Are Americans Looking to Move? New Data from the Coldwell Banker Move Meter Reveals Shocking Search Destinations
MADISON, N.J., Sept. 26, 2023 -- City dwellers are seeking fresh horizons with Los Angeles, Denver and New York topping the charts as the most frequent searchers looking to move, according to new data from the Coldwell Banker Real Estate LLC Move Meter tool, which compares characteristics such as cost and quality of living city by city. But where are they looking to go? Austin, Texas reigns supreme as the most searched Move Meter destination, drawing potential new residents with its thriving culture, job market and comparable affordability. The exclusive Move Meter tool was created to give sellers and buyers an informative, clear picture about the potential of making their dream move a reality. It's also the focus of the brand's new "Dream" ad campaign airing on select Thursday nights on a streaming service this fall during the football season. Alongside it, the "Move Meter Match-Up," a video and social media series comparing cities of each week's football team matchups, invites consumers to compare their favorite football teams' hometowns on Coldwellbanker.com. The data collected, which includes tens of thousands of searches over the course of this year's campaign, reveals the most sought-after cities, routes and states where Americans are eager to find their new address. A glimpse into Americans' imaginations, featuring the expected, and the unexpected: The Top 10 Cities People Are Dreaming of Moving to: Austin, Texas Charlotte, N.C. New York Los Angeles Nashville, Tenn. Tampa, Fla. Raleigh, N.C. Seattle Atlanta San Diego The Top 10 Cities People Are Dreaming of Moving From: Los Angeles Denver New York Louisville, Ky. Chicago Austin, Texas Allentown, Pa. Seattle San Diego Minneapolis Austin, Texas Leads as the Most Desirable Destination: Austin, Texas stands as the most coveted search destination, with its abundance of live music and warm weather. Charlotte, N.C. and New York round out the top three, enticing individuals with their vibrant cultures and robust employment prospects. Out-of-State Searches Decreased: Last summer, 82% of all Move Meter searches were looking to move out of state, but this year, that number dropped to 72.5%. This indicates that while many aspire to relocate to distant locales, a portion is also keen on staying put within their current state. California, Florida, and Texas Lead In-State Moves: Residents of California, Florida and Texas are the most satisfied staying within state lines. They lead with the most searches within their own states. In addition to the Move Meter, Coldwell Banker has created the ultimate destination for home sellers, with industry exclusive tools like the CB Estimate℠, which provides a home value estimate, and a remarkable new Seller's Assurance Program. With a network of over 100,000 agents across the globe, Coldwell Banker has affiliated agents in nearly every market in the United States. So, no matter where searchers are looking, a Coldwell Banker affiliated agent can help make the dream come true. Home sellers and buyers can visit coldwellbanker.com to find an agent and prepare for their next move to their dream home using the coldwellbanker.com/movemeter. "The Move Meter is a powerful tool helping dreamers find their next destination," said David Marine, CMO of Coldwell Banker Real Estate LLC. "Tying Move Meter into our latest streaming advertising campaign 'Dream' during Thursday football games is a touchdown for our consumers and our agents. Inviting our consumers to compare the hometowns of their favorite teams in a healthy competition enables us to engage with them in an entertaining way while helping them to dream of home in new destinations. Of course, our network is ready on the field to help them achieve their real estate goals." About Coldwell Banker Real Estate LLC Powered by its network of 100,000 affiliated sales professionals in more than 2,700 offices across 39 countries and territories, the Coldwell Banker® system is a leading provider of full-service residential and commercial real estate brokerage services. The Coldwell Banker brand prides itself on its history of expertise, honesty and an empowering culture of excellence since its beginnings in 1906. The Coldwell Banker brand is committed to providing its network of affiliated sales agents with the tools and insights needed to excel in today's marketplace and is known for its bold leadership and dedication to driving the industry forward. The brand was named among the 2023 Women's Choice Award® "9 out of 10 Customer Recommended Real Estate Agency." Blue is bold and the integrity and values of the Coldwell Banker brand give the Gen Blue network an unbeatable edge. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. To join Coldwell Banker Real Estate and unlock the Gen Blue possibilities, please visit careers.coldwellbanker.com.

Just 1% of U.S. Homes Have Changed Hands This Year, the Lowest Share in at Least a Decade
Redfin reports 14 of every 1,000 homes changed hands in the first half of 2023, compared to 19 of every 1,000 during the same period in 2019. The turnover rate for large suburban houses has declined even more. SEATTLE — Roughly 14 of every 1,000 U.S. homes changed hands during the first six months of 2023, according to a new report from Redfin, the technology-powered real estate brokerage. That's down from 19 of every 1,000 during the same period of 2019 and the lowest turnover rate in at least a decade. In 2018, Freddie Mac estimated that about 2.5 million more homes needed to be built to meet demand, with the shortfall mainly due to a lack of construction of single-family homes. The homebuying boom of late 2020 and 2021, driven by record-low mortgage rates, remote work and a surge in investor purchases, depleted already low inventory levels. Finally, 2022's soaring mortgage rates—average rates nearly doubled from January to June—exacerbated the shortage by handcuffing homeowners to their comparatively low rates. "The quick increase in mortgage rates created an uphill battle for many Americans who want to buy a home by locking up inventory and making the homes that do hit the market too expensive. The typical home is selling for about 40% more than before the pandemic," said Redfin Deputy Chief Economist Taylor Marr. "Mortgage rates dropping closer to 5% would make the biggest dent in the affordability crisis by freeing up some inventory and bringing monthly payments down. But there are a few other things that would boost turnover and help make homes more affordable. Building more housing is imperative, and federal and local governments can help by reforming zoning and making the building process easier. Financial incentives, like reducing transfer taxes for home sellers and subsidizing major moves with tax breaks, would also add to supply." The turnover rate has shrunk most in the suburbs: 16 of every 1,000 large suburban houses have changed hands this year, two-thirds as many as 2019 House hunters searching for large homes in the suburbs have seen the biggest drop in their options. Just about 16 of every 1,000 four-bedroom-plus suburban single-family homes sold in the first half of this year, down from 24 of every 1,000 that sold in the same period in 2019. That means buyers of that home type have 33% fewer houses to choose from. "New listings normally hit the market on Thursdays, and I have buyers who are excitedly checking their Redfin app Thursday mornings, only to find nothing new," said Phoenix Redfin Premier agent Heather Mahmood-Corley. "That goes for buyers in every price range in every type of neighborhood, but what people want most are those move-in ready, mid-sized homes in neighborhoods with highly rated schools. Those are hardest to find because for people to buy one, someone needs to sell one. That's not happening, because so many of those homeowners have low mortgage rates." The turnover rate has dropped for every size home in every type of neighborhood over the last four years (though buyers will have an easier time finding something for sale in certain metro areas). The turnover rate of condos and townhomes didn't shrink as much as that of single-family homes during the pandemic. Supply of that home type wasn't depleted as much because there wasn't as much demand for them. Modestly sized single-family homes in the city are hardest to find: Just 11 of every 1,000 two- and three-bedroom urban houses sold in the first half of this year Smaller houses in the city have the lowest turnover rate of all the home types in this analysis. Roughly 11 of every 1,000 two- and three-bedroom single-family homes in urban neighborhoods sold in the first six months of 2023, compared to 14 of every 1,000 during the same period in 2019. Two- to three-bedroom homes in suburban neighborhoods are essentially tied with their urban counterparts for the lowest turnover rate, with 11 of every 1,000 changing hands this year. That's down from 16 of every 1,000 in 2019. Homebuyers have the smallest pool of options in the Bay Area: Just 6 of every 1,000 San Jose homes have turned over to a new owner this year Northern California has the lowest turnover rate in the U.S. Just six of every 1,000 homes in San Jose changed hands in the first half of 2023, the lowest rate of the 50 most populous U.S. metros. It's followed closely by Oakland, San Diego, Los Angeles, Sacramento and Anaheim, all places where about eight of every 1,000 homes turned over to a new owner. The pandemic exacerbated the supply shortage throughout California, with the turnover rate dropping by at least 30% in each of those metros from 2019 to 2023. Zooming in on large, suburban single-family homes, California still has the lowest turnover rate. California historically has the lowest housing turnover because the state's tax laws–namely proposition 13–incentivizes homeowners to stay put by limiting property-tax increases. Homebuyers have the biggest pool of options in Newark, NJ and Nashville, where more than 23 of every 1,000 homes have changed hands this year Newark, NJ has the highest turnover rate in the U.S., with 24 of every 1,000 homes changing hands during the first six months this year. It's followed closely by Nashville, TN (23 of every 1,000) and Austin, TX (22 of every 1,000). Nashville and Austin are also two of the three metros (along with Fort Worth, TX) with the highest turnover for large suburban, single-family homes. But Nashville and Austin are both among the five metros with the smallest declines in turnover since 2019, posting drops of just 10% and 14%, respectively. When it comes to large suburban houses, Nashville and Austin have the second and third smallest declines. That's partly due to robust new construction in Nashville and Austin: Inventory of single-family homes for sale in both metros is made up of more than 30% newly built homes, compared to 22% nationwide. Only Milwaukee and Columbus, OH, which both saw overall turnover drop by about 8% from 2019 to 2023, had smaller declines in turnover than Nashville. Indianapolis, IN comes in fourth, with a 14% decline. Milwaukee, Columbus and Indianapolis have relatively stable turnover because they didn't experience huge homebuying demand swings throughout the pandemic. View the full report, including charts and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

One-Third of U.S. Homebuyers Are Paying in Cash, the Highest Share in Nearly a Decade
All-cash home purchases have reached their highest level since 2014, and the share of buyers using FHA loans has reached its highest level since before the pandemic. Meanwhile, the typical buyer's down payment is down 18% from a year earlier. SEATTLE — One-third (33.4%) of U.S. home purchases were made in cash in April, up from 30.7% a year earlier and the highest share in nine years, according to a new report from Redfin, the technology-powered real estate brokerage. That's comparable with February's 33.5% share. All-cash purchases are making up a bigger portion of the homebuying pie for one major reason: Elevated mortgage rates are deterring homebuyers who take out mortgages more than they're deterring all-cash buyers. Overall home sales were down 41% from a year earlier in April in the metros included in Redfin's analysis, which comprised 40 of the most populous U.S. metros. That's compared with a 35% decline for all-cash sales. Mortgage rates are near their highest level in 15 years, sidelining many would-be homebuyers—especially those who need to take out a mortgage. But high rates can also deter all-cash buyers because they may decide their money is better spent on investments that benefit from high rates, like bonds. "A homebuyer who can afford to pay in all cash is weighing two potential paths," said Redfin Senior Economist Sheharyar Bokhari. "They can use cash to pay for the home and avoid high monthly interest payments, or take out a loan and pay a high mortgage rate. In that case, they could use the money that would have gone toward an all-cash purchase to invest in other assets that offer bigger returns, which could partly cancel out their high mortgage rate." "Buyers who can't afford to pay in all cash also have two potential—but different—paths," Bokhari continued. "They can avoid a high mortgage rate by dropping out of the housing market altogether, or they can take on a high rate. That discrepancy is the reason the all-cash share is near a decade high even though all-cash purchases have dropped: Affluent buyers have the choice to pay cash instead of dropping out of the market." Competition among homebuyers is a smaller but still noteworthy reason for the uptick in all-cash sales. A lack of homes for sale is prompting competition in some metro areas, motivating buyers to make all-cash offers to win homes. Down payments post one of the biggest drops since start of pandemic The typical U.S. homebuyer's down payment was $52,500 in April, down 18% from a year earlier. That's the second-biggest drop since May 2020, when the housing market ground to a halt at the start of the pandemic (the biggest was a 22% drop in March 2023). Down payments have been falling on a year-over-year basis since November. In percentage terms, the median down payment was equal to 13.1% of the purchase price, down from 16.5% a year earlier. Even though the inventory shortage is causing more competition for homes than one might expect given today's relatively tepid demand, the bidding-war rate is much lower than it was a year ago. Forty-six percent of home offers written by Redfin agents faced competition in April, down from roughly 59% a year earlier. Less competition means fewer buyers need to offer a big down payment to prove their financial stability and stand out from