Housing Market Update
|
|
- Roger Flynn
- 5 years ago
- Views:
Transcription
1 Housing Market Update March 2017
2 New Hampshire s Housing Market and Challenges Market Overview Dean J. Christon Executive Director, New Hampshire Housing Finance Authority New Hampshire s current housing market performance, as well as its overall economy, reflects some positives such as a low unemployment and rising home prices. One indicator that New Hampshire s housing markets have recovered are rising prices in key areas of the state, especially in Hillsborough and Rockingham counties. Statewide, the inventory of homes for sale has decreased, and in active markets the lack of inventory may be slowing the pace of sales. Buyers wishing to take advantage of current low interest rates may find it difficult to achieve homeownership due to the low inventory of starter homes. Borrowers must also have an adequate downpayment and excellent credit to qualify for a mortgage under tighter credit requirements in place since the Great Recession. Foreclosures are expected to continue to decline this year. While not decreasing as rapidly as once anticipated, 2016 cumulative foreclosure deed recordings declined 15.5% compared with They are down more than 63% from 2010, the peak of the last foreclosure crisis. This is likely the result of continued economic improvement and price increases in some parts of the state that allow owners to sell their property rather than face foreclosure. Statewide, the median gross rent for twobedroom units increased 4.2% in 2016, and has increased nearly 20% over the past 10 years. There has been limited rental housing production, primarily serving the higher end of the market. The demand for rental housing remains strong, with vacancies at less than 2%. The relative strength of demand in this sector allows property owners to raise rents, indicating that as a commodity, rental housing has fared well. For renters, however, it demands a higher percentage of household incomes, meaning it is both less affordable and less available. Growth in New Hampshire s housing market during this recovery is directly related to broader economic conditions. Improvements in the housing market echo the slow improvements in the broader economy. With a 2.7% unemployment rate, any increase in jobs requires an increase in labor which, in turn, forms households that need a broad range of housing, from low-cost rental units to moderately priced ownership units. While the state continues to enjoy a diverse economy, signs of growth are decidedly mixed. Our unemployment rate is one of the lowest in the region; however, our post-recession growth in private employer jobs has been slower than in other New England states and the nation as a whole. Market Challenges New Hampshire s housing infrastructure could become a drag on future economic growth and stability if it does not respond to shifts in the state s demographics and economy. Among the major findings from Housing Needs in New Hampshire, a study commissioned by New Hampshire Housing in 2014 and conducted 1
3 by the New Hampshire Center for Public Policy Studies and Applied Economic Research, Inc., was that New Hampshire s current housing supply is poorly aligned with evolving market preferences. Specifically: Empty nesters and seniors. Household size has decreased with aging empty nesters living far from amenities. New Hampshire s senior population is expected to nearly double between 2010 and 2025, and that population prefers to stay in their current homes and age in place. Senior households that choose to downsize are competing for housing with young professionals since both populations are in need of similar affordable houses and rental units. Younger would-be homebuyers are delaying entering the homeownership market as they face high student debt, stagnant wages, and stricter lending requirements for mortgages. While wages have improved, would-be homebuyers now face a shortage of starter homes to purchase. Some younger persons, as well as empty nesters, tend to prefer mixed-use communities and housing that reflects a more urban lifestyle. Due to a significant decline in housing construction, New Hampshire could have insufficient housing to meet demand. Historically, New Hampshire added 5,000 to 7,000 units per year, but this number has dropped to about 3,200 since the Great Recession. While there recently has been an increase in multi-family construction in the southern part of the state, the majority of new rental unit construction is at the highest rents possible, and are thus not suitable for low- to moderate-income households. New Hampshire continues to address this challenge by providing increased access to mortgage funding for low- and moderateincome homebuyers, helping almost 2,000 households to enter the market in 2016, financing the creation or rehabilitation of almost 1,000 high-quality affordable rental units for working families and seniors, and by providing direct rental assistance to thousands of very low-income households each year. Collectively, this effort involved the investment of almost $500 million in the state s real estate economy last year. However, resources remain limited and the challenge of providing affordable housing to meeting the needs of our state s citizens and support a growing economy remains great. New Hampshire Housing is committed to working creatively with our partners to address this important challenge. 2
