12 Most-Searched Housing Markets
Which cities are home buyers targeting the most? Realtor.com recently released its search rankings of 146 metros during the month of September. The following are the 12 most-searched markets last month, including their median list prices.
1. Chicago: $199,000
2. Detroit: $89,000
3. Los Angeles-Long Beach, Calif.: $335,000
4. Philadelphia: $234,900
5. Atlanta: $159,900
6. Tampa-St. Petersburg-Clearwater, Fla.: $140,000
7. Phoenix-Mesa, Ariz.: $150,000
8. Las Vegas: $120,000
9. Dallas: $191,025
10. Boston-Worcester-Lawrence-Lowell-Brockton, Mass.: $330,000
11. Riverside-San Bernadino, Calif.: $195,000
12. Orlando: $159,500
Source: Realtor.com
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23 Housing Markets Show Big Improvement
Double the number of housing markets moved into the “improving” category this month compared to last month, according to the National Association of Home Builders/First American Improving Markets Index, which debuted last month.
Twenty-three housing markets qualified as “improving” compared to 12 last month. Metro areas are considered “improving” if they show an improvement in housing permits, employment, and housing prices for at least six months. Texas cities appear the most frequently on the list.
“Both the number and geographic diversity of improving housing markets expanded this month, with Iowa, Illinois, and South Carolina all newly represented by one entry or more on the list,” Bob Nielsen, NAHB chairman, said in a statement. “This is further evidence that, despite the tough conditions that persist in many cities, pockets of improvement are emerging in local housing markets across the country.”
The following are the 23 markets labeled “improving” in October, according to NAHB’s index:
Alexandria, La.
Amarillo, Texas
Anchorage, Alaska
Bismarck, N.D.
Casper, Wyo.
Fairbanks, Ark.
Fayetteville, N.C.
Houma, La.
Iowa City, Iowa
Jonesboro, Ark.
Kankakee, Ill.
McAllen, Texas
Midland, Texas
New Orleans, La.
Odessa, Texas
Pine Bluff, Ark.
Pittsburgh, Pa.
Sherman, Texas
Sumter, S.C.
Waco, Texas
Waterloo, Iowa
Wichita Falls, Texas
Winston-Salem, N.C.
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
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Fiserv Study Says Markets Are Improving
Fiserv on Monday released a report that analyzed housing financial data from fourth quarter 2009, which seemed to suggest real estate could be improving.
“Optimism that a sustainable economic recovery is underway and is driving increases in home prices across many U.S. metro areas. More and more, consumers have confidence that buying a home doesn’t mean catching a falling knife,” says David Stiff, chief economist for global financial technology firm Fiserv.
Among the conclusions of the report were:
* California markets collapsed about one year before much of the rest of the U.S., creating increased affordability. Year-over-year prices are up in eight of 28 California metro areas and prices have increased from recent lows in 24 of 28 metro areas. The strongest rebounds were in coastal markets, including the Bay Area, Los Angeles, Orange County, and San Diego, where there are decreasing levels of foreclosed homes. Markets in the interior have also experienced a price bounce, mainly due to strong investor demand.
* In Washington, D.C., home prices were up 5.2 percent year-over-year. Since the market bottomed in early 2009, prices in this metro area have risen more than 9 percent. Washington boasts a relatively strong local economy with 6.8 percent unemployment compared to 9.9 percent for the U.S. The earlier rapid decline in prices also substantially improved affordability.
* Ohio and Michigan, two states hit hard by the recession and loss of manufacturing jobs, are seeing signs of stabilization. Housing is very affordable across metro areas in these states. There is less uncertainty about the future of the U.S. auto industry and jobs in auto and auto parts manufacturing have been increasing since December 2009.
* Other markets where investor purchases of foreclosed homes have dominated housing sales are also coming back into balance. This includes metro areas such as Minneapolis, Detroit, and Memphis, where recent sales have included more regular, non-distressed homes.
Source: Fiserv (06/14/2010)
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5 Recommendations for Navigating Today’s Mortgage and Housing Markets
RISMEDIA, May 9, 2009-”There are five distinct strategies that can help home owners, buyers, and sellers successfully navigate today’s turbulent mortgage and housing markets,” said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.
1. Understand and Utilize the New Tax Credits
2. Consider Paying Points for Your Mortgage Transaction
3. Carefully Structure Your Real Estate Short Sale Transaction
4. Utilize the Special Options Available for Seniors Age 62 or Older.
5. Carefully Interview Your Mortgage Professional.
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Top Rising, Falling Housing Markets
When the recovery in housing finally comes, some housing markets will rebound sooner than others. Real estate forecasting service Local Market Monitor, which covers the nation’s 300 largest markets, has identified 13 markets where it predicts home prices will rise in the coming months and 11 markets where it expects home prices will continue to decline significantly.
To make these picks, Local Market Monitor uses a proprietary formula. Here are the 13 markets where it expects prices to rise:
1. Baton Rouge, La.
2. Buffalo-Niagara Falls
3. Dallas-Plano-Irving
4. Fort Worth-Arlington
5. Houston-Sugar Land-Baytown
6. Little Rock-North Little Rock-Conway, Ark.
7. McAllen-Edinburg-Mission, Texas
8. Oklahoma City
9. Rochester, N.Y.
10. San Antonio
11. Syracuse, N.Y.
12. Tulsa
13. Wichita, Kan.
Here are the 11 markets where it believes home prices will continue to decline:
1. Bakersfield, Calif.
2. Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.
3. Fresno, Calif.
4. Las Vegas-Paradise
5. Miami-Miami Beach-Kendall
6. Orlando-Kissimmee
7. Oxnard-Thousand Oaks-Ventura, Calif.
8. Phoenix-Mesa-Scottsdale
9. Riverside-San Bernardino-Ontario, Calif.
10. Stockton, Calif.
11. West Palm Beach-Boca Raton-Boynton Beach, Fla.
Source: Local Market Monitor (06/23/2009)
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