the crowd. It also means FHA loans, which require lower down payments, are becoming more prevalent. The typical U.S. home sold for 4% less in April than a year earlier, and the drop is much bigger in some metro areas. Lower home prices mean lower dollar down payments. Share of homebuyers using FHA loans hits highest share since before the pandemic Roughly one in six (16.4%) U.S. mortgaged home sales used an FHA loan in April, the highest share since February 2020, just before the pandemic began. That's up from 10.4% a year earlier; representing the largest year-over-year gain on record. Just under 7% of mortgaged home sales used a VA loan, down from an eight-year high of 8% in February but up from 5.9% a year earlier. Conventional loans are the most common type, making up more than three-quarters (76.8%) of mortgaged home sales. But the share of buyers using a conventional loan dropped from 83.7% from a year earlier, the biggest year-over-year decline on record. Redfin agents in pandemic homebuying boomtowns Boise, ID, Austin, TX and Orlando, FL report that they saw an uptick in FHA loans in early spring. But Orlando Redfin agent Nicole Dege said she's noticed a decline in buyers using FHA loans since then as inventory has fallen and competition has ticked up. High mortgage rates may also make buyers more likely to choose an FHA loan instead of a conventional loan, as FHA rates tend to be slightly lower; the average daily FHA rate was 6.54% on June 6, versus 6.89% for a conventional loan. Even though FHA loans are becoming more common, the fact that one-third of home purchases are made in cash reflects the unequal nature of today's housing market. Affluent buyers who can afford to pay for a home in cash still have an advantage because not only is it easier to get offers accepted, but they don't have to take on high mortgage rates. Jumbo loans have become less popular as rates stay elevated Just 6.1% of mortgaged home sales used a jumbo loan in April, down from 10.6% a year earlier but up from the decade-low of 4.3% hit in January. Jumbo loans have become less common over the last year as mortgage rates have risen. Elevated rates have pushed some buyers of expensive homes out of the market entirely and pushed some into lower price ranges. Banks are also more hesitant to take potential losses on jumbo loans in the aftermath of this year's bank failures. View the full report, including charts and metro-level data, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

Southwestern US Counties Rank Highest in CoreLogic's 'Safest Places to Live' Study Forecasting the Next 30 Years of Natural Disasters
CoreLogic Climate Risk Analytics solution finds counties in New Mexico, Colorado and Utah top the list for the lowest exposure to perils IRVINE, Calif., March 23, 2023 — CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, has announced the results of its "Safest Place to Live" study which details the least risky places to live in the U.S. from a natural hazard perspective. While severe convective storms and flooding pose risk to most homes in the U.S., McKinley County, New Mexico, emerged as the least-risky county to live due to its lack of hurricane and earthquake risk. Additionally, five counties in Colorado rank in the top 10 for lowest-risk areas for natural catastrophes. CoreLogic deployed its Climate Risk Analytics: Composite Risk Score (CRA Composite Risk Score) solution to identify counties that are currently at low risk and stress tests natural disaster risks over the next 30 years across various future climate scenarios. The climate scenarios include a base climate where conditions do not change and a progressively worsening climate noted as "Scenario 8.5." RCP 8.5 is one of a suite of scenarios (Representative Concentration Pathways) that describe several potential future scenarios. The RCP 8.5 climate change results discussed here represent a projection of climate-related risks to residential properties assuming that C02 emissions continue to rise throughout the 21st century. CoreLogic analyzed wildfire, inland flood, severe convective storm, winter storm, earthquake and hurricane perils and applied its analytics capabilities to its extensive property datasets to provide deep insights into natural hazards, climate risks and the resulting impacts on the property landscape. As a result, the top 10 counties safest from natural disaster are: McKinley, New Mexico Duchesne, Utah Conejos, Colorado Emery, Utah Summit, Colorado Pondera, Montana Saguache, Colorado Unitah, Utah Mesa, Colorado San Miguel, Colorado In examining a progressively worsening climate, Scenario 8.5, the safest counties in 2050 become: McKinley, New Mexico Conejos, Colorado Summit, Colorado Duchesne, Utah Saguache, Colorado Spokane, Washington Emery, Utah Eagle, Colorado San Juan, Colorado Chaffee, Colorado About the study: This analysis considers the impactful environmental risks to 154 million properties across the U.S. and is built on CoreLogic's comprehensive data that details the physical characteristics of those homes, including construction year, first-floor height, number of stories and square footage. Although historic events provide some indication of where natural hazard risks may be high, evolving climate change necessitates comprehensive, forward-looking data to clearly identify where such risks are the lowest. The county-level CRA Composite Risk Scores were used for this study. These scores represent the reconstruction cost value-weighted Composite Risk Scores for the single-family residences within each county. More insights can be found here. Source: CoreLogic The data provided is for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data contact Robin Wachner at [email protected]. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

Redfin Reports The Typical U.S. Home Changes Hands Every 12 Years, Down From 2020 Peak
Homeowner tenure is down from the peak reached in 2020, but it has nearly doubled over the last couple decades, contributing to the lack of for-sale inventory SEATTLE — The typical U.S. homeowner has spent 12.3 years in their home, according to a new report from Redfin, the technology-powered real estate brokerage. That's down from the peak of 13.4 years hit in 2020 and 12.9 years in 2021. But the typical American is still living in their home much longer than before, with median homeowner tenure sitting at about 10 years in 2012 and 6.5 years in 2005. Older people aging in place are driving the general trend toward longer homeowner tenure. Most Americans 65 and older have owned their home for at least 23 years, and most Americans aged 35 to 64 have owned theirs for at least eight years. Compare that with homeowners under 35: Nearly half (49%) have owned their home for three years or less, and another 37% have owned theirs for four to seven years. Overall homeowner tenure has ticked down from its peak largely because so many people moved from one home to another in 2021 and the first half of 2022. Record-low mortgage rates during that period motivated many Americans to buy homes, either becoming homeowners for the first time or selling their home to move to a better one. Pandemic-fueled remote work prompted many Americans to relocate to a different part of the country, too. But Americans are staying put much longer now than in the past couple decades. There are several reasons why that's true, and why homeowner tenure is likely to stay elevated in the coming decade: Older Americans are aging in place. Long homeowner tenure is driven by older generations and the population is aging. Roughly 17% of people in the U.S. are 65 or older, up from about 13% in 2010, and the share is expected to continue increasing. Lack of affordability. Typical monthly mortgage payments are near their record high, discouraging many people from moving. Lack of move-up buyers. Roughly 85% of mortgage holders have an interest rate far below 6%, disincentivizing them from giving up their comparatively low rate and moving. Historically high rental prices. Asking rents are still higher than they were before the pandemic. That's motivating some homeowners to become landlords rather than sell. Shortage of homes for sale. The supply of homes for sale is near historic lows and very few new listings are coming on the market. Even if a homeowner were considering a move, there's not much to choose from. "Even though the length of time Americans are staying in their homes has ticked down from the peak it reached in 2020, it's likely to head back up again in the next few years," said Redfin Senior Economist Sheharyar Bokhari. "Today's mortgage rates are more than double the lows reached during the pandemic homebuying frenzy, which means people have extra incentive to hang onto their homes. Even if rates dip down to 4% or 5%, that's still significantly higher than the sub-3% rates many homeowners have now. That lock-in effect, combined with older Americans' desire to stay put in their homes, points to lengthening tenure in the future." "But although that limits the number of homes hitting the market, competing forces could help the supply shortage," Bokhari continued. "Remote work is still much more popular than before the pandemic, so more people have the freedom to relocate or move further away from city centers. Plus, millennials—the largest generation in the U.S.—are in prime moving years, pushed to sell their homes by things like growing families and new jobs." Renters move much more often than homeowners, which creates a mismatch between the number of homes for sale and the people who want to buy one The scarcity of homes for sale is contributing to double-digit homeowner tenure, and the reverse is also true: Long tenure is holding back supply. That's problematic for people who want to buy a home but are unable to find one they can afford. The fact that renters move much more often illustrates the issue. The typical renter stayed in their home for two years in 2021, versus 13 years for homeowners. Most renters have to move to another rental rather than buy a home because of the mismatch between the number of people moving and the number of homeowners listing their home during any given year. That's especially true for younger Americans because they move more often. Nearly three-quarters (72%) of renters under 35 years old spend three years or less in a rental property, compared with 39% of 35-64 year olds and 27% of people aged 65 and older. Overall, the typical length of time renters stay in any one rental home hasn't fluctuated much over the last decade. The median has bounced between one, two and three years for the last decade. Californians keep their homes longest; homeowners in Louisville and Las Vegas hold on less than half as long before moving Homeowners stay put longest in expensive parts of California. The typical Los Angeles homeowner has owned their home for 18.2 years, followed by 17.3 years in San Jose. Cleveland (17.1 years), San Francisco (16.3 years) and Memphis (16.2 years) round out the top five. Tenure is shortest in relatively affordable migration destinations in the southern half of the country. It's shortest in Louisville, KY (6.9 years), followed by Las Vegas (7.6 years), Nashville (8.2 years), Raleigh (8.3 years) and Charlotte (8.3 years). View the full report, including charts, full homeowner and renter tenure data by age bracket and metro-level data, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

Redfin Reports a Record Share of Home Sellers Are Giving Concessions to Buyers
Buyers received concessions—such as money for repairs and mortgage-rate buydowns—in a record 42% of home sales in the fourth quarter, up from 31% a year earlier SEATTLE — Home sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter—the highest share of any three-month period in Redfin's records, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from just over 30% in both the previous quarter and the fourth quarter of 2021, and outpaces the prior 40.8% high from the three months ending July 2020, when the housing market nearly ground to a halt due to the onset of the coronavirus pandemic. Redfin's concessions records date back to July 2020 and are based on data submitted by Redfin buyers' agents. Concessions have made a comeback as rising mortgage rates, inflation and economic uncertainty have dampened homebuying demand, giving the buyers who remain in the market increased negotiating power. That's a stark shift from the pandemic homebuying frenzy of late 2020 and 2021, when record-low mortgage rates fueled fierce competition, forcing most buyers to bid over the asking price and waive every contingency just to have their offers taken seriously. "Buyers are asking sellers for things that were unheard of during the past few years," said Van Welborn, a Redfin real estate agent in Phoenix. "They're feeling empowered, partly because their offer is often the only one, and partly because they know sellers have built up so much equity during the pandemic that they can afford to dole out sizable concessions." Welborn continued: "I recently helped one of my buyers negotiate a $10,000 credit for a new roof and a handful of other repairs. We originally asked for $15,000, but were happy with $10,000 because the homeowner also agreed to sell for less than their asking price." Homeowners are increasingly selling for below their desired price as the housing market slows. A record 22% of home sales recorded by Redfin buyers' agents in the fourth quarter included both a concession and a final sale price below the listing price, while a record 19% included both a concession and a listing-price cut that occurred while the home was on the market. A record 11% included all three. Phoenix Saw the Biggest Jump in Concessions In Phoenix, sellers gave concessions to buyers in 62.9% of home sales in the fourth quarter, up from 33.2% a year earlier. That 29.7-percentage-point increase is the largest among the 25 U.S. metropolitan areas for which data was available. Next came Seattle (25.6 ppts), Las Vegas (22.2 ppts), San Diego (20.7 ppts) and Detroit (20.4 ppts). Phoenix and Las Vegas are among the fastest cooling markets after they soared in popularity during the pandemic as scores of remote workers moved in, searching for relative affordability and warm weather. "It took a while, but seller expectations are coming back down to earth. Concessions were common before the pandemic, and we may be returning to that norm," Welborn said. "Sellers realize they're not going to get $80,000 over the asking price like their neighbor did last year." Welborn said he has recently seen sellers offer credits of as much as $25,000 to cover repairs and closing costs, and that they're also offering to pay for 2-1 mortgage-rate buydowns and warranties on household appliances. There were four metros in which concessions were less common compared with a year ago. In Austin, TX, sellers gave concessions to buyers in 33.3% of home sales, down from 38.1% a year earlier (-4.8 ppts). Next came Philadelphia (-2.7 ppts), New York (-2.4 ppts) and Chicago (-1.6 ppts). Concessions Are Most Common in San Diego In San Diego, sellers gave concessions to buyers in 73% of home sales in the fourth quarter—the highest share among the metros Redfin analyzed (San Diego also had the highest share a year ago). Next came Phoenix (62.9%), Portland, OR (61.6%), Las Vegas (61.3%) and Denver (58.4%). In New York, sellers gave concessions to buyers in 13.4% of home sales—the lowest share among the metros Redfin analyzed. It was followed by San Jose, CA (14.4%), Boston (17.5%), Philadelphia (22%) and Austin (33.3%). To view the full report, including charts, methodology and a metro-level breakdown, please visit this page. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

