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Washington, March 06, 2012
Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors®.
NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power.
An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent downpayment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small downpayments, the affordability levels are relatively lower.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today’s market. “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,” he said. “For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”
NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year. “Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country,” Veissi said. “If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
http://www.realtor.org/press_room/news_releases/2012/03/hai_record
REALTORS® Expect Constant or Higher Residential Prices in the Next Year
On March 6, 2012, in Did You Know, by Jed Smith, Managing Director, Quantitative Research
The most recent REALTORS® Confidence Index indicates that price expectations for the forthcoming year are up – substantially. There are also reports of increased REALTOR® confidence in the residential market outlook, so this information indicates that as of January 2012 REALTORS® were seeing residential markets that appeared to be in an upward mode.
Highlights from NAR Twitter chat on 2011 Home Buyer/Seller Demographics March 6, 2012
- 1 in 7 home buyers aged 25 to 44 bought a home because of a job related relocation or move.
- Top 3 reasons repeat buyers bought homes: desire for a larger home, job-related relocation, desire to be closer to family/friends.
- The number 1 reason first-time home buyers bought a home is for the desire to own a home of their own-60%
- Among most recent home buyers, the 2011 report shows the highest share of married couples since 2001 at 64%
- The share of single female & single male home buyers dropped in 2011. Single females account for 18% of buyers & single males 10%.
- The typical age was 31 among first-time home buyers and 53 among repeat buyers in the most recent report.
- The typical household income was $62,400 among first-time home buyers and $96,600 among repeat buyers in the most recent report.
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Real estate agents from across Crye-Leike’s Chattanooga region gathered at the Chattanooga Golf and Country Club to help the company celebrate its sales success in 2011 and 35 years of business.
Since first opening its doors in Memphis in 1977, Crye-Leike has helped thousands of buyers and sellers with their real estate needs. The company’s Chattanooga realtors honored the milestone as they jumpstarted the new year of real estate sales at their regional 2012 Kick-Off meeting.
In the crystal ball segment of the program, Crye-Leike Co-founder and CEO Harold Crye offered his words of wisdom and discussed predictions for the 2012 housing market.
“The market is slowly stabilizing, and we expect sales to increase modestly as the economy gradually continues to recover,” said Mr. Crye. “We expect to see more renters become buyers as rents continue to rise and mortgage rates remain at a historic low for now. We do anticipate mortgage rates will also soon be on the rise.”
Crye-Leike’s overall sales were good in 2011, with agents companywide helping Crye-Leike reach a final figure of $3.8 billion in sales for the year with a total of 24,470 properties sold.
“We think the market is turning the corner and real estate sales will be on the upswing in 2012,” said Mr. Crye. “For the past three years, we’ve been holding steady along the $3 billion in sales mark, and expect to rise to $4 billion in sales for 2012. We feel like we’ve hit the bottom of the housing market, as we saw a surge in sales and were up in the fourth quarter last year.”
Crye-Leike’s Chattanooga market sales in 2011 totaled $327 million from 1,746 properties sold. The company is expecting its sales in the Chattanooga market to increase by five percent in 2012. Locally, Crye-Leike is currently home to 259 agents helping home buyers and sellers from eight different offices throughout the region.
At this year’s kick-off meeting, hundreds of Chattanooga agents attended the event and were awarded and applauded for their service and sales achievements in 2011. With existing-home sales finishing on an uptrend in December and rising for three consecutive months at the end of 2011, Crye-Leike’s agents are excited to see the market bouncing back slowly, officials said.
“We thank all of our agents for the terrific job they do of caring for our customers, of helping us build a great company reputation, and for sticking with us through these tough times,” said Mr. Crye. “We wish our agents a successful 2012 as we encourage everyone to keep believing in their dreams of homeownership.”
List of Improving Housing Markets Expands to Nearly 100
February 6, 2012 – The list of housing markets showing measurable improvement expanded by 29 metros in February to include a total of 98 entries on the National Association of Home Builders/First American Improving Markets Index (IMI), released today. Thirty-six states are now represented by at least one market on the list.