4 Employment and Labor Force New Hampshire s labor force is as large as it has ever been, at about 752,000, and total employment is currently at a high of just over 731,000. New Hampshire s labor force participation rate, which reached a peak in early 2001 at 72.5% and declined steadily through 2015, has rebounded somewhat in 2016 to nearly 69%. The decade-plus decline in the labor force participation rate can be attributed to both the depth of the recent recession and the beginning of the baby boom generation s exit from the workforce. A rebound, while early to predict, will signal a growing participation by the millennial generation. Jobs lost in manufacturing and construction have been replaced by jobs in leisure and hospitality, education and health services, and professional and business services. Also, government employment has declined since the end of the recession. Many of the jobs recovered since the end of the recession were of lower average wage than the jobs lost. There has been some wage improvement in the recovery. From the third quarter of 2015 to the third quarter of 2016 the average weekly wage in the state rose almost 8%. 3
5 Unemployment New Hampshire s seasonally adjusted February unemployment rate of 2.7% is the lowest rate in New England and is the lowest state rate in the nation. Based on this measure, NH has returned to its prerecession level of unemployment. Using the alternative U-6 measure of unemployment, which includes part-time and marginally attached workers who would work full-time jobs, there remains some room for improvement. 4
6 Housing Permit Activity Permit activity is showing signs of improvement; however, construction activity remains at only half of the level of a decade ago. New Hampshire and New England continue to lag behind the U.S. on average. In addition, while New Hampshire produced more than 1,400 units of multi-family housing per year in 2014 and 2015 (most of which is rental housing), this is only about 65% of the multi-family housing production per year recorded in the recent peak years between 2003 and 2005, and is not nearly adequate to keep up with the current demand for rental housing. Mortgage Interest Rates Interest rates for 30-year fixed rate mortgages rose from their summer low of 3.44% to 4.17% in February It is expected that rates will continue to increase. 5
7 Household Income New Hampshire s median household income increased in 2015 to $70,303, an increase of $3,800 or about 5.7% over the 2014 median income, and well above the prior peak reached in 2008 before the recession. When the same numbers are adjusted for inflation it becomes apparent that not only was the median New Hampshire household better off in 2015 than in 2014, they also have finally recovered much of the buying power lost during the recession. 6
8 Home Price Index Shows Regional Improvement Home prices in New Hampshire increased by 4.4% over the past year, recovering nearly all of the total 21.8% decline in prices from their most recent peak in 2005 to their trough in Throughout much of this series, New Hampshire and New England out-performed the U.S. as a whole. However, since the end of the recession, New Hampshire and New England have under-performed the nation. 7
9 Continued Increases in Home Sale Prices Based on MLS 1 sales in New Hampshire, purchase prices have rebounded to pre-recession highs. The December 2016 median price increased 7.4% from December 2015 and more than 30% since December 2011 (6% per year). In 23 of the past 24 months prices have shown an increase when compared with the same month in the prior year. 1 The statistics used in this analysis are based on information from NNEREN for the period January 2003 through December 2016 for all towns in the State of New Hampshire. All analysis and commentary related to the statistics in this report is that of NHHFA and not that of NNEREN. This analysis excludes land, interval ownership, seasonal camps/cottages, multi-family property, mobile/manufactured homes and commercial/industrial property. 8
10 Slowing Pace of Home Sales A decline in sales in the last four months of 2016 left the cumulative sales 11.6% lower than the total sales volume in all of Declining Housing Inventory The December housing inventory is at 5 months and is nearing the expected seasonal low point usually seen in January and February. But, a further reduction in the months to absorb listings may be tempered by the slowdown in sales pace. The overall trend reflects a decline in the number of active listings and an increase in demand. The low inventories put upward pressure on prices in those markets and may be slowing the sales pace. 9
11 Housing Supply On a statewide basis, the number of units being offered for sale has been declining. The number of homes for sale at under $300,000 has been declining more rapidly than those above $300,000. The under $300,000 homes are typically in the price range desired by those people looking for their first home. With far fewer choices available to this demographic, many buyers may be shut out of the market. In the very active market of Rockingham County, the number of listings has dropped significantly and, more importantly, the number of starter homes available (under $300,000) is extremely low. 10
12 Mortgage Delinquincy Rates May Be Leveling New Hampshire s 24-month decline in delinquency rates came to an end during The 2004 high was 9.04% of mortgages and dropped to a seasonal low (3.9%) in the first quarter of 2016 before going up to what is expected to be a seasonal high of 4.38%. New Hampshire s rate is lower than both the New England and the national rates, however the pattern is the same. It is too early to tell whether the delinquency rates will level off above their pre-recession levels. 11