Redfin Reports Supply Posts Record Increase as Homes Linger on the Market
Redfin's Homebuyer Demand Index ticked up this week as steadily declining rates lured some buyers back in. But many would-be buyers are waiting for lower rates and prices, with the typical home's time on market rising at its fastest annual pace on record and supply increasing. SEATTLE -- The total number of homes for sale increased 15% year over year during the four weeks ending December 4, the biggest uptick since at least 2015, according to a new report from Redfin, the technology-powered real estate brokerage. New listings declined by more than 20%, which means homes are sitting on the market as prospective buyers stay on the sidelines and wait for mortgage rates and home prices to decline further from their peaks. That's also evidenced by a slowing market: The typical home that sold was on the market for 37 days, up from a record low of 17 days in June and up from 28 days a year earlier, the biggest year-over-year slowdown on record. Just 30% of homes sold within two weeks, the lowest share since January 2020. But Redfin's Homebuyer Demand Index is rebounding from its low point, up 5% from a week earlier, as mortgage rates continue to decline from their early-November peak. Rates dropped to 6.33% from 6.5% a week earlier, cutting the typical U.S. homebuyer's monthly housing bill by about $50. "This week has been relatively calm and quiet as we approach the end of one of the most volatile years in housing history," said Redfin Deputy Chief Economist Taylor Marr. "But it's not over yet. Next Tuesday's inflation report is the 500-pound gorilla in the room, and the Fed's press conference the next day will bring us much more clarity on how soon and how quickly we can expect mortgage rates to come down in the new year. Since we expect only a small decline in prices next year, mortgage rates will dictate housing affordability, and as a result, demand and sales, in 2023. If rates continue declining, more buyers may wade back into the market, as they'll have lower monthly payments." Home prices fell from a year earlier in 11 of the 50 most populous U.S. metros, mostly in California Home-sale prices fell from a year earlier in 11 of the 50 most populous U.S. metros, six of which are in California. Prices fell 7.8% year over year in San Francisco, 3.6% in San Jose, CA, 2.2% in Los Angeles, 1.4% in Detroit, 1.2% in Sacramento and 1.1% in Pittsburgh. They declined less than 1% in Oakland, CA, Anaheim, CA, Austin, Philadelphia and Phoenix. Although the decline was small, this marks the first time Phoenix home prices have fallen on a year-over-year basis since at least 2015, as far back as this data goes. It's the first time Anaheim prices have fallen since October 2019. Leading indicators of homebuying activity: For the week ending December 8, 30-year mortgage rates ticked down to 6.33%, the fourth straight weekly decrease. The daily average was 6.29% on December 7. Mortgage purchase applications during the week ending December 2 declined 3% from a week earlier, seasonally adjusted. Purchase applications were down 40% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index–a measure of requests for home tours and other homebuying services from Redfin agents–was up 5% from a week earlier but down 29% from a year earlier during the four weeks ending December 4. Fewer people searched for "homes for sale" on Google than this time in 2021. Searches during the week ending December 3 were down about 34% from a year earlier, but up slightly from the week before. Touring activity as of December 4 was down 37% from the start of the year, compared to a 12% decrease at the same time last year, according to home tour technology company ShowingTime. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending December 4. Redfin's weekly housing market data goes back through 2015. The median home sale price was $355,500, up slightly from the week before and up 1.9% year over year, the slowest price growth since June 2020 (with the exception of the prior four-week period). The median asking price of newly listed homes was $357,470, up 4.4% year over year, the slowest growth rate since May 2020. The monthly mortgage payment on the median-asking-price home was $2,297 at the current 6.33% mortgage rate. That's down slightly from a week earlier and down more than $200 from a month earlier, when mortgage rates were around 7%. Still, monthly mortgage payments are up 38% from a year ago. Pending home sales were down 34.9% year over year, one of the largest declines since at least January 2015, as far back as this data goes. Among the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-65.4%), Austin (-60.7%), Phoenix (-56.8%), Jacksonville, FL (-55.6%) and Portland, OR (-53.5%). New listings of homes for sale were down 21.6% from a year earlier, the largest decline since May 2020. Active listings (the number of homes listed for sale at any point during the period) were up 15% from a year earlier, the biggest annual increase since at least 2015 Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 3.9 months, flat from a week earlier but up sharply from 3.4 months two weeks earlier. 30% of homes that went under contract had an accepted offer within the first two weeks on the market, down two percentage points from the prior four-week period and down from 38% a year earlier. Homes that sold were on the market for a median of 37 days, up more than a week from 28 days a year earlier and up from the record low of 17 days set in May and early June. 25% of homes sold above their final list price, down from 42% a year earlier and the lowest level since June 2020. On average, 6% of homes for sale each week had a price drop, down slightly from a week earlier and down sharply from 7.5% a month earlier. It's up from 2.8% a year earlier. The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.4% from 100.3% a year earlier. That's the lowest level since June 2020. To view the full report, including charts, please click here. About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

Redfin Reports Lurching Mortgage Rates Spook Homebuyers
Homebuyers have lost 29% of their purchasing power since rates bottomed out in early 2021. Home prices remain elevated due to low supply, but early demand signals weakened sharply last week. SEATTLE -- Early indicators of homebuying demand show an accelerated pullback last week as mortgage rates shot up to a 15-year high, according to a new report from Redfin, the technology-powered real estate brokerage. This chart was made by analyzing Freddie Mac's Primary Mortgage Market Survey. The chart assumes a 20% down payment, annual property tax of 1.25% of the purchase prices and annual insurance of 0.5% of the purchase price. (Graphic: Redfin Analysis) Home tours fell 7% and mortgage purchase applications declined 13%. Redfin’s Homebuyer Demand Index, a measure of requests for home tours and other home-buying services, fell 6% last week to its lowest level since mid-June, when mortgage rates first jumped toward 6%. Homebuyers have lost 29% of their purchasing power as the average 30-year-fixed mortgage rate climbed from 2.65% at the start of 2021 to 6.66% today. "Mortgage rates well over 6% are spooking homebuyers,” said Redfin Deputy Chief Economist Taylor Marr. “Sellers are pulling back in this market, but buyers are pulling back even more. Home prices are holding steady for now. It will take a few months before the prices of closed sales start to reflect this shock to the market. However, there is evidence of sizable price declines in parts of the market that aren't accounted for by MLS data, such as home builders offloading homes in bulk at a 20% discount." Leading indicators of homebuying activity: For the week ending October 6, 30-year mortgage rates declined slightly to 6.66%. Fewer people searched for “homes for sale” on Google. Searches during the week ending October 1 were down 33% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index declined 10% in the past three weeks to its lowest point since the week ending June 19. The index was down 26% year over year, and fell below the level at the same time in 2020. Touring activity as of October 2 was down 26% from the start of the year, compared to an 8% increase at the same time last year, according to home tour technology company ShowingTime. Mortgage purchase applications during the week ending September 30 were down 13% week over week, seasonally adjusted, to the lowest level since October 2015. Purchase applications were down 37% from a year earlier. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending October 2. Redfin’s weekly housing market data goes back through 2015. The median home sale price was $367,652, up 7% year over year. Home sale prices in San Francisco fell 1.4% year over year. Neighboring Oakland, CA, where prices fell 3.4% and New Orleans (-9%) were the only other metro areas that saw year-over-year median-sale-price declines. The median asking price of newly listed homes increased 9% year over year to $383,000. The monthly mortgage payment on the median-asking-price home climbed to a record $2,528 at the current 6.66% mortgage rate, up 49% from $1,701 a year earlier, when mortgage rates were 2.99% and up from a recent low of $2,209 during the four-week period ending August 14. Pending home sales were down 25% year over year, the largest decline since May 2020. New listings of homes for sale were down 18% from a year earlier. Active listings (the number of homes listed for sale at any point during the period) fell 1% from the prior four-week period. On a year-over-year basis, they rose 3%. Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—increased to 3.0 months, the highest level since July 2020. 35% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier. 24% of homes that went under contract had an accepted offer within one week of hitting the market, little changed from the prior four-week period but down from 28% a year earlier. Homes that sold were on the market for a median of 32 days, up a full week from 25 days a year earlier and the record low of 17 days set in May and early June. 31% of homes sold above list price, down from 45% a year earlier and the lowest level since February 2021.On average, 7.7% of homes for sale each week had a price drop, a record high, and up from 3.9% a year earlier. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, fell to 99.1% from 100.7% a year earlier. This was the lowest level since August 2020. View the full report, including charts, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Homebuyer Competition Falls to Lowest Level Since Early Months of Pandemic
Higher mortgage rates and home prices are pushing some house hunters out of the market, leaving those who remain with more options and negotiating power SEATTLE -- Nationwide, 44.3% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in July, compared with a revised rate of 50.9% one month earlier and 63.8% one year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. That's the sixth-straight monthly decline and the lowest share on record with the exception of April 2020, when the onset of the coronavirus brought the housing market to a near standstill. The typical home in a bidding war received 3.5 offers in July, compared with 4.1 one month earlier and 5.3 one year earlier, according to data submitted by Redfin agents nationwide. Redfin's bidding-war data goes back through April 2020. Homebuyer competition is cooling as more Americans are priced out of the housing market due to higher mortgage rates and inflation. Properties are lingering on the market longer and the housing shortage is easing up, giving buyers more options to choose from and room to negotiate. Some sellers are slashing their asking prices as a result. Roughly 8% of listings on the market each week experience a price cut, the highest share on record. "The market is wildly different than it was a few months ago. Buyers are competing with one to two other offers instead of four to eight. Some aren't facing competition at all," said Alexis Malin, a Redfin real estate agent representing buyers in Jacksonville, FL. "There's not the same sense of urgency. House hunters are scheduling tours four days in advance instead of one, and they're becoming much more selective. If a home doesn't check all of their boxes, they're waiting until they find one that does. Six months ago, buyers were taking any house they could get." Malin continued: "Buyers have also started writing offers for less than sellers' list prices—a reversal from the height of the pandemic, when homes were going for tens of thousands of dollars over asking. I haven't written an over-asking offer in a month." With the scales of the housing market tipping increasingly in buyers' favor, Spokane, WA Redfin agent Brynn Rea has a few tips for sellers: "Sellers should make sure their home is move-in ready and not overpriced," Rea said. "They should do everything possible to make their property pristine for the masses—invest in updates and make it feel fresh. Doing little things like replacing faulty faucets or painting walls will help sell a home more quickly." Phoenix, Austin and Nashville Have Among the Lowest Rates of Homebuyer Competition In Phoenix, just over one quarter (26.6%) of home offers written by Redfin agents encountered competition in July—the lowest share among the 36 U.S. metropolitan areas Redfin analyzed. Rounding out the bottom five were Riverside, CA (31%), Seattle (31.5%), Austin, TX (31.7%) and Nashville, TN (33.3%). Many of these areas attracted scores of out-of-town homebuyers during the pandemic, pushing up prices and rendering them prohibitively expensive for some house hunters—one reason they now have relatively low bidding-war rates. The average out-of-towner moving to Nashville last year had $736,900 to spend on a home, 28.5% higher than average budget for local buyers—the largest gap among U.S. cities recently analyzed by Redfin. To be included in this analysis, metros must have had a monthly average of at least 50 offers submitted by Redfin agents from March 2021 to March 2022. Scroll down to the bottom of this report to see a table with data on all 36 metros. Raleigh, NC had the highest bidding-war rate, at 63.8%. Next came Honolulu (63%), Providence, RI (60.5%), Philadelphia (60.4%) and Worcester, MA (54.8%). Housing-Market Competition Declined Most in Orlando, Nashville and Sacramento In Orlando, FL, 37.4% of home offers written by Redfin agents faced competition in July, roughly half of the 81.4% rate seen a year earlier. That 44-percentage-point decline was the largest among the 36 metros in this analysis. It was followed by Nashville (33.3% vs. 73.1%; -39.7 ppts), Sacramento, CA (34.3% vs. 73.3%; -39 ppts), Charlotte, NC (34.6% vs. 71%; -36.4 ppts) and Colorado Springs, CO (36.8% vs. 71.2%; -34.3 ppts). There were no metros in which the bidding-war rate increased on a year-over-year basis. Townhouses Are Most Likely to Encounter Competition Townhouses were more likely than any other property type to face bidding wars, with 43.5% of Redfin offers encountering competition in July. Next came single-family homes (42.9%), condos/co-ops (39.7%) and multi-family properties (38.9%). Some homebuyers have sought out townhouses, which are typically smaller and more affordable, because they're priced out of the market for single-family homes. The typical home that went under contract in March was 1,720 square feet, down 1.8% from 1,751 square feet a year earlier, a recent Redfin analysis found. Bidding-War Rates by Metro Area The table below is sorted by lowest to highest bidding-war rate in July 2022. To read the full report, click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Redfin Reports Balance Is Returning to the Housing Market as Competition Eases