The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. The February index adds some metropolitan areas that have been particularly weak; this is due to the fact that the IMI measures improvement from a bottom, and some of the hardest hit markets are showing signs of coming off of extreme lows. Keeping this in mind, notable new entrants to list in February include Miami, Fla; Boston; Detroit; Kansas City, Mo.; Portland, Ore.; Memphis, Tenn.; and Salt Lake City.
“The number of improving housing markets has risen for six consecutive months, and 36 states now have at least one metropolitan area on the list,” noted NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “This indicates that despite the many challenges that continue to drag on a housing recovery – including the tight lending environment for builders and buyers – improving conditions are slowly but surely spreading from one housing market to the next.”
“While many of the markets on the February IMI are far from fully recovered, the index points out where employment, home prices and housing production are no longer retreating and have held above their lowest recession troughs for six months or more,” said NAHB Chief Economist David Crowe. “This is a sign that a large cross section of the country is starting to turn the corner as local economic conditions stabilize.”
“The fact that there are nearly 100 markets now on the improving list shows that the momentum is building for a housing recovery and that more buyers and sellers are starting to feel confident enough to return to the market,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The index measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statistical Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau. NAHB uses the latest available data from these sources to generate a list of improving markets. A metropolitan area must see improvement in all three areas for at least six months following their respective troughs before being included on the improving markets list.
Seven markets dropped from the NAHB/First American Improving Markets Index in February as they experienced softening house prices. These metros include San Jose, Calif.; Washington, D.C.; Kankakee, Ill.; New Orleans; Worcester, Mass.; Jackson, Miss.; and Sherman, Texas.
A complete list of all 98 metropolitan areas currently on the IMI, and a separate breakout of metros newly added to the list in February, is available at: www.nahb.org/imi.
Editor’s Note: The NAHB/First American Improving Markets Index (IMI) is released on the fourth business day of each month at 10:00 a.m., ET, unless that day falls on a Friday – in which case, the index will be released on the following Monday. A full calendar of release dates can be found at www.nahb.org/imi.