13 Improvement in Foreclosure Numbers The cumulative total for 2016 is 15.5% below the total for 2015, and a lower annual total than any year since Foreclosures are anticipated to decline again in There is a correlation between unemployment and mortgage delinquency since most households with mortgages that experience a job loss will fall behind in their payments once savings have been exhausted. Steady improvement in the unemployment rate in New Hampshire since the end of the recession has contributed to improvements in the mortgage delinquency rate. Still, delinquencies remain above their pre-recession level. 12
14 Decline in Foreclosure Auction Notices The cumulative total of foreclosure auction notices for 2016 is 12% below the total for While we saw a seasonal uptick in foreclosure notices in January 2017, the first quarter of the year typically shows a decrease in foreclosure auction notices as borrowers frequently use their tax returns to become current in their mortgage payments. 13
15 Rental Housing Market The statewide median gross rent (including utilities) for two-bedroom units increased by 4.2% to $1,206 from $1,157 in the prior year. The two-bedroom median gross rent remains above the $1,000 mark for the 11th year in a row (throughout the recession). Most of the rental units in the state (approximately 73%) are located in Hillsborough, Rockingham, Merrimack, and Strafford counties. 14
16 Rental Housing Market (continued) Not surprisingly, the highest median gross rents in the state are in Rockingham and Hillsborough counties, closest to the Boston metropolitan area. The high median rental costs in Grafton County are driven by the robust market in the Hanover/Lebanon area, which also represents the largest percent of rental units in the county. 15
17 Vacancies The rental housing vacancy rate remains very low. Low starter home inventory in areas of economic improvement and ongoing demographic shifts have slowed the movement of renter households into homeownership. The resultant increased demand for rental housing has caused a decline in the vacancy rate. New Hampshire s vacancy rate of 1.8% for all units is significantly below that of the U.S. at 6.8% and the Northeast at 5.5%. 16
18 Rental Affordability Affordability for renter households remains a problem in most areas of the state. Statewide, rental housing affordability is limited to less than 15% of the housing units surveyed. Only in those counties with the highest median income (Belknap, Grafton, Hillsborough and Rockingham) are 15% or more of the surveyed units affordable. 17
19 Board of Directors Stephen W. Ensign, New London - Chair Amy L. Lockwood, Deerfield - Vice Chair Kendall Buck, Wilmot John A. Cuddy, North Conway Pauline Ikawa, Manchester Connie Boyles Lane, Concord Mary Beth Rudolph, Dover Stephanye Schuyler, Portsmouth Donald L. Shumway, Hopkinton 18
20 New Hampshire housing market, economic and demographic data are available at New Hampshire Housing promotes, finances, and supports affordable housing for Granite State residents. P.O. Box 5087, Manchester, NH (603)
Housing Market Update
Housing Market Update September 2017 EXECUTIVE SUMMARY TIGHT HOUSING MARKET CONTINUES, REFLECTS LOW INVENTORY AND HIGHER PRICES Dean J. Christon, Executive Director September 2017 The trend continues in
More informationQuarterly Housing Market Update
Quarterly Housing Market Update An Overview New Hampshire s current housing market performance, as well as its overall economy, is slowly improving, with positives such as increasing employment and rising
More informationHOUSING MARKET REPORT JUNE 2018
HOUSING MARKET REPORT JUNE 2018 New Hampshire Housing Finance Authority PERSPECTIVES ON NEW HAMPSHIRE S RENTAL MARKET Dean J. Christon Executive Director New Hampshire Housing Finance Authority Three times
More informationECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015
ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real
More informationMedian Income and Median Home Price
Homeownership Remains Unaffordable; Rental Affordability Showing Signs of Improvement Richard E. Taylor, Research Manager at MaineHousing MaineHousing has released the 217 Maine Homeownership and Rental
More informationECONOMIC CURRENTS. Vol. 3, Issue 1. THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction
ECONOMIC CURRENTS THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction Economic Currents provides an overview of the South Florida regional economy. The report contains current employment, economic and real
More informationNothing Draws a Crowd Like a Crowd: The Outlook for Home Sales
APRIL 2018 Nothing Draws a Crowd Like a Crowd: The Outlook for Home Sales The U.S. economy posted strong growth with fourth quarter 2017 Real Gross Domestic Product (real GDP) growth revised upwards to
More informationECONOMIC CURRENTS. Vol. 3, Issue 3 SOUTH FLORIDA ECONOMIC QUARTERLY. Introduction
ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real
More informationCONTENTS. Executive Summary. Southern Nevada Economic Situation 1 Household Sector 4 Tourism & Hospitality Industry
CONTENTS Executive Summary Southern Nevada Economic Situation 1 Household Sector 4 Tourism & Hospitality Industry Residential Trends 6 Existing Home Sales 10 Property Management Market 11 Foreclosure Situation
More informationCity of Lonsdale Section Table of Contents
City of Lonsdale City of Lonsdale Section Table of Contents Page Introduction Demographic Data Overview Population Estimates and Trends Population Projections Population by Age Household Estimates and
More informationINLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. April 2018
INLAND EMPIRE REGIONAL INTELLIGENCE REPORT April 2018 Key economic indicators suggest that the Inland Empire s economy will continue to expand throughout the rest of 2018, building upon its recent growth.