Homebuyers are getting some relief as sellers slash their prices at a record rate and mortgage rates drop following months of increases SEATTLE -- After months of tipping heavily in sellers' favor, the scales of the housing market are finally balancing out, according to a new report from Redfin, the technology-powered real estate brokerage. Soaring housing costs caused many house hunters to drop out in recent months, which is now providing some relief for buyers who remain. Today's buyers are seeing the housing shortage ease, price growth slow, competition decline and mortgage rates drop from their 2022 high. The share of sellers slashing their asking prices hit a record high during the four weeks ending July 3, and the portion of homes going for above list price fell for the first time since June 2020 as sellers responded to waning homebuyer demand. "Conditions for homebuyers are improving. Housing remains expensive, but mortgage rates just posted their biggest weekly drop since 2008, which makes buying a home a bit more affordable," said Redfin chief economist Daryl Fairweather. "One way buyers can take advantage of the shift in the market is seeking concessions from sellers. That could include asking the seller to buy down your mortgage rate, pay for repairs or cover some of your closing costs." "The market slowdown is giving buyers more opportunities to negotiate, especially with sellers whose homes have been on the market for a while," said Columbia, SC Redfin real estate agent Jessica Nelson. "I tell my sellers that they need to price their homes realistically from the get-go. If they don't, their home may end up sitting on the market and they may have to drop their price—possibly more than once—to attract buyers." Leading indicators of homebuying activity: For the week ending July 7, 30-year mortgage rates fell to 5.3%—the largest 1-week drop since 2008. This was down from a 2022 high of 5.81% but up from 3.11% at the start of the year. Fewer people searched for "homes for sale" on Google—searches during the week ending July 2 were down 2% from a year earlier. The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 15% year over year during the week ending July 3. Touring activity as of July 3 was down 14% from the start of the year, compared to a 7% increase at the same time last year, according to home tour technology company ShowingTime. Mortgage purchase applications were down 17% from a year earlier during the week ending July 1, while the seasonally-adjusted index was down 4% week over week. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending July 3. Redfin's weekly housing market data goes back through 2015. The median home sale price was up 13% year over year to $396,000. This growth rate is down from the March peak of 16%. The median asking price of newly listed homes increased 15% year over year to $399,973, but was down 2.1% from the all-time high set during the four-week period ending June 5. The monthly mortgage payment on the median asking price home hit $2,342 at the current 5.3% mortgage rate, up 40% from $1,668 a year earlier, when mortgage rates were 2.9%. That's down slightly from the peak of $2,487 reached during the four weeks ending June 12. Pending home sales were down 13% year over year, the largest decline since May 2020. New listings of homes for sale were down 1.4% from a year earlier. Active listings (the number of homes listed for sale at any point during the period) fell 2% year over year—the smallest decline since October 2019. 45% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 49% a year earlier. 32% of homes that went under contract had an accepted offer within one week of hitting the market, down from 35% a year earlier. Homes that sold were on the market for a median of 18 days, flat from a year earlier and up slightly from the record low of 15 days set in May and early June. 52% of homes sold above list price, down from 53% a year earlier. This measure peaked in mid-May and has declined 3.8 points since then. On average, 7% of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined to 101.9%. In other words, the average home sold for 1.9% above its asking price. This was down from 102.2% a year earlier. To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Home Sellers in Migration Hotspots Increasingly Turn to Price Drops
The sudden surge in mortgage rates has reduced homebuyers' budgets in many markets, forcing sellers to reset their price expectations SEATTLE -- Price drops are becoming increasingly common, particularly in hot migration destinations, according to a new report from Redfin, the technology-powered real estate brokerage. In Boise, ID, where home prices are up 62% in the past two years, 41% of home-sellers dropped their price in April, the largest share among the 108 metropolitan divisions included in Redfin's analysis. That's up from 10% a year ago. Cape Coral, FL (33%), New Orleans (32%), Baton Rouge, LA (31%) and Sacramento (30%) rounded out the five markets that are driving the national rate of price drops to its highest level since October 2019. "Many places like Boise or Sacramento that saw a surge in migration and a sharp increase in home prices over the past two years have now seen an abrupt drop-off in demand, leading sellers to drop their prices with increasing frequency," said Redfin Chief Economist Daryl Fairweather. "When mortgage rates were at or below 3%, both local and out-of-town homebuyers were more willing and able to tolerate high prices, but at 5%, many are now priced out. A home's price is driven by the balance of supply and demand, and when demand drops off and supply increases like it is now, rapid price increases evaporate quickly." More than 20% of home sellers dropped their price in April in seven of the 10 most popular April migration destinations (Cape Coral, FL; Sacramento; North Port, FL; Tampa, FL; Atlanta, GA; San Antonio, TX and Phoenix). For home sellers in these markets, the sharp increase in mortgage rates has knocked some of the wind out of a housing market that had been super-charged by surging migration. "Conversations with prospective sellers are longer and more emotional now than they were just a few months ago," said Boise Redfin real estate agent Shauna Pendleton. "If your home has been listed for several days with little or no interest from buyers, it's time to consider dropping the price. If you do have to drop the price, you are far better off doing one large price drop instead of a series of smaller price drops. A larger number of drops is often interpreted as desperation and encourages buyers to wait even longer or make a lower offer." In six metro areas, the share of homes with a price drop decreased significantly (5 percentage points or more) from a year ago. All six had a median sale price in April below the national median of $424,400. The share of homes with price drops fell 18 points in Fresno, CA, 12 points in McAllen, TX, 10 points in Bakersfield, CA and 9 points in Elgin, IL, Lake County, IL and Chicago. To view the full report, including a table with metro-level data for 108 metros, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Redfin Reports Nearly One-Third of Homeowners Have a Mortgage Rate Far Below Today's Level, Prompting Some to Stay Put
With mortgage rates surging, some homeowners who would otherwise be selling are staying put, as moving could mean losing their ultra-low rate and getting stuck with a heftier housing bill SEATTLE -- About half (51%) of U.S. homeowners with mortgages have a mortgage rate under 4%—substantially below today's level of 5%, according to a new report from Redfin, the technology-powered real estate brokerage. About one-third (32%) of all homeowners—including those without mortgages—have a mortgage rate under 4%. With rates now at their highest level in over a decade, many of these homeowners may be incentivized to stay put because selling their home and buying another could mean giving up their ultra-low mortgage rate and increasing their monthly housing bill. This may be contributing to a decline in home listings. Mortgage rates have surged as the government seeks to combat inflation. The average 30-year fixed mortgage rate hit 5% for the first time since 2011 during the week ending April 14, up from a record low of 2.65% in January 2021. That has helped push the typical homebuyer's monthly mortgage payment to a record high of $2,288, up 35% from about a year ago. Redfin economists are watching closely to see whether the rise in mortgage rates has a measurable impact on housing supply, which is already at historically low levels. New listings fell 7% year over year during the four weeks ending April 10. By comparison, they were only down 1% at the end of February, before mortgage rates skyrocketed. "Higher mortgage rates may already be putting a damper on home listings, but they're also curbing the insatiable homebuyer demand for those listings," Redfin Deputy Chief Economist Taylor Marr said. "That slowdown in demand may cause homes to stay on the market longer, in effect giving buyers more options to choose from. Overall, that could mean housing inventory actually gets better, not worse." There are already early signs that demand is starting to back off. Home sellers are increasingly cutting their list prices to find buyers, and Redfin has seen a drop in buyers requesting service from its agents in pricey coastal markets. Mortgage purchase applications fell 6% year over year during the week ending April 8, and home-touring activity is below last year's levels. Utah, Colorado Have Highest Share of Homeowners With Mortgage Rates Significantly Below Today's Level In Utah, 46% of homeowners had a mortgage rate below 4% as of the fourth quarter of 2021—a higher share than any other state. Next came Colorado (43%), Washington, D.C. (42%), California (40%) and Washington (40%). The list is slightly different when looking only at homeowners with outstanding mortgages. The top spot is still held by Utah, where 65% of mortgage holders had a rate below 4%, but next came South Dakota, Colorado, North Dakota, Washington and Idaho—all at roughly 60%. Meanwhile, just 18% of total homeowners in West Virginia had a mortgage rate below 4%—the lowest share in the country. It was followed by Mississippi (22%), Louisiana (23%), New Mexico (24%) and Oklahoma (24%). West Virginia also had the lowest share of mortgage holders (39%) with rates below 4%. Next came New York, Florida, Mississippi, Louisiana and Oklahoma, all at about 44%. Redfin agents say the rise in mortgage rates is having varying impacts on homeowners, causing some to stay put, but others to list their homes more quickly. In Salt Lake City, the rise in mortgage rates is exacerbating a phenomenon that was already prompting many homeowners to stay put, according to Ryan Aycock, Redfin's market manager in the Utah capitol. "Many homeowners haven't been selling because housing prices have surged so much, they're worried they won't be able to find a replacement home," he said. "The rise in prices has helped homeowners build equity, but often not enough to afford the house they want next, and higher mortgage rates are now making that next home even more unaffordable." To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Real Estate Investors Are Buying a Record Share of U.S. Homes