http://www.nahb.org/news_details.aspx?sectionID=2223&newsID=14965
| NAHB/First American Improving Markets Index (IMI) | |||||||
| Permits | Growth | Prices | Growth | Employment | Growth | ||
| Trough | From | Trough | From | Trough | From | ||
| MSA | Date | Trough | Date | Trough | Date | Trough | |
| 1 | Florence, AL | 03/31/09 | 2.6% | 02/28/11 | 0.6% | 07/31/09 | 3.9% |
| 2 | Tuscaloosa, AL | 05/31/11 | 8.8% | 02/28/11 | 3.6% | 06/30/09 | 1.7% |
| 3 | Fayetteville, AR | 03/31/09 | 1.2% | 02/28/11 | 1.0% | 02/28/10 | 3.0% |
| 4 | Napa, CA | 06/30/11 | 31.2% | 02/28/11 | 0.3% | 02/28/11 | 3.3% |
| 5 | Boulder, CO | 11/30/09 | 11.6% | 01/31/11 | 6.2% | 01/31/10 | 2.7% |
| 6 | Denver, CO | 03/31/09 | 2.8% | 02/28/11 | 2.1% | 01/31/10 | 1.4% |
| 7 | Fort Collins, CO | 03/31/09 | 4.5% | 12/31/10 | 4.6% | 12/31/09 | 3.5% |
| 8 | Greeley, CO | 11/30/10 | 8.1% | 02/28/11 | 3.3% | 12/31/09 | 0.1% |
| 9 | Bridgeport, CT | 03/31/09 | 1.2% | 02/28/11 | 4.5% | 01/31/10 | 1.4% |
| 10 | New Haven, CT | 04/30/11 | 26.0% | 02/28/11 | 0.0% | 02/28/10 | 2.1% |
| 11 | Cape Coral, FL | 03/31/09 | 3.1% | 02/28/11 | 8.1% | 01/31/11 | 1.7% |
| 12 | Deltona, FL | 03/31/11 | 2.6% | 03/31/11 | 15.1% | 01/31/11 | 3.3% |
| 13 | Jacksonville, FL | 04/30/09 | 1.4% | 02/28/11 | 1.5% | 02/28/10 | 2.3% |
| 14 | Miami, FL | 04/30/09 | 7.3% | 03/31/11 | 2.6% | 03/31/10 | 1.7% |
| 15 | North Port, FL | 01/31/09 | 2.7% | 02/28/11 | 6.2% | 06/30/11 | 1.2% |
| 16 | Punta Gorda, FL | 01/31/09 | 1.6% | 02/28/11 | 11.5% | 06/30/09 | 3.5% |
| 17 | Tampa, FL | 03/31/09 | 1.7% | 03/31/11 | 3.8% | 12/31/09 | 2.6% |
| 18 | Athens, GA | 03/31/11 | 4.2% | 01/31/11 | 2.7% | 01/31/10 | 0.8% |
| 19 | Augusta, GA | 12/31/08 | 1.7% | 03/31/11 | 3.0% | 05/31/11 | 0.0% |
| 20 | Honolulu, HI | 12/31/08 | 0.4% | 01/31/11 | 3.4% | 08/31/10 | 3.1% |
| 21 | Ames, IA | 07/31/10 | 7.4% | 02/28/11 | 6.3% | 05/31/11 | 2.4% |
| 22 | Davenport, IA | 05/31/09 | 1.8% | 12/31/10 | 4.1% | 01/31/10 | 0.7% |
| 23 | Des Moines, IA | 02/28/09 | 4.5% | 01/31/11 | 2.6% | 05/31/11 | 1.5% |
| 24 | Dubuque, IA | 12/31/08 | 5.0% | 02/28/11 | 3.1% | 04/30/09 | 5.8% |
| 25 | Waterloo, IA | 03/31/09 | 1.4% | 11/30/10 | 0.9% | 07/31/09 | 4.1% |
| 26 | Elkhart, IN | 04/30/09 | 2.2% | 02/28/11 | 1.5% | 08/31/09 | 10.4% |
| 27 | Indianapolis, IN | 01/31/09 | 0.4% | 02/28/11 | 3.0% | 10/31/09 | 0.6% |
| 28 | Lafayette, IN | 01/31/09 | 15.7% | 02/28/11 | 5.4% | 07/31/09 | 4.0% |
| 29 | Muncie, IN | 04/30/11 | 11.1% | 02/28/10 | 3.4% | 02/28/11 | 2.7% |
