Look At The Numbers: Adjacent Cities Grew During Pandemic

By CHUCK GREEN There are those who downright groove to the tune of a lifestyle embedded squarely in the middle of the action. You know, the big city, the vibe of being at the nexus of it all. Downright intoxicating. Conversely, others are swayed by the tranquility of a smaller city or town, finding it as relaxing as, oh, say, a running tab on hot totties. Oh, yeah. Pure nirvana. Now, for those who prefer to be where life can be chill but also gyrate to the beat of maintaining relatively close proximity to where it can be a regular buzzsaw of activity as well, the concept of adjacent cities just might speak their language. Adjacent towns or cities share…

Housing Costs Pushing Inflation Up In Sunbelt Migration Hotspots

Inflation is soaring in America’s most popular migration locations, in part because of their boost of new residents and high home price appreciation, Redfin reported. Phoenix, Atlanta, Tampa, and Miami saw double-digit inflation in Q2 2022. They are also all high migration areas that are popular among Redfin’s users. Inflation in Phoenix was up 11.3% YOY and is the third most popular city for Redfin.com users looking to move to a new city. Atlanta was the twelfth most popular and had an inflation rate of 10.9%. Next came Tampa, the second most popular destination on Redfin, with the third highest inflation rate at 10.6%, followed by Miami, the single most popular destination, with the fourth highest inflation at 10% flat.…

Bidding Wars For Rentals Seen As Prices Rise

By KIMBERLEY HAAS As prices for rental housing continue to climb in many parts of the country, bidding wars are becoming more common. According to a report released last week by Joel Berner and Danielle Hale for Realtor.com, rent has reached another high in the company’s data history, averaging $1,827 in the 50 largest US metropolitan areas. Rental increases are most pronounced in Sun Belt metros, Berner and Hale wrote. That is because as more people have the opportunity to work remotely they are choosing warmer climates to live in. Three Florida metros are particularly affected. They include Miami, where rent was up 51.6% from April 2021; Orlando, 32.9%; and Tampa, 27.8%. Overall median rent in the Miami, Fort Lauderdale,…

Will The Housing Market Boom Or Bust In 2022?

By KIMBERLEY HAAS As the spring selling season begins, people in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market that has favored sellers and forced up the price of housing in many parts of the country. Numbers from the start of the year look promising for growth. On Tuesday, S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices. A 19.2% annual gain was reported in January, up from 18.9% in December. The 10-City Composite annual increase was 17.5%, up from 17.1% in December. The 20-City Composite posted a 19.1% year-over-year gain, up from 18.6% in the previous…

Home Prices Are Up But Remain Far Below April 2006 Peak

Homes are less affordable than they were a year ago, but they largely remain more affordable than at the peak of the 2006 housing boom, according to First American Financial Corporation’s Real House Price Index. In January, the RHPI rose 27% from the year prior, making it the fastest-growing RHPI – and fastest YOY decline in affordability – since 2004. This was driven by a 21.7% increase in home prices and a 0.7% rise in rates. The RHPI measures price changes for single-family properties adjusted for the impact of income and interest rate changes on consumer house-buying power. As such, it also serves as a measure of affordability. Household income was up 5% from January 2021, but that gain was…

Rents, Mortgage Payments Jumped In February

Average monthly asking rent in the U.S. leaped to new heights in February, up 15% year-over-year to a record high of $1,901, though mortgage growth outpaced it yet again, according to Redfin. Rent growth saw its largest annual increase since Redfin began tracking rental data in February 2019. Mortgage payments rose 31% YOY to $1,716, also the biggest increase recorded by Redfin. Mortgage payment increases outpaced rent increases in 44 of the 50 largest U.S. metros. “The cost of housing is going up for homebuyers and renters, but it’s going up more quickly for homebuyers,” said Redfin Chief Economist Daryl Fairweather.  “That’s because mortgage rates have increased sharply, and will likely continue to do so. When the cost of homeownership…

Austin Home Values Equivalent To Ecuador’s Total GDP

December 2021 saw a record annual surge in US home value, the largest gain seen in any December since at least 2001, according to a new analysis of Redfin’s Housing Value Index. U.S. home value rose 18.6% year-over-year (YOY) to $38.6 trillion. Austin, TX, saw home values double that, jumping 39.2% YOY. That shakes out to $365.9 billion, roughly the 2020 GDP of Ecuador and the biggest gain of any metro tracked by Redfin. December marked the 17th consecutive month of double-digit price gains as inventory shrank to a record low. Cape Coral, FL, saw the second-highest gains (36.9%), followed by Grand Rapids, MI (33.1%), Phoenix (32.8%), and Boise, ID (32.8%). Cape Coral and Phoenix have consistently made the list…

Is Home Ownership More Affordable Than Renting? It Depends.

By KIMBERLEY HAAS A report released this month suggests that despite rising home prices it is more affordable to own a median-priced house than to rent a three-bedroom property in a majority of the United States. ATTOM’s 2022 Rental Affordability Report used fair-market rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and sales deed data in 1,154 counties to find that home ownership will be more affordable in a majority of the country again in 2022. Todd Teta, Chief Product Officer at ATTOM, said home ownership still remains the more affordable option for average workers because it takes up a smaller portion of their pay when the math is…

Study: Americans Moving To Be Closer To Family

A new study from United Van Lines found Americans moved to lower-density areas to be closer to their families in 2021. The study, which uses data from the migration patterns of United Van Lines customers, found Vermont and South Dakota had the highest inbound migration, at 74% and 69%, respectively. South Carolina (63%), West Virginia (63%), and Florida (62%) also had high inbound migration rates. New Jersey had the highest number of people moving out of the state, at 71%, for the fourth year in a row. Illinois (67%), New York (63%), Connecticut (60%), and California (59%) also saw high outbound migration. Kentucky and Wyoming were among several “balanced” states that saw similar numbers of people moving in and out.…

Reality Check: COVID Deaths Will Lead To Increase In Housing Inventory

By KIMBERLEY HAAS It may be a harsh reality to face, but the data is clear: There will be more houses on the market in 2022 because of the number of people who have died due to COVID-19 and its variants. This sobering fact was highlighted during the National Association of Real Estate Editors conference in Miami, Fla., last week. As of Monday, the U.S. Centers for Disease Control and Prevention reported 793,937 COVID deaths of Americans. More of those deaths have occurred since the first vaccines became available than before. Approximately 77% of people over the age of five have had at least one vaccination, according to their website. Community transmission is high in many parts of the country…