Investors bought 18.4% of the U.S. homes that were purchased in the fourth quarter, worth a total of nearly $50 billion SEATTLE -- Feb. 16, 2022 -- Real estate investors bought a record 18.4% of the homes that were sold in the U.S. during the fourth quarter of 2021, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from 12.6% a year earlier and a revised rate of 17.4% in the third quarter. Although investor market share hit a record in the fourth quarter, the number of homes bought by investors declined 9.1% from the third-quarter peak–but it's up significantly from pre-pandemic levels. Investors bought 80,293 homes in the fourth quarter, up 43.9% from a year earlier. The housing-supply crunch constrained home sales for all homebuyers, including investors. The drop from the third quarter is also due partly to seasonality. The number of homes bought by investors jumped throughout 2021 as home prices rose rapidly–they were up 15% year over year in December–alongside a shortage of homes for sale. Investors are taking advantage of intense demand for rentals and increasing prices, with the average monthly rental payment for a new lease up 14% in December. Just over three-quarters (75.3%) of investor home purchases were paid for with all cash in the fourth quarter. "While record-high home prices are problematic for individual homebuyers, they're one reason why investor demand is stronger than ever," said Redfin economist Sheharyar Bokhari. "Investors are chasing rising prices because rental payments are also skyrocketing, incentivizing investors who plan to rent out the homes they buy. The supply shortage is also an advantage for landlords, as many people who can't find a home to buy are forced to rent instead. Plus, investors who ‘flip' homes see potential to turn a big profit as home prices soar." "Investors buying up a record share of for-sale homes is one factor making this market difficult for regular homebuyers," Bokhari continued. "It's tough to compete with all-cash offers, and rising mortgage rates have a smaller impact on investors because they often don't use mortgages at all. If home-price growth slows in the coming year, investor demand may cool down because rental price growth will slow, too." In dollar terms, investors bought $49.9 billion worth of homes in the fourth quarter, up from $35 billion a year earlier. The typical home investors purchased sold for $432,971, up nearly 10% from a year earlier. Mid-priced homes were nearly as popular with investors as low-priced homes Mid-priced homes are gaining popularity with investors, representing 32.3% of their purchases in the fourth quarter, a record high and up from 24.1% a year earlier. Low-priced homes are still more popular than more expensive options for investors, but not by much. Low-priced homes made up 37% of investor purchases in the fourth quarter, a record low and down from 44.5% a year earlier. Meanwhile, high-priced homes represented 30.7% of investor purchases, up slightly from 30% in the third quarter but down slightly from 31.4% a year earlier. "Lower price points are still popular with investors, and I don't expect that to change. One of their main goals is still to buy low and sell high," Bokhari said. "But investors are also increasingly interested in higher-priced properties, partly because there's a lack of low-priced inventory and partly because they're betting on rising demand for high-end rentals." Single-family homes represented 3 in 4 investor purchases Single-family homes made up about three-quarters (74.8%) of investor purchases in the fourth quarter. That's near the highest level on record, essentially tied with the third quarter (75%), and up from 72.2% a year before. Condos and coops made up 15.4% of investor purchases, down from 17.8% a year earlier and 16.1% in the third quarter. Townhouses represented 6% of investor purchases, up from 5.3% a year earlier, and multifamily properties made up 3.8%, down from 4.7% a year earlier. Investors had the biggest market share in Atlanta, Charlotte and Jacksonville Investors had the biggest market share in relatively affordable Sun Belt metros. In Atlanta, 32.7% of homes that sold in the fourth quarter were bought by investors, the biggest share of the 40 U.S. metros in Redfin's analysis, and in Charlotte it was 32.1%. They're followed by Jacksonville, FL (29.8%), Las Vegas (29.2%) and Phoenix (28.4%). Investor purchases more than doubled from last year in Jacksonville, with a 157% year-over-year increase, the biggest jump of the metros in this analysis. It's followed by Las Vegas (105.5% year-over-year increase), Charlotte (92.8%), Baltimore (83%), and Atlanta (74.4%). Investor purchases increased from the year before in all but four of the metros in this analysis (Seattle, Nassau County, NY, Newark, NJ and Warren, MI). Just over 6% of Providence, RI homes that sold in the third quarter were bought by investors, the smallest share of the metros in this analysis. It's followed by Washington, D.C. (7.8%), Warren, MI (8.2%), Virginia Beach (8.6%) and Montgomery County, PA (8.6%). To read the full report, including additional charts, data and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

12% of First-Time Homebuyers Say Selling Crypto Helped Save for Down Payment, Up From 5% in 2019
Digital currencies are becoming an increasingly common payment method as millennials rush the housing market SEATTLE - Jan. 7, 2022 -- One in nine first-time homebuyers (11.6%) surveyed in the fourth quarter said selling cryptocurrency had helped them save for a down payment, according to a new report from Redfin, the technology-powered real estate brokerage. This is up from 8.8% in the third quarter of 2020 and 4.6% in the third quarter of 2019. "With extra time and a lack of exciting ways to spend money, many people began trading cryptocurrencies during the pandemic," said Redfin Chief Economist Daryl Fairweather. "Some of those investments went up in smoke, but others went 'to the moon,' or at least rose enough to help fund a down payment on a home." The report is based on a Redfin-commissioned survey of 1,500 U.S. residents planning to buy or sell a home in the next 12 months, which was fielded to a representative sample of the American population and conducted by research technology company Lucid from December 10 to December 13, 2021. The report focuses on the 215 of those 1,500 respondents who answered the question "How did you accumulate the money you need for a down payment?" which Redfin only posed to participants who indicated they were planning to buy their first home in the next year. The most common response was "saved directly from paychecks" (52%), while less common answers included "cash gift from family" (12%) and "pulled money out of a retirement fund early" (10%). Bitcoin, the world's largest digital currency, hit a record high of nearly $69,000 in November. Ether, the second most valuable cryptocurrency, also reached an all-time high, though both coins have since lost some of those gains. With surging home prices leading to larger down payments, some buyers are finding non-traditional ways to cover the cost and compete with other bidders. "Crypto is one way for people without generational wealth to win a lottery ticket to the middle class," Fairweather said. Digital currencies are also likely on the rise as a payment method among homebuyers because millennials and Generation Z are taking up an increasing share of the U.S. housing market. Millennials, who own more cryptocurrency than other generations, now account for more than half of new mortgages. To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Redfin Reports 10 Housing Records Set in 2021
A record year for the U.S. housing market included the highest home prices and lowest supply of all time SEATTLE, Dec. 13, 2021 -- The coronavirus pandemic and the resulting surge in remote work have changed where, when, why and how people buy homes, according to a new report from Redfin, the technology-powered real estate brokerage. This past year, home-sale prices hit the highest median of all time, the number of homes for sale fell to an all-time low, and there was record demand for second homes. "The ongoing pandemic, including its seismic effect on the U.S. economy and the way Americans live and work, has made 2021's housing market anything but typical," said Redfin Chief Economist Daryl Fairweather. "Remote work, low mortgage rates, a shortage of building materials and wealth inequality that has allowed an influx of affluent Americans to buy vacation homes, to name just a few factors, have come together to create a historic year for real estate. Buyers paid more for homes, bought sooner than they planned, searched outside their hometowns or all of the above. This year's frenzied housing market has been one for the books—but it may become more balanced in 2022." Redfin created 10 charts that illustrate the records set in the 2021 housing market, available in the full report and summarized below. Record #1: The typical U.S. home sold for nearly $400,000 The national median home-sale price hit $386,000 in June, an all-time high and up 24.4% year over year. The median sale price may hit another all-time high before the end of the year. U.S. home prices have been growing by double digits all year, thanks to low inventory and high demand. Prices are much higher than they were pre-pandemic in just about every part of the country. Record #2: Home supply dropped to its lowest level in history There were just 1.38 million homes for sale in June on a seasonally adjusted basis. That's an all-time low and down 23% year over year. The U.S. is in a housing-supply shortage for a combination of reasons: A lack of new construction, surging demand from buyers, and homeowners taking advantage of low mortgage rates to refinance rather than sell, to name a few. Record #3: The typical home sold in just 15 days The typical home that sold in both June and July was on the market for just 15 days. That's the lowest median days on market in history and down from 39 days in June 2020. The speed of the market is due partly to the supply crunch, which has led buyers to pounce on homes as soon as they're listed for sale, often without even seeing them in person. Record #4: Over 60% of homes went off the market in two weeks Speaking of a fast market, 61.4% of homes that went under contract in March had an accepted offer within two weeks of hitting the market, an all-time high. Record #5: More than half of homes sold above list price Of homes that sold in June, 56.5% went for above list price. That's a record high and up 29.6 percentage points from a year earlier. The average home sold for 2.6% above list price in June, another record high. Homes selling above list price is typically due to bidding wars, which were commonplace this year: Nearly three-quarters of offers written by Redfin agents in April, for instance, encountered competition from another potential buyer. Record #6: Mortgage rates dropped to 2.65% The average 30-year fixed mortgage rate hit 2.65% the week ending January 7, 2021, the lowest of all time. Low mortgage rates are one reason for this year's homebuying frenzy, which has ultimately resulted in the supply shortage and surging prices. Record #7: Investors purchased nearly 1 in 5 of all homes bought in the U.S. Real estate investors bought 18.2% of homes that were purchased in the U.S. during the third quarter of 2021. That's a record-high share and up from 11.2% a year earlier. In dollar terms, investors bought a record $63.6 billion worth of homes over that period, up from $35.7 billion a year earlier. Many individual homebuyers have found it tough to compete with investors, just one factor that has made the housing market tough for buyers this year. Record #8: Demand for second homes nearly doubled from before the pandemic Homebuyer demand for second homes was up 91% from pre-pandemic levels in January, marking record growth. Demand for vacation homes soared as remote work took hold in mid-2020, leaving many affluent white-collar workers with the ability to work from beach houses and ski chalets. Record #9: Nearly one-third of Americans looked to move to a different metro area In another side effect of the surge in remote work, 31.5% of Redfin.com users looked to move to a different metro area in the first quarter of 2021, an all-time high and up from 26% from a year earlier. That's partly due to remote workers moving to relatively affordable areas in search of larger homes, more outdoor space and sunny weather. Record #10: The typical luxury home sold for 25% more than the year before The median sale price of U.S. luxury homes jumped 25.8% year over year to $1,025,000 in the second quarter of 2021, marking record price growth. That's compared with 16% year-over-year growth for mid-priced homes and 13.2% growth for affordable homes. Price growth for luxury homes outpaced that of more affordable homes partly due to affluent Americans reaping the benefits of the year's strong stock market, gains in home equity and remote work. To read the full report complete with charts, click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Redfin Report Finds Most Affordable Locations for Teachers to Buy a Home
Merced, Calif.--an agricultural hub hit hard by the Great Recession--topped the list of U.S. metro areas where teachers had relatively high disposable incomes in 2020 SEATTLE, Aug. 31, 2021 -- The five most affordable areas for teachers to purchase homes in 2020 were all located in inland California, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin identified these areas through an analysis of median disposable incomes for teachers in the 157 U.S. metropolitan areas where there was sufficient income data from the U.S. Bureau of Labor Statistics and sufficient housing-cost data from Redfin and other sources. Five Most Affordable Metros for Teachers to Buy Homes In 2020 In Merced, California, the median teacher salary was $99,637 last year, while the median annual homeownership cost was $35,051. That means teachers there had a median disposable income of $64,586—the highest among the 157 metros in this analysis. Next came Fresno, with a median disposable income of $54,510, followed by Riverside ($51,105), Modesto ($50,950) and Bakersfield ($50,931) "Merced's affordability also comes from its distance to big cities. People travel up to an hour for fine dining, shopping and sometimes work," said Debbie Engel, a Keller Williams real estate agent and Redfin partner agent. "Still, Merced has been getting more expensive every year and real estate demand continues to peak. That's largely due to the presence of UC Merced and the area's affordability relative to other major California metros." For Teachers Who Rent, Inland California Is Also Relatively Affordable Merced also topped the list of metros where it was most affordable for teachers to rent housing in 2020. With a median annual rental cost of $31,635 and a median teacher salary of $99,637, teachers who rented homes in Merced had a median disposable income of $68,002 last year. The median teacher salary in Merced was higher than that of any other metro in this analysis. Next came Bend, Oregon, with a median disposable income of $60,192 for teachers who rented. Bend has exploded in popularity in recent years as city-dwellers have moved there in search of relative affordability and access to nature—a dynamic that has caused home prices to surge. Rounding out the top five were Fresno, Modesto and Bakersfield, which also ranked on the top-five list of metros where it was most affordable for teachers to purchase homes. Five Most Affordable Metros for Teachers to Rent Homes In 2020 San Jose Is the Least Affordable Metro for Teachers to Purchase Homes In San Jose, CA, the median teacher salary in 2020 was $90,314, while the median annual homeownership cost was $87,612. That left teachers with a median disposable income of just $2,703—the lowest among the 157 metros in this analysis. Next came Kahului, HI, with a median disposable income of $5,038, followed by St. George, UT ($6,560), Salinas, CA ($7,002) and Flagstaff, AZ ($8,388). "San Jose is expensive, and those prices are going to keep on climbing. That's because housing demand is far outpacing supply," said local Redfin real estate agent Robert Garcia "Land is so scarce that there won't be many new affordable residential building projects in the near future. If anything is going to change, it will have to come from raising teacher salaries on a policy level." Five Least Affordable Metros for Teachers to Buy Homes In 2020 St. George, UT Is the Least Affordable Metro for Teachers to Rent Homes The median teacher salary in St. George, UT—a desert city in the southwestern corner of the state—was $42,680 last year, while the median annual rental cost was $32,144. That translates to a median disposable income of $10,536—the lowest among all metros in Redfin's analysis. It was followed by Sierra Vista, AZ, with a median disposable income of $15,390, Twin Falls, ID ($17,319), Palm Bay, FL ($17,939) and Jackson, MS ($18,202). "The city of Palm Bay itself isn't actually that pricey, but there are a handful of real estate hotspots within the larger metro area that raise the median home price in the region," said local Redfin real estate agent Michael Moore. "One of those hotspots is Melbourne Beach—a town on a barrier island with luxury mansions overlooking the Atlantic Ocean and/or intracoastal waterways. Many areas farther north in Melbourne have also become more expensive due to their proximity to defense contractors and Cape Canaveral, which employ many people in the area." Five Least Affordable Metros for Teachers to Rent Homes In 2020 View the full report, including charts and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Remine Teams Up with AirDNA to Offer Short-Term Rental Profitability Analysis Tool
