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Home Values Rising Faster in 47% of Opportunity Zones

2/24/2020

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Opportunity Zones study: 47% had housing price gains higher than the national increase of 9.4%, though they’re also “among the most vulnerable to economic downturns.”

IRVINE, Calif. – ATTOM Data Solutions released its third special report analyzing the qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs Act of 2017. In the latest report, ATTOM looked at about 3,700 zones with sufficient sales data to analyze, meaning they had at least five home sales in each quarter from 2005 through the fourth quarter of 2019.


 About half the zones included in the report saw median home prices rise more than the national increase of 9.4% in a year-to-year comparison of the fourth quarter of 2019.


 The report also found that 78% of the zones had median home prices in the fourth quarter of 2019 that were less than the national median of $257,000 – almost the same percentage as in the third quarter of 2019. About 48% of the zones had median prices less than $150,000.


 “Home prices in thousands of Opportunity Zone neighborhoods targeted for revival across the United States continued to ride the tide of the national housing market boom in the fourth quarter of 2019, marching along with broad trends and even doing better in many areas,” says Todd Teta, chief product officer with ATTOM Data Solutions.


However, Teta says the “areas are among the most vulnerable to economic downturns. As a result, the recent upswing could change on a dime if the broader housing market flattens out or sags. But for now, the price gains are a crucial measure that neighborhoods designated as Opportunity Zone tax breaks hold significant allure for potential residents.”


Report findings 
  • Median prices rose from the fourth quarter of 2018 to the fourth quarter of 2019 in 66% of the Opportunity Zones with sufficient data to analyze. In 34% of the zones, prices declined or stayed the same.
  • Median prices in 47% of Opportunity Zones rose year-over-year more than values increased nationally. The national increase from the fourth quarter of 2018 to the fourth quarter of 2019 was 9.4%.
  • In 20 states, year-over-year median price increases in at least half their Opportunity Zones beat the national 9.4% figure. Those with the most such zones were Pennsylvania, North Carolina, Arizona, Ohio and New Jersey.
  • Among the Opportunity Zones with sufficient data to analyze, California had the most, with 465, followed by Florida (332), Texas (234), Pennsylvania (166) and North Carolina (165).
  • Of the zones analyzed, 1,776 (48%) had a median price of less than $150,000 in the fourth quarter of 2019, and 594 (16%) had medians ranging from $150,000 to $199,999. Another 529 (14%) ranged from $200,000 up to the national median price of $257,000, while 817 (22%) were more than $257,000.
  • In Metropolitan Statistical Areas (MSAs) with sufficient sales data to analyze, 84% of Opportunity Zones had median fourth quarter sales prices less than the median values in their surrounding MSAs. Among those, 25% had median sales prices that were less than half the figure for the MSAs. At the same time, 16% of the zones had median sales prices that were equal to or above the median sales price of their broader MSAs.
  • The Midwest continued to have the highest rate of Opportunity Zone tracts with a median home price of less than $150,000 (73%), followed by the South (58%), the Northeast (51%) and the West (12%).
  • States with the highest percentage of census tracts meeting Opportunity Zone requirements included Wyoming (17%), Mississippi (15%), Alabama (13%), North Dakota (12%) and New Mexico (12%). Washington, DC, was also among the leaders (14%). Nationwide, 10% of all tracts qualify.
 
© 2020 Florida Realtors®

https://www.floridarealtors.org/news-media/news-articles/2020/02/home-values-rising-faster-47-opportunity-zones


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Florida Realtors: January Single-Family Sales Up 17.9% From Florida Realtors

2/21/2020

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Florida condo-townhouse sales were up 14.5% year-to-year. The statewide median price for single-family homes rose 6% to $265K, and condo-townhouse prices up 9.6% to $200K. 

ORLANDO, Fla. – Florida’s housing market started the year off on a positive track, with more closed sales, higher median prices, more pending sales and higher pending inventory in January 2020 compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 18,298 last month, up 17.9% from January 2019.


“Many of the same market conditions we saw over the past few months – like favorable mortgage rates, buyer demand and low inventories – have continued into 2020,” says 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of Florida Suncoast Real Estate Inc. in Bradenton. “Lack of inventory continues to put pressure on home prices. However, new pending sales increased 12.4% for single-family existing homes last month and new pending sales for condo-townhouse units rose 14.3%.


“Buying or selling a home often is a complex process, but a local Realtor who understands the market area can offer guidance and peace of mind.”


Statewide median sales prices for both single-family homes and condo-townhouse properties in January rose year-over-year for 97 consecutive months. The statewide median sales price for single-family existing homes was $265,000, up 6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $200,000, up 9.6% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. 


According to the National Association of Realtors®, the national median sales price for existing single-family homes in December 2019 was $276,900, up 8% from the previous year; the national median existing condo price was $255,400. In California, the statewide median sales price for single-family existing homes in December was $615,090; in Massachusetts, it was $412,250; in Maryland, it was $300,000; and in New York, it was $290,000.


Looking at Florida’s condo-townhouse market in January, statewide closed sales totaled 7,714, up 14.5% from its level a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.


Florida’s housing market in January looked similar to the data trends shown in the previous month, according to Florida Realtors Chief Economist Dr. Brad O’Connor.


“Market conditions – particularly interest rates – have been very favorable for home sales over the past several months,” he says. “Remember, however, that part of these January year-over-year increases is due to January 2019 being fairly weak in terms of sales. Back then the stock market had been undergoing some major fluctuations and we were in the midst of a federal government shutdown. Mortgage rates were only really beginning to fall at that point, so they were not yet benefiting buyers who were closing at that time.”