More informationTENNESSEE HOUSING MARKET
1st Quarter 212 TENNESSEE HOUSING MARKET David A. Penn, Director Business and Economic Research Center Jennings A. Jones College of Business Middle Tennessee State University This quarterly series is supported
More informationRapid recovery from the Great Recession, buoyed
Game of Homes The Supply-Demand Struggle Laila Assanie, Sarah Greer, and Luis B. Torres October 4, 2016 Publication 2143 Rapid recovery from the Great Recession, buoyed by the shale oil boom, has fueled
More informationECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY
ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Vol. 4, Issue 3 Economic Currents provides an overview of the South Florida regional economy. The report presents current employment,
More informationANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 1st quarter 2013 By Lisa A. Sturtevant, PhD George Mason University Center for Regional Analysis
ANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 1st quarter By Lisa A. Sturtevant, PhD George Mason University Center for Regional Analysis Economic Overview Key economic factors in the first quarter
More informationINLAND EMPIRE REGIONAL INTELLIGENCE REPORT
INLAND EMPIRE REGIONAL INTELLIGENCE REPORT June 2016 EMPLOYMENT After a slow start to 2016, the Inland Empire s labor market returned to form, in recent job figures. Seasonally adjusted nonfarm employment
More informationThe supply of single-family homes for sale remains
Oh Give Me a (Single-Family Rental) Home Harold D. Hunt and Clare Losey December, 18 Publication 2218 The supply of single-family homes for sale remains tight in many markets across the United States.
More informationCONTENTS. Executive Summary 1. Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry
CONTENTS Executive Summary 1 Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry Residential Trends 7 Existing Home Sales 11 Property Management Market 12 Foreclosure
More informationYoung-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability
Young-Adult Housing Demand Continues to Slide, But Young Homeowners Experience Vastly Improved Affordability September 3, 14 The bad news is that household formation and homeownership among young adults
More informationHOUSING AFFORDABILITY
HOUSING AFFORDABILITY (RENTAL) 2016 A study for the Perth metropolitan area Research and analysis conducted by: In association with industry experts: And supported by: Contents 1. Introduction...3 2. Executive
More informationMultifamily Market Commentary December 2015 Single-Family Rental Sector Attracting Institutional Investment
Multifamily Market Commentary December 2015 Single-Family Rental Sector Attracting Institutional Investment Prior to the Great Recession, the cratering of single-family home prices, and declines in the
More informationMyth Busting: The Truth About Multifamily Renters
Myth Busting: The Truth About Multifamily Renters Multifamily Economics and Market Research With more and more Millennials entering the workforce and forming households, as well as foreclosed homeowners
More informationHousing Price Forecasts. Illinois and Chicago PMSA, December 2015
Housing Price Forecasts Illinois and Chicago PMSA, December 2015 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public
More informationHousing Price Forecasts. Illinois and Chicago PMSA, May 2018
Housing Price Forecasts Illinois and Chicago PMSA, May 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationFor the Reno MSA employment has historically been based largely on construction and the leisure and hospitality industry. The construction industry
For the Reno MSA employment has historically been based largely on construction and the leisure and hospitality industry. The construction industry has lost almost 15,000 construction jobs since 2006,
More informationHousing Price Forecasts. Illinois and Chicago PMSA, October 2014
Housing Price Forecasts Illinois and Chicago PMSA, October 2014 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public
More informationSalem Multifamily Report
Salem Multifamily Report Jamie Martinson, Senior Advisor, Sperry Van Ness Commercial Advisors [Multifamily] Over the last 12 months, the Willamette Valley (WV) has quickly joined the rest of the nation
More informationAddressing the Impact of Housing for Virginia s Economy
Addressing the Impact of Housing for Virginia s Economy A REPORT FOR VIRGINIA S HOUSING POLICY ADVISORY COUNCIL NOVEMBER 2017 Appendix Report 2: Housing the Commonwealth's Future Workforce 2014-2024 Jeannette
More informationHousing & Neighborhoods Trends
Housing & Neighborhoods Trends Where do we stand in 2017 At A Glance: Indicator Trend Comparison to State Financial Housing Burden Tax Burden To Note: In 2017, there were a number of Housing & Neighborhood