VIENNA, Va. -- Remine, a leading real estate technology company, announced today they have partnered with global data providers AirDNA to make short-term rental data and analytics available to Remine Pro users. This new feature, accessible on Remine's property details page, will include average daily rates, occupancy, and estimated revenue. The newly announced partnership places essential data into the hands of real estate professionals and unlocks new revenue opportunities for their clients. Remine Pro continues to be the most modern MLS front-end-of-choice bringing together MLS, public, and people records to increase agent productivity and broker business. "We are excited to begin our new partnership with Remine. Due to the granularity of our data, we are able to offer valuable property level insights to real estate investors worldwide," Sarah DuPre, AirDNA Director of Sales, said. "Partnering with AirDNA progresses our mission to offer best in class real estate resources to our users," said Tim Dain, VP and GM of MLS at Remine. "By taking the guesswork out of managing and leveraging short-term rental properties the opportunity to maximize earnings for clients increases exponentially." First Multiple Listing Service (FMLS) will be the first to launch AirDNA on their Remine property details page for 51,000+ members. "This cool new product gives FMLS Brokers & Agents an easy way to evaluate listings with high rental-revenue potential. That gives our members a new market opportunity promoting their services to investors. Plus, many of our Brokers & Agents themselves own rental properties. The AirDNA integration with Remine Pro, an exclusive FMLS member-benefit, provides an awesome way for them evaluate short- and long-term rental options," said FMLS's President & CEO, Jeremy Crawford. AirDNA will be available for Remine Pro users by April 19. About Remine Remine is revolutionizing MLS software solutions. We offer a complete MLS 2.0® operating system for MLSs which includes Remine Pro (a full front-end operating system), Add/Edit, Database, and RESO Platinum API solutions. In addition, Remine offers SSO Dashboard, Docs+ Transaction Management, and MLS Website. Remine serves the majority of REALTORS® in the US – over 1,000,000 real estate professionals subscribe via their MLS or Association of REALTORS®. We are headquartered in Northern Virginia with remote employees across the US and in Canada. For more information, visit https://www.remine.com. Remine is ISO 27001 Certified. About AirDNA AirDNA are the global leaders in short-term rental. The company helps real estate agents, brokers, and investors capitalize on the explosive growth of the vacation rental market by turning data into actionable analytics. Our proprietary channel matching and reservation algorithms enable us to deliver accurate property-level valuations for over 10 million properties in over 120,000 international markets worldwide. REITs and brokerages around the world rely on AirDNA for the data to set them apart and the insights to keep them ahead. For more information visit, www.airdna.co.

A Look Back: US Mortgage Delinquency Rates Experience Record Highs and Lows in 2020, CoreLogic Reports
US overall delinquency shrinks for the fourth straight month in December, ending a rocky year with signs of recovery CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for December 2020. On a national level, 5.8% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), which represents a 2.1-percentage point increase in the overall delinquency rate compared to December 2019, when it was 3.7%. However, national overall delinquency has been declining month to month since June 2020. To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency, including the share that transitions from current to 30 days past due. In December 2020, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows: Early-Stage Delinquencies (30 to 59 days past due): 1.4%, down from 1.8% in December 2019. Adverse Delinquency (60 to 89 days past due): 0.5%, down from 0.6% in December 2019. Serious Delinquency (90 days or more past due, including loans in foreclosure): 3.9%, up from 1.2% in December 2019. Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, down from 0.4% in December 2019. Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.8%, unchanged from December 2019. 2020 began with the lowest share of overall delinquencies (30+ days past due) since data recording started in 1999, but as the pandemic and shelter-in-place directives spread, the rate doubled from 3.6% in March to 7.3% in May. As those initially affected by the pandemic and ensuing recession transitioned through stages of delinquency, serious delinquencies (90+ days past due) increased four-fold compared to pre-pandemic rates, peaking in August. "The ongoing forbearance provisions and economic aid implemented at the start of the pandemic has proved helpful for families faced with financial insecurity," said Frank Martell, president and CEO of CoreLogic. "Places with large job losses during the last year also experienced big jumps in mortgage delinquencies," said Dr. Frank Nothaft, chief economist at CoreLogic. "By state, Hawaii and Nevada had the largest 12-month spike in delinquency rates, both up 4.1 percentage points. They also had large increases in unemployment rates, up 6.6 percentage points in Hawaii and 5.5 percentage points in Nevada compared with 3.1 percentage points for the U.S. In Odessa, Texas, unemployment rose by 8.6 percentage points and delinquencies posted a 9.8 percentage-point jump." State and Metro Takeaways: All U.S. states and nearly all metro areas logged increases in annual overall delinquency rates in December. Hawaii and Nevada (both up 4.1 percentage points) logged the largest annual increase in overall delinquency rates. Among metros, Odessa, Texas, experienced the largest annual increase with 9.8 percentage points, largely due to significant job loss in the oil industry. Other metro areas with significant overall delinquency increases included Lake Charles, Louisiana (up 7.6 percentage points); Midland, Texas (up 7.5 percentage points) and Kahului, Hawaii (up 6.8 percentage points). For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through December 2020. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data. Source: CoreLogic The data provided is for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Valerie Sheets at [email protected]. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.

US's largest real estate companies increase market share with 6.83% over past two years
Compass, eXp World Holdings and Hanna Holdings saw biggest sales volume production increases in 2019 SAN JUAN CAPISTRANO, CALIFORNIA -- April 8, 2020. T3 Sixty, the residential real estate brokerage industry's leading management consulting and research firm, has released its 2020 ranking of the U.S.'s largest enterprise real estate companies, which include holding companies and franchisors, by 2019 sales volume, transaction sides and agent counts. The report, the fourth section of T3 Sixty's comprehensive annual Real Estate Almanac, reveals that the nation's 20 largest real estate holding companies, which represent both the company-owned brokerage and franchise divisions of a real estate company, handled 52.79 percent of existing home sales volume in 2019, up from 51.75 percent in 2018 and 49.42 percent in 2017. Transaction side market share for the 20 largest companies jumped similarly over those periods to 46.88 percent in 2019. Total market was based on total home sales counts and average home sale price as reported by NAR. With a 2019 sales volume of $504.21 billion, Realogy Holdings Corp. again ranks as the nation's largest residential real estate holding company despite seeing a 1.44 percent annual sales volume drop over the last year. Keller Williams Realty had the best performance of the five largest companies but remains a distant second behind Realogy. The following holding companies round out the top five by 2019 sales volume: Keller Williams Realty, $336.59 billion (up 4.51 percent from 2018) RE/MAX, $269.93 billion (up 2.78 percent from 2018) HomeServices of America, $206.08 billion (down 0.91 percent from 2018) Compass, $91.27 billion (up 100.40 percent from 2018, thanks to big acquisitions) The biggest year-over-year growth among holding companies came from Compass (up 100.40% due to large acquisitions folded in), eXp World Holdings (up 82.63% due largely to organic growth) and Hanna Holdings (up 35.79% due to the Allen Tate merger that officially only closed in 2019). Among the nation's 20 largest franchise brands by 2019, Keller Williams Realty, with a sales volume of $336.59 billion stands out as the nation's largest franchise brand for the second consecutive year. Under the franchisor section Realogy is broken up into the separate franchises, Coldwell Banker, Sotheby's, Century 21, ERA Real Estate, Better Homes and Gardens and Corcoran. The following franchise brands filled out the top five by 2019 sales volume: RE/MAX, $269.93 billion (up 2.78 percent from 2018) Coldwell Banker Real Estate, $240.12 billion (down 2.47 percent from 2018) Berkshire Hathaway HomeServices, $115.43 billion (up 2.69 percent from 2018) Sotheby's International Realty, $102.29 billion (up 2.24 percent from 2018) Franchise numbers include production from all franchisees, affiliates as well as company-owned stores operating under the same brand. For example franchising newcomer Corcoran Group who only started franchising in 2019 already ranks No. 15 because it had existing company-owned stores operating under the franchise brand. Realty One Group's strong 22.25 percent sales volume growth was however largely as a result of actual significant new franchise sales. Only two mega franchisors reached the coveted 1 million annual transaction count: Keller Williams Realty with 1,071,208 and RE/MAX with 1,004,318. Five other franchisors reached the impressive 100,000 transaction milestone in 2019. "The Real Estate Almanac gives the industry unprecedented insight into who is who, which companies are achieving business success and how new business models are exploding," said T3 Sixty CEO Stefan Swanepoel. "Referencing any other rankings that use less comprehensive and all-inclusive data creates a false perception of reality," he said. "Agent count is the third barometer after sales volume and transaction count and unmistakably underscores the size differences," said Michele Conn, T3 Sixty senior vice president and lead researcher. The largest real estate holding company by agent count, Realogy, ended 2019 just short of 190,000 real estate agents. In comparison 10,000+ agents will place a company at number 10 and approximately 3,300+ will bring you in at number 20. Most companies support agents who do between four and eight transaction sides per year. Among the large companies only a handful are able to empower their agents to average double-digit sides, per agent, each year. Leaders among the nation's 20 largest holding companies are: Redfin – 34.3 transaction sides per agent RE/MAX – 15.9 transaction sides per agent Windermere – 12.1 transaction sides per agent Hanna Holdings – 11.7 transaction sides per agent John L Scott – 11.6 transaction sides per agent Please visit the new Enterprise section on the 2020 Real Estate Almanac website where users can sort enterprise company data by sales volume, transaction sides and agent count. About T3 Sixty Exclusively serving the residential real estate brokerage industry, T3 Sixty provides management consulting and counseling to real estate C-level executives, organized real estate leaders, broker-owners and leaders of high-performance teams to help them grow their businesses. T3 Sixty also offers in-depth research, information and best practices with its hallmark Swanepoel Trends Report, an annual analysis of the biggest trends impacting the industry, and the Real Estate Almanac, a comprehensive examination of the U.S.'s largest brokerages, franchises, networks, associations, MLSs and technology providers. More at t360.com. About the Real Estate Almanac The Real Estate Almanac is a comprehensive compendium of information of the residential real estate brokerage industry's most powerful and influential people, largest companies and organizations and its most important technologies. The publication, which debuts in June 2020, includes five components: the SP200, a ranking of the nation's most powerful leaders (released each January); a ranking of the nation's largest MLSs and Realtor associations (released each February); the Tech 500, the nation's leading technology vendors (released each March); a ranking of the nation's largest franchisors, holding companies and enterprises (released each April); and the Mega 1000, a ranking of the nation's 1,000 largest brokerages (released each May). Together, these comprise the Real Estate Almanac. More information realestatealmanac.com.