| 30 | Lake Charles, LA | 04/30/11 | 6.2% | 02/28/11 | 0.9% | 11/30/10 | 3.6% |
| 31 | Monroe, LA | 03/31/09 | 3.3% | 05/31/10 | 3.6% | 03/31/11 | 1.3% |
| 32 | Shreveport, LA | 01/31/09 | 1.9% | 03/31/11 | 5.6% | 10/31/09 | 3.2% |
| 33 | Boston, MA | 02/28/09 | 1.1% | 03/31/11 | 0.7% | 07/31/09 | 2.9% |
| 34 | Springfield, MA | 04/30/11 | 3.8% | 03/31/11 | 2.5% | 08/31/09 | 2.6% |
| 35 | Cumberland, MD | 05/31/10 | 3.1% | 01/31/11 | 6.2% | 06/30/11 | 6.5% |
| 36 | Lewiston, ME | 06/30/11 | 16.1% | 01/31/11 | 1.4% | 06/30/11 | 3.8% |
| 37 | Ann Arbor, MI | 05/31/09 | 0.1% | 12/31/10 | 4.5% | 07/31/09 | 3.0% |
| 38 | Detroit, MI | 04/30/09 | 8.6% | 03/31/11 | 6.8% | 06/30/09 | 2.4% |
| 39 | Grand Rapids, MI | 04/30/09 | 2.9% | 02/28/11 | 7.7% | 07/31/09 | 5.0% |
| 40 | Lansing, MI | 05/31/09 | 4.4% | 02/28/11 | 10.6% | 08/31/09 | 2.7% |
| 41 | Monroe, MI | 12/31/09 | 2.7% | 02/28/11 | 7.6% | 10/31/09 | 2.5% |
| 42 | Muskegon, MI | 11/30/09 | 0.2% | 01/31/11 | 6.1% | 12/31/10 | 1.6% |
| 43 | Duluth, MN | 05/31/11 | 2.9% | 03/31/11 | 4.6% | 09/30/09 | 0.6% |
| 44 | Minneapolis, MN | 03/31/09 | 1.8% | 02/28/11 | 2.5% | 09/30/09 | 1.5% |
| 45 | Rochester, MN | 03/31/09 | 0.7% | 02/28/11 | 2.4% | 12/31/10 | 1.5% |
| 46 | Columbia, MO | 11/30/08 | 1.7% | 02/28/11 | 1.5% | 08/31/09 | 3.6% |
| 47 | Jefferson City, MO | 08/31/10 | 1.0% | 03/31/11 | 3.9% | 02/28/10 | 2.1% |
| 48 | Joplin, MO | 02/28/11 | 5.0% | 02/28/11 | 15.4% | 08/31/09 | 1.2% |
| 49 | Kansas City, MO | 03/31/09 | 3.2% | 02/28/11 | 5.2% | 06/30/11 | 1.2% |
| 50 | Hattiesburg, MS | 01/31/11 | 2.2% | 03/31/11 | 4.1% | 04/30/11 | 3.6% |
| 51 | Fayetteville, NC | 12/31/08 | 2.1% | 01/31/10 | 0.3% | 10/31/10 | 3.2% |
| 52 | Winston-Salem, NC | 03/31/09 | 1.9% | 11/30/10 | 0.1% | 01/31/11 | 2.4% |
| 53 | Bismarck, ND | 03/31/09 | 15.3% | 02/28/10 | 8.8% | 12/31/07 | 8.8% |
| 54 | Fargo, ND | 04/30/09 | 4.9% | 02/28/11 | 3.0% | 07/31/09 | 4.2% |
| 55 | Grand Forks, ND | 04/30/09 | 3.0% | 12/31/10 | 7.7% | 09/30/10 | 4.2% |
| 56 | Lincoln, NE | 01/31/09 | 1.6% | 01/31/11 | 4.2% | 07/31/10 | 3.2% |
| 57 | Omaha, NE | 07/31/10 | 4.5% | 03/31/11 | 2.7% | 02/28/10 | 2.6% |
| 58 | Manchester, NH | 02/28/11 | 2.1% | 02/28/11 | 0.5% | 01/31/10 | 1.8% |
| 59 | Ocean City, NJ | 03/31/09 | 1.0% | 03/31/11 | 6.3% | 05/31/11 | 5.7% |
| 60 | Syracuse, NY | 03/31/11 | 2.9% | 03/31/11 | 10.2% | 08/31/10 | 1.5% |
| 61 | Cincinnati, OH | 01/31/09 | 0.2% | 02/28/11 | 2.1% | 12/31/10 | 1.6% |
| 62 | Springfield, OH | 01/31/11 | 13.4% | 03/31/11 | 2.5% | 01/31/10 | 3.5% |
| 63 | Toledo, OH | 05/31/09 | 1.4% | 01/31/11 | 0.6% | 06/30/09 | 3.4% |
| 64 | Youngstown, OH | 06/30/11 | 5.2% | 02/28/11 | 3.9% | 06/30/09 | 4.0% |