Still, January’s gains in closed sales and median prices in both the single-family homes and condo-townhouse categories continues positive trends for the state’s housing sector, O’Connor says.
“Coupled with the median sale price gains we saw in December, this is some of the hottest price growth we’ve seen in either property type category in quite a while,” he adds. “Statewide inventory levels are up a bit from last month, which is normal for January, but they continue to trend downward overall. Single-family inventory at the end of January was down 16.4% year-over-year, while condo and townhouse inventory was down 11.7%.”


According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.62% in January 2020, down from the 4.46% averaged during the same month a year earlier.


To see the full statewide housing activity reports, go to Florida Realtors’ Tools and Research section. Realtors also have access to local market stats (password protected) on Florida Realtors’ legacy website. 


© 2020 Florida Realtors®
https://www.floridarealtors.org/news-media/news-articles/2020/02/florida-realtors-january-single-family-sales-179
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Gen Z Is Up Against Millennials for Housing

2/14/2020

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Many millennials are entering homeownership later in life, leaving both generations looking to buy in a market largely devoid of entry-level options, analysts say.

SANTA CLARA, Calif. – The oldest members of Generation Z are entering their homebuying years, but they’re finding steep competition from millennials for a dwindling supply of entry-level homes.
“Gen Z is entering the housing market under the radar, but at a projected 65 million strong, they are going to begin making some major waves,” says George Ratiu, realtor.com’s senior economist. “However, as the young generation launches into homeownership, it is facing strong headwinds, including competition from millennials, many of whom are entering homeownership later in life, and a marketplace largely devoid of entry-level options.”


Forty percent of Gen Z members surveyed in 2018 said they wanted to own a home by age 25, according to research from realtor.com. They are starting to enter the marketplace: The median price of a home purchased by Gen Z buyers is $160,600, lower than $256,500 for millennials, but it is growing more quickly, realtor.com notes in its Fourth Quarter 2019 Generation Propensity Report.


However, the inventory of homes priced below $200,000 has plummeted by 18.1% annually, according to realtor.com’s data. Gen Z has increased their median purchase price by 11% over the past year. 


Gen Z is targeting smaller Midwestern and Southern markets that tend to be known as being more affordable. For example, the top three metros where Gen Z had the largest share of homeownership are Toledo, Ohio; Grand Rapids, Mich.; and Wichita, Kan.


Nevertheless, “with major generational transitions taking place across a housing landscape clouded by lack of new construction and a shortage of inventory, young Americans' preference for homeownership is a ray of sunshine,” Ratiu says. “It stands in contrast to the rhetoric of the past decade, cataloging young people as the ‘renter generation,’ and provides ample evidence that a significant ramp-up in affordable new home building is needed to meet the growing demand.”


Source: realtor.com®
© Copyright 2019 INFORMATION, INC. Bethesda, MD (301) 215-4688
https://www.floridarealtors.org/news-media/news-articles/2020/02/gen-z-against-millennials-housing


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U.S. Housing Supply Reaches All-Time Low

2/7/2020

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Realtor.com: Housing inventory dropped 13.6% in Jan. – the steepest year-over-year decline in over four years. The current supply of for-sale homes in the U.S. is the lowest it’s been since realtor.com began tracking it in 2012. It’s down 10%-20% in the four Fla. cities tracked.SANTA CLARA, Calif. – National housing inventory declined 13.6% in January – the steepest year-over-year decrease in more than 4 years – pushing the supply of for-sale homes in the U.S. to the lowest level ever since realtor.com began tracking the data in 2012.
Based on realtor.com’s analysis, January’s steep year-over-year decline amounted to a national loss of 164,000 listings that tightens the housing shortage plaguing the U.S. 
And based on realtor.com’s data, a dearth of for-sale homes shows no signs of easing in the near future as the volume of newly listed properties also declined by 10.6% since last year.
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale,” says Danielle Hale, realtor.com’s chief economist. “With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
Hales calls it a “challenging sign for the large numbers of millennial and Gen Z buyers coming into the housing market this homebuying season, as it implies the potential for rising prices and fast-selling homes – a competitive market.”
The supply shortage is found at every price tier throughout the U.S., but it’s especially pronounced at the entry-level. In January, properties priced under $200,000 declined by 19%, an acceleration compared to December’s decline of 18.1%.
The decline in inventory of mid-tier properties priced between $200,000 and $750,000 also accelerated, to a decline of 12% year-over-year, compared to December’s 10.2% decline. Even upper-tier properties priced at more than $750,000 declined by 5.9% year-over-year compared to December’s decline of 4.4%.
As inventory dropped, both listing prices and days-on-market reacted to the imbalance of supply and demand. The median U.S. listing price grew by 3.4% year-over-year, to $299,995 in January, while prices in 18 metros grew by more than 10%.
Of the 50 largest metros, 46 saw year-over-year gains in median listing prices, with Philadelphia as the nation’s standout with a 16.0% increase over last year. Additionally, with the lack of supply, homes are selling in an average of 86 days – two days more quickly than January of last year.


Florida housing markets’ year-to-year changes
  • Tampa-St. Petersburg-Clearwater: Active listings down 20.2%, with 4 fewer days on the market
  • Orlando-Kissimmee-Sanford: Active listings down 15.8%, with 6 fewer days on the market
  • Miami-Fort Lauderdale-West Palm Beach: Active listings down 11.2% with 3 fewer days on the market
  • Jacksonville: Active listings down 10.5% with 5 fewer days on the market
© 2020 Florida Realtors®
https://www.floridarealtors.org/news-media/news-articles/2020/02/us-housing-supply-reaches-all-time-low

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