BHGRE Relaunches Predictive Marketing Tool PinPoint with New Features Designed to Meet the Needs of Today's Data-Driven Real Estate Professionals
Exclusive Tool Empowers the BHGRE Network to Find the Right Clients with Rich Customer Profiles, Customizable Geo-Targeting and Predictive Analytics within a Fully Responsive, Mobile Environment ADISON, N.J., Sept. 25, 2018 -- Better Homes and Gardens Real Estate LLC, a leader in lifestyle real estate, announced today the relaunch of PinPoint, its exclusive predictive marketing tool that has been central to the brand's strategy and unique positioning since its launch a decade ago. With this relaunch, Better Homes and Gardens® Real Estate agents and brokers can more effectively target audiences amongst Meredith Corporation's more than 175 million consumers with precision thanks to enhanced targeting to brand-loyal consumers, and expanded personalization of campaigns ranging from listing-specific to broader prospecting strategies. These features are available in the tool's new fully responsive, mobile environment, which enables BHGRE® users to showcase and execute campaigns anywhere their business takes them. PinPoint capitalizes on the scale and scope of Meredith's audience and the rich understanding of consumers' life stages, interests and intent. This understanding comes from consumers' interactions with Meredith's leading lifestyle brands and publications including its flagship media brand, Better Homes & Gardens®. PinPoint offers users the ability to target consumers who are more likely to have an ongoing relationship with the Better Homes & Gardens media brand and other sister publications. Predictive attributes and proprietary research help PinPoint become a more intelligent way to target consumers who may be in the homebuying and selling market. Enhanced features include: A mobile-first design that is fully responsive for cell phones, tablets and desktops. This gives users complete freedom to use the tool on-the-go, at the listing presentation, and anywhere they need to create and demonstrate smart marketing campaigns. The flexibility to target consumers from broad to precise geographic areas. Users can select states, cities, zip codes, and specific radiuses against those selections. Users can draw on area maps to target locations as customized as housing developments, streets, portions of neighborhoods, and even specific buildings. This mirrors the way real estate professionals work as they prospect in the real world. The ability to further personalize efforts through enhanced attributes, with customer segments such as "First Time Home Buyer, No Kids," "First Time Home Buyer, With Kids," "Move-Up Buyer," "Empty Nester," "Mature Mover," "Premier Consumer," and "Second Home Buyer." Through these campaigns, users can not only identify well-matched buyers for a current listing, but can open the door to representing these buyers' homes for sale through the new relationship. The power to generate comprehensive, eye-catching market reports showcasing a campaign's reach within geographic areas and demographic segments tailored specifically for a listing, or for an agent's or team's prospecting strategy. With this announcement, agents and teams will have a new way to deliver value to their sellers, and to prospect more effectively as they build their business. Brokers will be able to showcase the tool and its flexible, effective data to help recruit new agents to their companies in a more personalized way. The redesigned PinPoint tool joins a comprehensive suite of benefits for members of the Better Homes and Gardens Real Estate network such as national advertising, digital advertising, productivity and skill learning, social media, marketing and communications resources, and content and tools to more effectively connect with consumers. "Relaunching PinPoint during a milestone year for BHGRE is fitting because it represents how our brand—and the real estate industry—have evolved," said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. "The ability to effectively target consumers beyond traditional demographics in a mobile-first, responsive tool brings our network an unparalleled advantage in marketing. We couldn't be prouder of the new Pinpoint tool, the impact it will have on our network, and of the continued innovation in its future." "PinPoint's new features have evolved a unique tool into a best-in-class offering," said Mark McDonough, president of Better Homes and Gardens Real Estate Winans. "It's empowering to be part of a brand that understands and delivers on what agents need to be successful in today's data-driven world. BHGRE's exclusive relationship with Meredith Corporation and the Better Homes & Gardens media brand help differentiate our company in the market. It's a difference that brings tremendous value to our affiliated agents—and their clients." "As a selling broker, I need to market with the confidence that I am targeting the right buyers and sellers for my business and for my listings," said Jim Starwalt, broker/owner of Better Homes and Gardens Real Estate Star Homes. "Thanks to the enhanced features of the new PinPoint tool, I can take advantage of the future of marketing in a way I could never have done on my own: using the power of predictive marketing and big data to target brand-loyal consumers in a way my competitors can't." For more information, please visit www.bhgre.com. About Better Homes and Gardens Real Estate LLC Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.

HOME Survey: Housing and Economic Outlook Remains Steady in Second Quarter of 2018
WASHINGTON (June 21, 2018) — New findings from the National Association of Realtors® show that a high number of Americans, 75 percent, believe that now is a good time to sell a house, while 68 percent think it is a good time to buy. That's according to NAR's second quarter Housing Opportunities and Market Experience (HOME) survey, which also found that a majority of consumers believe prices have and will continue to increase and that homeownership strengthens our nation's communities. Optimism that now is a good time to buy remains stagnant from last quarter; 39 percent strongly agree that now is a good time to buy, while 29 percent moderately agree. Among renters, however, those positive feelings have fallen significantly from 55 percent in the first quarter to 49 percent this quarter. Optimism is highest among older buyers (65 or over) and those living in the South and Midwest regions (73 and 71 percent respectively). NAR Chief Economist Lawrence Yun says affordability and low inventory are eroding buyer confidence. "Inventory remains the driving force in real estate, affecting everything for rising prices to household formation. Improving supply conditions is critical to improving buyer optimism and helping to remove some of the barriers holding back potential first-time buyers." As home prices continue to climb across the country, the number of respondents who believe now is a good time to sell remains high with 46 percent strongly agreeing (up from 42 percent last quarter) and 29 percent moderately agreeing. Twenty-nine percent believe that now is not a good time to sell a home, and that drops to 19 percent for current homeowners. "Hopefully this strong seller optimism will lead to an increase in inventory later on in the year," said Yun. Respondents were also asked about their perception of home prices in their communities. Sixty-eight percent believe that home prices have gone up in their area in the last 12 months, up from 63 percent last quarter. Fifty-five percent also believe that home prices will continue to increase in their communities in the next six months, also up from the previous quarter (53 percent). A near high of 58 percent of households believe that the economy is improving – slightly down from 60 percent last quarter but up from 54 percent last year. People in rural areas are more likely to view the economy as improving (63 percent) than in urban areas (51 percent). The HOME survey's monthly Personal Financial Outlook Index, showing respondents' confidence that their financial situation will be better in six months, dropped slightly from 63.8 in March to 62.1 in June. A year ago, the index was 57.2. Forty-six percent of those surveyed say they do not believe it would be difficult to obtain a mortgage, up from 36 percent last quarter. "This is most likely a reflection of the current positive outlook on the direction of the economy," said Yun. "Healthy job creation and faster wage growth mean that homeownership is viewed as a more attainable goal than it was a year ago." Homeownership's effect on communities, future generations In this quarter's survey, homeowners and non-homeowners were asked if a high rate of homeownership strengthens a community. Sixty-seven percent of those surveyed said that homeownership strengthens communities a great deal, and that number jumps to 76 percent for current homeowners and 77 percent for those 65 and older. "Homeowners are more likely to be involved and engaged in the issues facing their communities, since they tend to be more rooted in the area than renters," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "This involvement – homeowners are more likely than renters to vote, volunteer their time at local charities and support neighborhood upkeep – helps shape and strengthen our nation's communities, as well as drive the national economy." Respondents were also asked if homeownership will be easier or harder to attain for future generations. Seventy-three percent believe that it will be harder for future generations to purchase a home, compared to only 11 percent who think it will be easier. Seventy-four percent of respondents 34 or under believe it will be more difficult to become homeowners. About NAR's HOME survey In April through June, a sample of U.S. households was surveyed via random-digit dial, including a mix of cell phones and land lines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report and a total of 2,707 household responses are represented. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Looking Elsewhere: External Searches in California's Hottest Markets More than Double the U.S. Average
Phoenix, Las Vegas and Prescott, Ariz. are Top Destinations for California Expats SANTA CLARA, Calif., May 31, 2018 -- California's housing affordability crisis is prompting residents to look for homes in less expensive areas or outside of the state. New research from realtor.com®, The Home of Home Search℠, reveals affordability issues are driving California residents to search for homes in Phoenix, Las Vegas and Prescott, Ariz., as well as in more affordable California counties. In 16 of California's hottest markets -- including Santa Clara, San Mateo and Los Angeles -- outbound home searches are two times greater than the U.S. average. The analysis examines realtor.com® home searches in the 16 California counties and American Community Survey migration estimates. Search data includes both outbound searches and the ratio of search traffic viewing pages outside of an area versus outside traffic coming in. The ACS data includes the domestic migration ratio, which is the ratio of net migration less international migration, relative to the population. "Our research shows many California residents may have reached their breaking point," said Danielle Hale, chief economist for realtor.com.