Redfin Migration Report: Home Affordability Continued to Shape Migration Currents as Homebuyers Looked to Leave Expensive Coastal Cities in the Second Quarter

The Bay Area, New York and Los Angeles ranked highest for net outflow of home searchers

Seattle, WA – August 10th, 2017 (BUSINESS WIRE) (NASDAQ: RDFN) — Twenty-one percent of Redfin.com users in the second quarter of 2017 searched mostly for homes outside the metro where they reside, slightly up from 20 percent in the first quarter, according to the latest migration report from Redfin (www.redfin.com), the next-generation real estate brokerage.

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The Redfin Migration Report analyzed a sample of more than one million Redfin.com users searching for homes across 75 metro areas during the peak of the homebuying season from April through June. Redfin used IP addresses to identify the metros where home searchers likely reside and compared that to where users were searching for homes.

While 79 percent of Redfin.com home searchers looked to stay in their current metro, several key trends emerged among those looking to move to another metro:

1. There continued to be significant migration within the state of California, with the most common search patterns being buyers looked to leave the Bay Area and Los Angeles, heading to Sacramento and San Diego.

2. Several Rust Belt metros saw more than a quarter of local homebuyers looking at homes outside their metro with Chicago being the top destination.

3. Metros in the South and the Sunbelt remained popular destinations for migrants from expensive coastal cities.

4. Chicago, Boston and Seattle again had the highest share of residents looking to stay in their current metros.

“Home searches are early indicators of home sales. The migration patterns in our report closely correlate to actual purchases made by Redfin home-buying customers within and across metros,” said Taylor Marr, a Redfin data scientist who conducted the underlying research.

“Buyers who can’t afford a home in their current city are exploring what is available elsewhere,” said Marr. “We are already seeing strong buyer demand and competition in mid-tier cities like Sacramento, Phoenix and Atlanta. As home searches evolve into purchase offers and home sales, we anticipate prices and competition will continue to grow in those markets.”

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To read the full report, complete with an interactive data map of metro-to-metro migration trends and full methodology, 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

Redfin Journalist Services:
Alina Ptaszynski, 206-588-6863
press@redfin.com

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Quicken Loans Study Shows Homeowners and Appraisers Don’t See Eye-to-Eye on Home Values

– Quicken Loans’ National HPPI shows appraised values 1.55% lower than homeowners estimated in July

– Home values rose 0.33% nationally in July, with a 4.21% year-over-year increase, according to the Quicken Loans HVI

Detroit, MI – Aug. 8, 2017 (PRNewswire) Homeowners across the country continue to view their property value higher than appraisers’ opinions. In July, the average spread between an owner’s estimate and the appraised value was 1.55 percent according to Quicken Loans’ National Home Price Perception Index (HPPI). Despite the national average, the range of perceptions varied across the country with valuations coming in higher than expected in some metro areas.

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Even with the varying opinions there has been a clear trend, with home values on the rise across the country. The Quicken Loans National Home Value Index (HVI) reported that appraised values increased an average of 0.33 percent from June to July. The growth is even stronger on a year-over-year basis, with home values rising 4.21 percent nationally from July 2016’s findings.

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Home Price Perception Index (HPPI)
The HPPI shows appraisers’ opinions fell short of homeowners’ expectations by 1.55 percent, in July. This shows a narrowing gap, as homeowner estimates in June were 1.70 percent lower than appraised values. HPPI tracks differing trends across the country as real estate often fluctuates on a local basis. On average, appraisals were higher than owner expectations – the inverse of the national trend – in some of the fastest growing housing markets, including Dallas and Denver. However, some metro areas in the Northeast and the Midwest regions reported appraised values lower than owner estimates at a higher rate than the national trend.

“The home appraisal is one of the most important data points in the mortgage process. It determines the level of equity the homeowner has and, if the owner’s estimate is too far from how the appraiser views the property, it can cause the mortgage to be restructured,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “Our hope is that this index is eye-opening for homeowners. Their home equity could be thousands of dollars higher, or lower, than they realize. If they are aware of the perceived trends in their area it could help them better prepare for their home purchase or refinance.”

Home Value Index (HVI)
The National HVI, based solely on appraisal data, reported home values rose an average of 0.33 percent in July. The positive momentum was even more substantial for the annual measure, showing a 4.21 percent increase year-over-year. All of the areas measured also reported annual home value growth – ranging from a 2.65 percent annual increase in the Northeast to a 5.64 percent annual rise in value in the West.

“The regional differences in home value growth mirror the perception difference across the country. Areas with slower growth were more likely to have owners overestimating their home value, and areas with much stronger growth had higher appraisals than owners realized they would be,” said Banfield. “With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”

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*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

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*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

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*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

About the HPPI & HVI
The Quicken Loans HPPI represents the difference between appraisers’ and homeowners’ opinions of home values. The index compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process. This is an unprecedented report that gives a never-before-seen analysis of how homeowners are viewing the housing market. The HPPI national composite is determined by analyzing appraisal and homeowner estimates throughout the entire country, including data points from both inside and outside the metro areas specifically called out in the above report.

The Quicken Loans HVI is the only view of home value trends based solely on appraisal data from home purchases and mortgage refinances. This produces a wide data set and is focused on appraisals, one of the most important pieces of information to the mortgage process.

The HPPI and HVI are released on the second Tuesday of every month. Both of the reports are created with Quicken Loans’ propriety mortgage data from the 50-state lenders’ mortgage activity across all 3,000+ counties. The indexes are examined nationally, in four geographic regions and the HPPI is reported for 27 major metropolitan areas. All indexes, along with downloadable tables and graphs can be found at QuickenLoans.com/Indexes.

About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.

Quicken Loans was ranked #10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top-30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s ‘100 Best Places to Work in IT’ the past 13 years, ranking #1 for eight of the past twelve years including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.

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