More informationSingle Family Sales Maine: Units
Maine Home Connection 19 Commercial St Portland, Maine 04101 MaineHomeConnection.com Office: (207) 517-3100 Email: Info@MaineHomeConnection.com For the fourth consecutive year, Maine home sales set a new
More informationREGIONAL. Rental Housing in San Joaquin County
Lodi 12 EBERHARDT SCHOOL OF BUSINESS Business Forecasting Center in partnership with San Joaquin Council of Governments 99 26 5 205 Tracy 4 Lathrop Stockton 120 Manteca Ripon Escalon REGIONAL analyst april
More informationSeattle Housing Market Overview January 2019
Seattle Housing Market Overview January 2019 A review of recent trends and thoughts about the future of the Seattle housing market. Bill King President, Chief Valuation Officer Real Info, Inc. City of
More informationEconomic Highlights. Payroll Employment Growth by State 1. Durable Goods 2. The Conference Board Consumer Confidence Index 3
August 26, 2009 Economic Highlights Southeastern Employment Payroll Employment Growth by State 1 Manufacturing Durable Goods 2 Consumer Spending The Conference Board Consumer Confidence Index 3 Real Estate
More informationReleased: May 7, 2010
Released: May 7, 2010 Commentary 2 The Numbers That Drive Real Estate 3 Recent Government Action 9 Topics for Home Buyers, Sellers, and Owners 11 Brought to you by: KW Research Commentary The economic
More information16 April 2018 KEY POINTS
16 April 2018 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST FNB HOME LOANS 087-328 0151 john.loos@fnb.co.za THULANI LUVUNO: STATISTICIAN 087-730 2254
More informationPlanning and Development Department Building and Development Permit Summary Report
Planning and Development Department 21 Building and Development Permit Summary Report February 22, 21 2 21 Building and Development Permit Summary Table of Contents Introduction... 3 Building Permits...
More informationReleased: June 7, 2010
Released: June 7, 2010 Commentary 2 The Numbers That Drive Real Estate 3 Recent Government Action 9 Topics for Home Buyers, Sellers, and Owners 11 Brought to you by: KW Research Commentary The housing
More informationSTRENGTHENING RENTER DEMAND
5 Rental Housing Rental housing markets experienced another strong year in 2012, with the number of renter households rising by over 1.1 million and marking a decade of unprecedented growth. New construction
More informationSeptember 2016 RESIDENTIAL MARKET REPORT
September 2016 RESIDENTIAL MARKET REPORT The real estate investment market in Japan has had an abundance of capital (both domestic & foreign) over the past couple of years. This, along with the low (now
More informationThe Real Estate Market Report
The Real Estate Report 3rd quarter 2011 Prepared by: Candace Adams, President, Prudential Connecticut Realty Terence Beaty, Director, New Homes & Land, Prudential Connecticut Realty Connecticut Segments
More informationREAL ESTATE MARKET OVERVIEW 1 st Half of 2015
REAL ESTATE MARKET OVERVIEW 1 st Half of 2015 With Comparisons to the 2 nd Half of 2014 September 4, 2015 Prepared for: First Bank of Wyoming Prepared by: Ken Markert, AICP MMI Planning 2319 Davidson Ave.
More informationOBSERVATION. TD Economics IS THE AMERICAN HOUSING REBOUND SUSTAINABLE?
OBSERVATION TD Economics IS THE AMERICAN HOUSING REBOUND SUSTAINABLE? Highlights 2012 was a very good year for the U.S. housing market. Home prices were up almost 8% and housing starts by close to 30%.
More informationResidential Real Estate, Demographics, and the Economy
Residential Real Estate, Demographics, and the Economy Presented to: Regional & Community Bankers Conference Yolanda K. Kodrzycki Senior Economist and Policy Advisor Federal Reserve Bank of Boston October
More informationHousing Bulletin Monthly Report
January 21 1 Housing Bulletin Monthly Report Most new homes built in second half of 29 25, 2, 15, 1, 5, Dec 7 Jan 8 Feb 8 mar 8 apr 8 Alberta s 29 housing starts increased 72.8 per cent over 28, suggesting
More informationSonoma County Business Barometer Q4 CY 2007
EDB Sonoma County Economic Development Board economy Sonoma County Business Barometer Q4 CY 27 Economic Development Board 41 College Avenue Suite D Santa Rosa CA 9541 77.565.717 EDB Sonoma County Economic
More informationLinkages Between Chinese and Indian Economies and American Real Estate Markets
Linkages Between Chinese and Indian Economies and American Real Estate Markets Like everything else, the real estate market is affected by global forces. ANTHONY DOWNS IN THE 2004 presidential campaign,
More informationNovember An updated analysis of the overall housing needs of the City of Aberdeen. Prepared by: Community Partners Research, Inc.
