 4.40 percent, after starting the month at 4.35 percent. July mortgage rates peaked on the second to last day of the month at 4.42 percent, and hit a month low in the middle of the month(v) when rates were at 4.30 percent. Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

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Zillow

Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with great real estate professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow Group’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc.

(i) The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, visit www.zillow.com/research/. The data in Zillow’s Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are typically recorded in each county and publicly available through a county recorder’s office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at www.zillow.com/local-info/ and www.zillow.com/research/data.

(ii) Seattle metro last led the nation in home value appreciation in June 2017, when home values there were appreciating 14.8 percent year-over-year.

(iii) Historical norms is referring to the average rate of appreciation.

(iv) Mortgage rates for a 30-year fixed mortgage.

(v) Month low was hit on July 18th.