Despite inflation, debt, and high housing costs, Americans are still hoping to move out of their states.
That’s the conclusion reached by Realtor.com analysts when they scoured their listing page views. In Q2, 60.3% of all page views from the top 100 metros went to homes outside of the metros where shoppers actually live. This is up both from Q1 and the same time last year.
Shoppers in the ultra-expensive West were the most likely to look for homes elsewhere, followed by the Northeast.
On a city-by-city basis, the usual suspects are topping the list of most popular destinations.
Phoenix took the number one spot despite having the highest average home price of the bunch and news-making 100+ degree temperatures.…
Middle-income buyers—classified as households earning up to $75,000— were once strong homebuying candidates with income to spare. Just five years ago, this group could afford to buy half of all available homes on the market.
Now, they can afford just 23% of listings, according to an analysis from the National Association of Realtors (NAR) and Realtor.com. The housing market needs about 320,000 mid-tier listings to make up for demand.
Middle-income buyers can on average afford a home valued up to $256,000, but very few are available. Among the 100 biggest metros, El Paso, Boise, and Spokane, WA, have the fewest affordable homes for this group. Ohio leads the way with the most, in Youngstown, Akron, and Toledo.
“Middle-income buyers face…
Realtor.com is getting new leadership, with Move, Inc. CEO David Doctorow stepping down, company officials announced in a press release.
Doctorow spent the last three years leading Move, the parent company of Realtor.com and several other real estate brands. During his time, Realtor.com saw record revenues, audiences, and consumer satisfaction. The website saw average monthly users reach a high of over 100 million in 2022. A new mobile app, a home search algorithm incorporating AI, and new agent/broker products all launched under Doctorow.
In addition, Doctorow strengthened employee and industry relationships, as well as completed the integration of OpCity into the Realtor.com business. The acquisitions of Avail and UpNest were also executed under his leadership.
Doctorow will be succeeded by…
Realtor.com’s George Ratiu is joining Keeping Current Matters as chief economist, the company announced in a press release.
“What I admire most about Keeping Current Matters is that we share a passion for breaking down the large volume of real estate data into meaningful insights that are easy for everyone to understand, whether it’s agents or consumers,” Ratiu said.
“I’m excited about the opportunity to join this effort and contribute my experience and expertise to empower people to make informed decisions and feel comfortable with one of the largest financial transactions of our lives.”
Ratiu brings more than fifteen years of real estate market data and research experience to the position. KCM says Ratiu shares its passion for a “people-first…
By CHUCK GREEN Next time you run into someone in the local Starbucks who happens to have their home on the market, be a sport and plop an extra scone into their bag, huh? A little butter and jam, too? After all, sellers probably aren’t riding the wave of a sugar high induced by whatever they will pocket in their real estate transactions as experts say the price of an average home in the United States is decreasing. The cities expected to be the most heavily hit include: San Francisco: -10.36% Seattle: -9.55% San Diego: -7.24% Los Angeles: -5.61% Denver: -5.60% Dallas: -4.34% Portland: -4.25% Las Vegas: -3.69% What is contributing to the drop in housing prices? B. George Ratiu,…
Home price growth cooled to the single digits for the first time in a year as both buyers and sellers continued to pull back from the market. The typical home cost $400,000, an annual increase of 8.4%, according to Realtor.com’s Monthly Housing Trends Report. While price appreciation remains elevated, it’s far lower now than its peak of 18% YOY earlier this year. The number of homes for sale was up 74.6% YOY, with 49 of the 50 largest metros seeing their inventory increase. That metric remained 38% lower than the December 2017-2019 average, however. Newly listed homes and pending listings both declined YOY. Home sellers who are locked into low interest rates are hesitant to take on a more expensive…
With rates rising and home price appreciation still high, Americans are looking for cheap places to buy homes. September’s hottest housing markets are known for their affordability. Rochester, NY, and Manchester, NH, tied for the country’s hottest market, according to new data from Realtor.com. Manchester has been popular for over a year, partly because New Hampshire is known for low taxes and affordable property. Rochester may not benefit from incredibly low taxes, but the cost of housing speaks for itself: the median list price is $223,000, far less than the national average. “They’re equally hot, but for different reasons. Manchester properties see higher demand, but homes in Rochester spend five days less on the market,” Hannah Jones, an economic data…
Buyers are still fleeing the market in droves despite signs of cooling, driven out by rising mortgage rates and economic uncertainty. Home sales fell by 19.3% YOY in July, hitting their lowest level since the pandemic started, Redfin reported. It’s the biggest annual decline in U.S. home sales in more than a year. Sales also fell 4.1% from June. Redfin noted that while affordability challenges pushed some buyers out, others were concerned about the potential for home-value declines. Home price appreciation rose at its slowest pace since June 2020, up only 7.7%, and talk of price correction is everywhere. Fewer homeowners put their homes on the market, too. New listings fell 13.5% YOY, the biggest decline in more than a…
By SCOTT KIMBLER Potential buyers are starting to wonder if moving out of urban areas continues to remain a good idea. In 2020, as housing costs were already skyrocketing, the Covid-19 pandemic hit. The combination of the two made migrating further out of large cities appealing to a lot of people, especially young people who were looking to buy a home and start a family. Fast forward to now and many of those factors have changed. As a result, some popular hotspots are starting to see a decline in frenzied buyers putting in multiple bids. Roy Black, an Economics Professor at Emory University’s Goizueta Business School, says although some areas are seeing a shift people will always be attracted to…
Active listings posted a record-high growth rate in July, an indication that balance is returning to the housing market, Realtor.com reported. July’s Monthly Housing Trends Report found that the national inventory of active listings rose by 30.7% YOY, while the total inventory of unsold homes, including pending listings, increased for the first time since September 2019. This means there were 176,000 more homes actively for sale on a typical day in July than at the same time last year. However, the bump in total unsold inventory amounted to only a modest 3.5% due to a dip in pending inventory. And listings are still far behind their pre-pandemic and even early pandemic levels. Active listings were 15.7% below 2020 and 45.4%…