City of Aberdeen HOUSING STUDY UPDATE November 2010 An updated analysis of the overall housing needs of the City of Aberdeen Prepared by: Community Partners Research, Inc. nd 10865 32 Street North Lake
More informationSan Francisco Housing Market Update
San Francisco Housing Market Update California Economic and Housing Market Outlook The national economy maintained a healthy growth rate in the first quarter of 2005 and appeared to be settling in for
More information} Construction jobs have
Texas Housing Market Finally Building a Solid Recovery By D Ann Petersen } Construction jobs have contributed to total employment consistently beginning this year, making construction the last of the major
More informationOVERVIEW OF RECENT/EXPECTED ECONOMIC/ HOUSING MARKET CONDITIONS
OVERVIEW OF RECENT/EXPECTED ECONOMIC/ HOUSING MARKET CONDITIONS STRONG ECONOMIC FUNDAMENTALS *BUT* EXTRAORDINARY SHORT-TERM FACTORS RESULTING IN MAJOR SHIFTS IN TYPES OF HOUSING PRODUCTS AND GEOGRAPHICAL
More informationYear to Date (thru June)
CAAR Market Report 2009 Mid-Year Published by the Charlottesville Area Association of REALTORS Where Are We Now? The pace of home purchases in the Charlottesville area continues to improve from the dismal
More informationThe Impact of Market Rate Vacancy Increases Eleven-Year Report
The Impact of Market Rate Vacancy Increases Eleven-Year Report January 1, 1999 - December 31, 2009 Santa Monica Rent Control Board April 2010 TABLE OF CONTENTS Summary 1 Vacancy Decontrol s Effects on
More informationSJC Comprehensive Plan Update Housing Needs Assessment Briefing. County Council: October 16, 2017 Planning Commission: October 20, 2017
SJC Comprehensive Plan Update 2036 Housing Needs Assessment Briefing County Council: October 16, 2017 Planning Commission: October 20, 2017 Overview GMA Housing Element Background Demographics Employment
More informationHOUSING MARKET OUTLOOK Calgary CMA
H o u s i n g M a r k e t I n f o r m a t i o n HOUSING MARKET OUTLOOK Calgary CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2011 NEW HOME MARKET Total housing
More informationConnecticut First Nine Months Housing Report 2014
Connecticut First Nine Months Housing Report 2014 First Nine Months of 2014 Highlight Positive Outlook for Multi-family Home Construction Millennial buyers are finally increasing their rate of household
More informationHousing Price Forecasts. Illinois and Chicago PMSA, January 2019
Housing Price Forecasts Illinois and Chicago PMSA, January 2019 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationMonthly Market Snapshot
SEPTEMBER 2018 Vacancy continues to fall. Nearing the end of the third quarter, the vacancy rate dropped 10 basis points to 6.4%, compared to this time last month at 6.5%. Occupancy of the 1.1 million
More informationHousing: Where The Action Is. Presented by: Mary Bujold Maxfield Research Inc.
Housing: Where The Action Is Presented to: Sensible LandUseCoalition Presented by: Mary Bujold Maxfield Research Inc. February 26, 2014 Headlines 2013: Widespread Market Recovery Twin Cities Housing Market
More informationHousing and Economy Market Trends
Housing and Economy Market Trends Mainstreet Organization Prices of single-family, detached homes in suburban Chicago increased 12.1 percent in May 2014 compared with the same period a year ago. Overall,
More informationAustin-area home prices set August record, outpace household income growth in August 2015
Austin-area home prices set August record, outpace household income growth in August 2015 Market Reports Austin Board of REALTORS releases real estate statistics for August 2015 AUSTIN, Texas September
More informationRents Up, Occupancy Steady
Rents Up, Steady Kansas City s apartment market closed 2014 with a significant increase in rents compared to the prior year. The average per-square-foot rent was $0.88. At the end of 2013 it had been $0.85.
More informationCycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis
Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis Real Estate Physical Market Cycle Analysis of Five Property Types in 54 Metropolitan Statistical Areas (MSAs). Income-producing real
More informationThe State of Renters & Their Homes
FORECLOSURES FINDING #14 The number of pre-foreclosure notices issued to one- to four-unit properties and condominiums in 2015 fell from the previous year. Pre-foreclosure notices for one- to four-unit
More informationRESIDENTIAL MARKET ANALYSIS
RESIDENTIAL MARKET ANALYSIS CLANCY TERRY RMLS Student Fellow Master of Real Estate Development Candidate Oregon and national housing markets both demonstrated shifting trends in the first quarter of 2015
More informationHousing Market Outlook Trois-Rivières CMA
H o u s i n g M a r k e t I n f o r m a t i o n Housing Market Outlook C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2011 Activity to remain strong in 2011 and
More informationU.S. Home Construction Lags Behind Broad Economic Rebound...