| 65 | Oklahoma City, OK | 05/31/09 | 0.6% | 02/28/11 | 1.0% | 01/31/10 | 4.0% |
| 66 | Tulsa, OK | 10/31/10 | 0.8% | 02/28/11 | 4.4% | 02/28/10 | 3.1% |
| 67 | Corvallis, OR | 04/30/11 | 5.7% | 02/28/11 | 4.3% | 07/31/09 | 4.9% |
| 68 | Portland, OR | 03/31/09 | 2.6% | 03/31/11 | 3.7% | 11/30/09 | 2.0% |
| 69 | Erie, PA | 03/31/11 | 4.6% | 02/28/11 | 3.1% | 02/28/10 | 3.9% |
| 70 | Philadelphia, PA | 03/31/09 | 0.7% | 02/28/11 | 2.9% | 02/28/10 | 0.5% |
| 71 | Pittsburgh, PA | 02/28/09 | 1.6% | 01/31/10 | 6.5% | 02/28/10 | 4.1% |
| 72 | Williamsport, PA | 03/31/11 | 46.3% | 02/28/10 | 8.5% | 12/31/09 | 3.9% |
| 73 | Chattanooga, TN | 05/31/11 | 2.6% | 02/28/11 | 4.0% | 08/31/09 | 3.2% |
| 74 | Clarksville, TN | 01/31/09 | 2.7% | 02/28/11 | 1.3% | 08/31/09 | 5.1% |
| 75 | Kingsport, TN | 02/28/11 | 0.4% | 01/31/11 | 1.6% | 02/28/10 | 2.8% |
| 76 | Memphis, TN | 04/30/09 | 2.8% | 03/31/11 | 1.1% | 09/30/10 | 3.1% |
| 77 | Nashville, TN | 03/31/09 | 1.6% | 02/28/11 | 1.4% | 09/30/09 | 3.7% |
| 78 | Amarillo, TX | 10/31/08 | 1.7% | 01/31/10 | 3.2% | 04/30/10 | 4.6% |
| 79 | College Station, TX | 10/31/10 | 5.5% | 02/28/11 | 10.2% | 12/31/07 | 3.6% |
| 80 | Corpus Christi, TX | 01/31/11 | 5.1% | 12/31/10 | 4.3% | 11/30/09 | 6.0% |
| 81 | Dallas, TX | 05/31/09 | 0.9% | 02/28/11 | 0.5% | 12/31/09 | 3.6% |
| 82 | Laredo, TX | 12/31/08 | 1.3% | 01/31/10 | 2.9% | 09/30/09 | 7.1% |
| 83 | Longview, TX | 04/30/09 | 3.2% | 03/31/11 | 5.9% | 10/31/09 | 7.9% |
| 84 | McAllen, TX | 01/31/09 | 0.4% | 11/30/10 | 1.9% | 12/31/07 | 5.2% |
| 85 | Midland, TX | 04/30/09 | 3.6% | 01/31/10 | 8.7% | 08/31/09 | 10.0% |
| 86 | Odessa, TX | 02/28/09 | 24.5% | 11/30/10 | 8.9% | 08/31/09 | 9.0% |
| 87 | Tyler, TX | 03/31/09 | 0.4% | 12/31/10 | 0.8% | 07/31/10 | 5.3% |
| 88 | Victoria, TX | 09/30/10 | 4.2% | 02/28/11 | 6.2% | 11/30/09 | 4.8% |
| 89 | Provo, UT | 02/28/09 | 2.7% | 03/31/11 | 1.1% | 12/31/09 | 4.6% |
| 90 | Salt Lake City, UT | 03/31/09 | 2.3% | 03/31/11 | 0.4% | 02/28/10 | 3.6% |
| 91 | Danville, VA | 03/31/09 | 1.8% | 11/30/10 | 11.4% | 11/30/09 | 2.9% |
| 92 | Winchester, VA | 04/30/11 | 7.9% | 10/31/10 | 8.4% | 08/31/09 | 5.4% |
| 93 | Burlington, VT | 03/31/11 | 6.1% | 01/31/10 | 1.3% | 09/30/09 | 4.5% |
| 94 | Bellingham, WA | 04/30/11 | 2.7% | 03/31/11 | 0.2% | 06/30/11 | 0.4% |
| 95 | Kennewick, WA | 03/31/09 | 4.2% | 03/31/11 | 0.3% | 12/31/07 | 4.4% |
| 96 | Madison, WI | 01/31/09 | 1.3% | 02/28/11 | 0.8% | 08/31/09 | 2.1% |
| 97 | Casper, WY | 11/30/10 | 7.0% | 01/31/10 | 3.2% | 12/31/09 | 8.5% |
| 98 | Cheyenne, WY | 12/31/08 | 6.0% | 12/31/10 | 3.0% | 01/31/10 | 2.8% |
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