Richard Stein – Realtor®, Douglas Elliman, GREEN, SFR, CBR, eCertified®

Local Agent, Worldwide Marketing – Douglas Elliman Real Estate formerly Prudential Douglas Elliman Real Estate

Cities Expected to Get the Most New Residents in Q3

The highest share of homeowners are likely to move in the third quarter to Chicago, Washington, D.C., Orlando, Tampa, and Atlanta, according to a new study by ATTOM Data Solutions, a real estate data firm. Researchers culled data from purchase loan applications on residential transactions among metro areas with at least 500,000 single-family homes and condos for ATTOM’s Pre-Mover Housing Index.

“A higher pre-mover index bodes well for local real estate agents, home improvement stores, moving companies, and others that benefit from the halo effect of a home sale,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile markets with a low pre-mover index likely have a scarcity of inventory available to buy or relatively weak demand from prospective buyers—or some combination of both—which is not optimal for businesses that rely on the home sale halo effect.”

The analysis showed that the metros with the lowest number of new residents in the second quarter were moving to Cleveland; Boston; Pittsburgh; Detroit; and San Francisco.
 

US homebuilding rebounded less than expected in July from a nine-month low

  • U.S. homebuilding rebounded less than expected from a nine-month low in July.
  • The data suggested the housing market was likely to tread water for the rest of this year against the backdrop of rising mortgage rates.
  • Housing starts rose 0.9 percent to a seasonally adjusted annual rate of 1.168 million units last month, the Commerce Department said.
  • Building permits increased 1.5 percent to a rate of 1.311 million units, snapping three straight months of decreases.

REUTERS

 

Housing starts rise only 0.9% vs 8.3% as a result of higher costs from CNBC.

U.S. homebuilding rebounded less than expected from a nine-month low in July, suggesting the housing market was likely to tread water for ……

FULL STORY CNBC
 

Home Searches Are Stretching on Longer

House hunters who are actively seeking a home to buy are spending significant amounts of time looking for that perfect space, according to a new poll by the National Association of Home Builders. More than half of prospective buyers surveyed in the second quarter said they’d been trying to find the right home for three months or longer.

Hourglass with blue sand running out in front of a calendar

© BrianAJackson – iStock / Getty Images Plus

The two chief reasons why home buyers said their search was taking so long was not being able to find a home with the features they want (45%) and having difficulty finding one at a price they could afford (43%).

The NAHB survey also asked prospective buyers what they would do if they still couldn’t find a suitable home in the months ahead. Fifty-five percent said they would continue to look for the “right” home in their same preferred location; 34 percent said they might expand their search area; 24 percent might be willing to accept a smaller or older home; and 19 percent may up their budget to buy a more expensive home.

But one thing the majority of prospective buyers agreed on: They wouldn’t give up. In fact, only 16 percent said they would end their search if they didn’t find a home soon. This suggests “that despite the difficulties and delays, most prospective buyers will press ahead undeterred in their homeownership goal,” writes Rose Quint, the builder trade group’s assistant vice president for survey research, at the NAHB’s Eye on Housing blog.

prospective buyers surveyed in the second quarter said they’d been trying to find the right home for three months or longer.

© National Association of Home Builders

Source: 
Most Buyers Actively Searching for a Home Have Been Looking for 3+ Months,” National Association of Home Builders’ Eye on Housing blog

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