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. http://www.wsj.com/articles/u-s-home-construction-lags-behind-broad-economic-rebound-1481914669
More informationMassachusetts 2016 First Quarter Housing Report
Massachusetts 2016 First Quarter Housing Report Outlook for 2016 Positive as Unit Sales Continue to Climb The re-entry of boomerang buyers and potential for millennial homeownership point to a strengthening
More informationHousing Price Forecasts. Illinois and Chicago PMSA, January 2018
Housing Price Forecasts Illinois and Chicago PMSA, January 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationARLA Members Survey of the Private Rented Sector
Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Second Quarter 2014 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW June, 2014
More informationMULTIFAMILY MARKET REPORT GREATER TORONTO AREA FALL 2017
MULTIFAMILY MARKET REPORT GREATER TORONTO AREA FALL 2017 Table of Contents 1.0 Demand Indicators 2.0 Economic Snapshot 3.0 Multifamily Housing Market Summary 4.0 Rental Market Summary 5.0 Secondary Rental
More informationHousing Indicators in Tennessee
Housing Indicators in l l l By Joe Speer, Megan Morgeson, Bettie Teasley and Ceagus Clark Introduction Looking at general housing-related indicators across the state of, substantial variation emerges but
More informationRegional Snapshot: Affordable Housing
Regional Snapshot: Affordable Housing Photo credit: City of Atlanta Atlanta Regional Commission, June 2017 For more information, contact: mcarnathan@atlantaregional.com Summary Home ownership and household
More informationNew affordable housing production hits record low in 2014
1 Falling Further Behind: Housing Production in the Twin Cities Region December 2015 Key findings Only a small percentage of added housing units were affordable to households with low and moderate incomes.
More informationWHAT TO WATCH IN 2018 FOR THE HOUSING MARKET & PROPERTY MANAGEMENT INDUSTRY
WHAT TO WATCH IN 2018 FOR THE HOUSING MARKET & PROPERTY MANAGEMENT INDUSTRY As a property manager, the day-to-day responsibilities that demand your attention can be all-consuming. It s rare that you get
More informationMueller. Real Estate Market Cycle Monitor Third Quarter 2018 Analysis
Mueller Real Estate Market Cycle Monitor Third Quarter 2018 Analysis Real Estate Physical Market Cycle Analysis - 5 Property Types - 54 Metropolitan Statistical Areas (MSAs). It appears mid-term elections
More informationThe state of the nation s Housing 2011
The state of the nation s Housing 2011 Fact Sheet PURPOSE The State of the Nation s Housing report has been released annually by Harvard University s Joint Center for Housing Studies since 1988. Now in
More informationCALIFORNIA ECONOMIC & MARKET OUTLOOK. October 29,2014 Contra Costa Association of REALTORS Leslie Appleton Young, Chief Economist
2014 2015 CALIFORNIA ECONOMIC & MARKET OUTLOOK October 29,2014 Contra Costa Association of REALTORS Leslie Appleton Young, Chief Economist OVERVIEW Economic Outlook California Housing Market Outlook Housing
More informationHousing Price Forecasts. Illinois and Chicago PMSA, April 2018
Housing Price Forecasts Illinois and Chicago PMSA, April 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationThe Seattle MD Apartment Market Report
The Seattle MD Apartment Market Report Volume 16 Issue 2, December 2016 The Nation s Crane Capital Seattle continues to experience an apartment boom which requires constant construction of new units. At
More informationBy several measures, homebuilding made a comeback in 2012 (Figure 6). After falling another 8.6 percent in 2011, single-family
2 Housing Markets With sales picking up, low inventories of both new and existing homes helped to firm prices and spur new single-family construction in 212. Multifamily markets posted another strong year,
More information1 February FNB House Price Index - Real and Nominal Growth
1 February 2017 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157
More informationanalyst REGIONAL San Joaquin County Housing: Current Challenges, Future Needs Stockton
Lodi 12 EBERHARDT SCHOOL OF BUSINESS Business Forecasting Center in partnership with San Joaquin Council of Governments 99 26 5 205 Tracy 4 Lathrop Stockton 120 Manteca Ripon Escalon REGIONAL analyst december
More informationJanuary 10, 2019 New Hampshire Housing Market Update Central NH Regional Planning Commission
January 10, 2019 New Hampshire Housing Market Update Central NH Regional Planning Commission # N H H F A H O U S I N G @ N H H F A @ N E W H A M P S H I R E H O U S I N G New Hampshire Housing Finance
More information2013 Arizona Housing Market Mid-Year Report
2013 Arizona Housing Market Mid-Year Report This mid-year market report outlines the latest trends in Arizona real estate. The housing market hit bottom in mid to late 2011, and has been in recovery mode
More informationRENTAL PRODUCTION AND SUPPLY
RENTAL PRODUCTION AND SUPPLY Despite a sharp uptick in the number of renter households, construction of multifamily units for rent declined in 27 for the fifth straight year. Even so, growth in the rental
More informationMultifamily Market Commentary February 2017
Multifamily Market Commentary February 2017 Affordable Multifamily Outlook Incremental Improvement Expected in 2017 We expect momentum in the overall multifamily sector to slow in 2017 due to elevated
More informationFocus article: Metropolitan and rural housing market developments
Focus article: Metropolitan and rural housing market developments Introduction The upswing in the South African residential property market which started around was driven by a wide range of economic,
More informationSELF-STORAGE REPORT VIEWPOINT 2017 / COMMERCIAL REAL ESTATE TRENDS. By: Steven J. Johnson, MAI, Senior Managing Director, IRR-Metro LA. irr.
SELF-STORAGE REPORT VIEWPOINT 2017 / COMMERCIAL REAL ESTATE TRENDS By: Steven J. Johnson, MAI, Senior Managing Director, IRR-Metro LA The Self Storage Story The self-storage sector has been enjoying solid
More informationResidential Commentary Sydney Apartment Market
Residential Commentary Sydney Apartment Market April 2017 Executive Summary Sydney Apartment Market: Key Indicators 14,200 units are currently under construction in Inner Sydney with completion expected
More informationHow Does the City Grow?
This bulletin summarizes information from the City of Toronto s Land Use Information System II, providing an overview of the development projects received by the City Planning Division between January
More informationRESIDENTIAL MARKET ANALYSIS
RESIDENTIAL MARKET ANALYSIS RMLS Student Fellow Master of Real Estate Development Candidate Many of the single family housing trends in the second quarter of 2017 bounced upwards following a continuation
More informationCharlottesville Housing Market Report Year-End (Published by the Charlottesville Area Association of REALTORS )
Charlottesville Housing Market Report - 2009 Year-End (Published by the Charlottesville Area Association of REALTORS ) This Quarterly Market Report is produced by the Charlottesville Area Association of
More informationPikes Peak area housing Market Statistics (As of: 9/30/2018)
$156,25 $184, $174,697 $177,2 $21,53 $185,83 $173, $178,29 $172,25 $212,75 $21,95 $226,692 $197,5 $199, $196, $28, $25, $223,95 $216,75 $29,527 $234,9 $218,82 $229,74 $235,518 $231,457 $255, $259,11 $269,98
More informationHOUSING MARKET OUTLOOK
HOUSING MARKET INFORMATION HOUSING MARKET OUTLOOK Ottawa 1 C A N A D A M O R T G A G E A N D H O U S I N G C O R P O R A T I O N Date Released: Fall 2017 Figure 1 10,000 8,000 6,000 4,000 2,000 0 Ottawa
More informationHousing Price Forecasts. Illinois and Chicago PMSA, August 2017
Housing Price Forecasts Illinois and Chicago PMSA, August 2017 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University
More informationRESURGENCE OF RENTAL DEMAND
5 Rental Housing The rental market has gained strength over the past year, bringing good news to investors. Demand has picked up sharply, vacancy rates have started to retreat, and rents are turning up.
More informationChapter 4: Housing and Neighborhoods
Chapter 4: Housing and Neighborhoods Introduction Medina is a growing community that provides a variety of housing types and neighborhood styles while protecting and enhancing the City s open spaces and
More informationKey Findings on the Affordability of Rental Housing from New York City s Housing and Vacancy Survey 2008
Furman Center for real estate & urban policy New York University school of law n wagner school of public service 110 West 3rd Street, Suite 209, New York, NY 10012 n Tel: (212) 998-6713 n www.furmancenter.org
More informationWi n t e r 2008 In this issue: Housing Market Update Affordable Housing Update Special Focus: Tracking Subsidized Housing
www.neighborhoodinfodc.org District of Columbia Housing Monitor Wi n t e r 2008 In this issue: Housing Market Update Affordable Housing Update Special Focus: Tracking Subsidized Housing In the Spotlight
More information2018 Real Estate Forecast Breakfast. Real Estate Market Update
2018 Real Estate Forecast Breakfast Central Oregon Association of REALTORS Real Estate Market Update Paul C. Bishop, PhD, CBE Vice President, Research NATIONAL ASSOCIATION OF REALTORS February 22, 2018
More information