® "Affordability is pricing them out of the California home market and many are searching for more affordable options in other areas. This exodus could help slow price appreciation in California, but potentially heat up prices and reduce inventory in surrounding markets. If this pattern continues, we could see Californians drive up home prices in parts of Phoenix, Las Vegas and Prescott, Ariz." In addition to Santa Clara, San Mateo and Los Angeles, the top California counties where residents are leaving, according to ACS migration patterns, are split between the Northern and Southern areas of the state. In rank order, they include: Napa, Monterey, Alameda, Marin, Orange, Santa Barbara, San Diego, Imperial, Ventura, San Francisco, Santa Cruz, Tulare, and Sonoma. California median list prices have increased 83 percent over the last six years, to $549,000 from $300,000, outpacing local income growth by three times. According to realtor.com®'s analysis, 52 percent of residents looking outside their county are looking to move outside California to nearby states. The top 10 out of state destinations include, in rank order, Phoenix (Maricopa County, Ariz); Las Vegas (Clark County); Prescott (Yavapai County, Ariz.); Boise (Ada County, Idaho); Reno, (Washoe County, Nev.); Lake Havasu (Mohave County, Ariz.); Pima County, Ariz.; Coeur d'Alene (Kootenai County, Idaho); Austin (Travis County, Texas); and the Big Island (Hawaii County, Hawaii). Most of the counties on this list offer California residents relatively close proximity to California, dry and sunny weather, as well as more affordable home prices. On average, those searching out of state are looking at properties that are 43 percent more affordable than their current county. Additionally, nearly half -- 48 percent -- of those searching outside their county are looking within California. The top 10 in state counties most searched by those looking to leave their county include: Riverside, San Bernardino, Los Angeles, Orange, Sacramento, San Diego, Placer, Contra Costa, El Dorado, and Ventura County. Those searching in other California counties are looking at properties that are on average 17 percent more affordable. Top Destinations by California Market 1. Santa Clara County Out of state destinations:  Arizona, Nevada, Texas and IdahoIn state destinations:  Alameda, Sacramento, San Joaquin, Santa Cruz and Placer counties When looking out of state, shoppers from Santa Clara are looking at far more affordable properties in Maricopa, Ariz.; Clark, Nev.; Washoe, Nev.; Travis, Texas; and Ada, Idaho counties that are $750,000 to $965,000 less than the typical property in Santa Clara. Within California, they are looking at properties in nearby counties of Alameda, Sacramento, San Joaquin, Santa Cruz and Placer that are $509,000 - $894,000 less than the Santa Clara median. 2. San Mateo County Out of state destinations:  Arizona, Nevada, Texas and WashingtonIn state destinations:  Alameda, Contra Costa, Santa Clara, Sacramento, and San Francisco counties San Mateo shoppers are looking at far more affordable counties when shopping out of state. The properties they look at in Maricopa, Ariz.; Clark, Nev.; Washoe, Nev.; Travis, Texas; and King, Wash. counties are $778,000 – $1.1 million less than the typical San Mateo property. Those looking in state are looking in nearby counties of Alameda, Contra Costa, Santa Clara, Sacramento, and San Francisco and considering properties $274,000 - $1.1 million less than the median price in San Mateo. 3. Los Angeles County Out of state destinations:  Nevada, Arizona, and IdahoIn state destinations:  San Bernardino, Riverside, Ventura and Kern counties Angelenos looking out of state are viewing homes priced well below the Los Angeles median. The typical home they view in Clark, Nev.; Maricopa, Ariz.; Yavapai, Ariz.; Mohave, Ariz.; and Ada, Idaho counties is $306,000 - $455,000 below the typical listing at home. Shoppers looking in state are generally looking at properties that are $22,000 - $446,000 less expensive than their current market price. However, homes viewed in nearby Orange County are $34,000 more expensive. 4. Napa County Out of state destinations:  Arizona, Idaho, Nevada, Florida and OregonIn state destinations:  Solano, Sonoma, Sacramento, Lake and El Dorado counties Napa's out of state searchers in Maricopa, Ariz; Ada, Idaho; Washoe, Nev.; Brevard, Fla.; and Deschutes, Ore. counties are looking at properties that are $170,000 to $450,000 less expensive than the market price in Napa. Those looking in nearby California counties of Solano, Sonoma, Sacramento, Lake and El Dorado counties are looking at properties priced $120,000 to $484,000 less than the market price in Napa. 5. Monterey County Out of state destinations:  Arizona, Nevada, and IdahoIn state destinations: San Luis Obispo, Fresno, Santa Cruz, Sacramento and San Diego counties Monterey out of state shoppers are viewing homes in Maricopa, Ariz; Washoe, Nev.; Yuma, Ariz.; Ada, Idaho; and Clark, Nev. that are $494,000 - $749,000 less expensive than the typical listing at home. Those looking to stay in state are looking in counties like San Luis Obispo, Fresno, Santa Cruz, Sacramento and San Diego and specifically at properties that are $314,000 - $664,000 less than the market price in Monterey. 6. Alameda County Out of state destinations: Arizona, Nevada, Idaho, and HawaiiIn state destinations: Contra Costa, San Joaquin, Sacramento, Placer, and El Dorado counties Shoppers are viewing homes in Maricopa, Ariz. and Ada, Idaho well above the local market median which is still a $300,000 - $400,000 bargain compared to Alameda. In Clark and Washoe counties in Nevada and Hawaii, they are viewing homes priced below the local median listing price and between $300,000 and $500,000 below the typical Alameda listing. Within California, they are generally shopping for a home $160,000 - $415,000 below their current median in counties such as Contra Costa, San Joaquin, Sacramento, Placer and El Dorado. 7. Marin County Out of state destinations: Nevada, Arizona, Oregon and IdahoIn state destinations: Sonoma, Contra Costa, Solano and San Francisco counties Out of state shoppers viewing homes in more affordable counties such as Washoe, Nev.; Maricopa, Ariz.; Pima, Ariz.; Deschutes, Ore.; and Ada, Idaho are looking at homes generally priced $621,000 - $1 million less than the typical listing in Marin. Shoppers looking within state are looking at properties in Sonoma, Contra Costa, Solano and San Francisco counties, priced $167,000 - $937,000 less than the market price in Marin. 8. Orange County Out of state destinations: Arizona, Nevada and IdahoIn state destinations: Riverside, Los Angeles, San Bernardino, San Diego and San Luis Obispo The typical Orange County out of state shopper is looking in Maricopa, Ariz.; Clark, Nev.; Yavapai, Ariz.; Ada, Idaho; and Mohave, Ariz. counties at properties that are $442,000 - $592,000 less than the typical property in Orange County. Those looking to stay in state are looking in nearby counties of Riverside, Los Angeles, San Bernardino, San Diego and San Luis Obispo at properties priced $192,000 - $527,000 less than the typical property in Orange County. 9. Santa Barbara County Out of state destinations: Arizona, Nevada and IdahoIn state destinations: San Luis Obispo, Ventura, Los Angeles, Riverside and Kern counties When looking out of state, shoppers from Santa Barbara are looking at far more affordable counties such as Maricopa, Ariz.; Clark, Nev; Yavapai, Ariz.; Kootenai, Idaho; and Mohave, Ariz and view properties that are $481,000 - $661,000 less than the typical property in Santa Barbara. Those looking nearby are interested in the counties of San Luis Obispo, Ventura, Los Angeles, Riverside and Kern and homes priced $47,000 - $667,000 less than the Santa Barbara median price. 10. San Diego County Out of state destinations: Arizona and NevadaIn state destinations: Riverside, San Bernardino, Imperial, Orange County and Los Angeles Out of state shoppers are looking at homes in Maricopa, Ariz.; Clark, Nev.; Yavapai, Ariz.; Mohave, Ariz.; and Pima, Ariz. counties that are priced $324,000 - $444,000 less than the typical property in San Diego. Shoppers viewing properties within state are looking at homes in Riverside, San Bernardino, Orange County, Los Angeles and Imperial counties. The properties they look at in Riverside, San Bernardino and Imperial are $289,000 - $429,000 less expensive than the typical property in San Diego, but in Orange County and Los Angeles, they are $86,000 - $106,000 more than the San Diego median list price. 11. Imperial County Out of state destinations: Arizona and IdahoIn state destinations: San Diego, Riverside, Los Angeles, San Bernardino, and Orange counties Shoppers looking outside of Imperial are viewing significantly more expensive properties than the Imperial housing market. The typical home they are looking at in counties like San Diego, Riverside, Los Angeles, San Bernardino, and Orange is $32,000 - $705,000 more than the median price in Imperial. Out of state shoppers are looking at homes in Yuma, Ariz.; Maricopa, Ariz.; Ada, Idaho; and Coconino priced $15,000 - $179,000 below the typical listing in the Imperial, although the typical home looked at in Yavapai, Ariz. is $71,000 more. 12. Ventura County Out of state destinations: Arizona, Nevada, and IdahoIn state destinations: Los Angeles, Kern, Riverside and San Bernardino counties Out of state Ventura shoppers are looking at less expensive homes in Maricopa, Ariz.; Clark, Nev.; Yavapai, Ariz.; Ada, Idaho; and Mohave, Ariz. counties that are $298,000 - $507,000 less than the typical property in Ventura. Shoppers looking in state are searching in Los Angeles, Kern, Riverside and San Bernardino counties at homes that are $2,000 - $457,000 less than the median price in Ventura, but properties they look at in Santa Barbara County are $152,000 more. 13. San Francisco County Out of state destinations: Arizona, Nevada, Illinois and OregonIn state destinations: Contra Costa, Alameda, San Mateo, Sonoma, and Sacramento When looking out of state, shoppers from San Francisco are looking at properties in Maricopa, Ariz.; Clark, Nev.; Washoe, Nev.; Cook, Ill.; and Multnomah, Ore. counties that are $841,000 - $1.0 million less than the typical property in San Francisco. Those looking in state are typically searching in Contra Costa, Alameda, San Mateo, Sonoma, and Sacramento counties for properties that are $390,000 - $940,000 less than the San Francisco median list price. 14. Santa Cruz County Out of state destinations: Nevada, Arizona, Hawaii, and OregonIn state destinations: Monterey, Placer, El Dorado and San Luis Obispo When looking out of state, shoppers from Santa Cruz are looking at properties in Washoe, Nev.; Maricopa, Ariz.; Hawaii, Hawaii; Douglas, Nev.; and Deschutes, Ore. counties that are $450,000 - $585,000 less than the typical property in Santa Cruz. Properties they look at in state in the nearby counties of Monterey, Placer, El Dorado and San Luis Obispo are typically $313,000 - $480,000 less expensive than the Santa Cruz median price. However, the properties they look at in Santa Clara are $184,000 more expensive than Santa Cruz. 15. Tulare County Out of state destinations: Nevada, Arizona, Kansas and IdahoIn state destinations: Fresno, San Luis Obispo and Los Angeles Very little of Tulare's demand flows out of state but top out of state locations include Nevada, Arizona, Kansas and Idaho. When looking out of state, shoppers from Tulare are looking at properties in Clark, Nev.; Maricopa, Ariz.; Johnson, Kan.; Ada, Idaho; and Yavapai, Ariz. counties that are $11,000 - $111,000 more expensive than the typical property in Tulare. Those looking to remain in state are viewing properties in Fresno, San Luis Obispo and Los Angeles that are $26,000 - $600,000 more expensive than Tulare, but properties in Kings and Kern County are $9,000 - $10,000 less expensive. 16. Sonoma County Out of state destinations: Arizona, Idaho, Oregon and NevadaIn state destinations: Lake, Mendocino, Placer, Sacramento and El Dorado counties When looking out of state, shoppers from Sonoma are looking in Maricopa, Ariz.; Ada, Idaho; Pima, Ariz.; Jackson, Ore.; and Washoe, Nev. counties at properties that are $176,000 - $376,000 less than the typical property in Sonoma. Shoppers looking in state are typically looking in Lake, Mendocino, Placer, Sacramento and El Dorado counties at properties that are $186,000 - $458,000 less than the Sonoma median price. For more California migration data, please visit realtor.com/research. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.

Redfin Migration Report: Denver Joins Seattle and San Francisco as a Tech Hub with More People Looking to Move Out than Move In
SEATTLE, May 23, 2018 -- In the first three months of 2018, Denver posted a "net outflow" of Redfin users for the first time, meaning that more Denver-based Redfin users were searching for homes in other metro areas than Redfin users elsewhere looking to move in. This is according to the latest Migration Report by Redfin, the next-generation real estate brokerage. The analysis is based on a sample of more than 1 million Redfin.com users searching for homes across 75 metro areas from January through March. Of all Denverites using Redfin, 20 percent were searching for homes in another metro, up from 15 percent during the same time period a year earlier. Nationally, 23.9 percent of Redfin.com users looked to relocate to another metro area last quarter, up from 19.8 percent a year earlier. Seattle, which is grappling with a controversial tax related to the city's housing crisis, has posted two consecutive quarters of net outflow, based on Redfin user data. In the first quarter, 12 percent of Seattle-based Redfin users were looking in other metro areas, up from 9 percent during the same period last year. "Home searches are a forward-looking indicator of what is likely to happen to a city's population," said Taylor Marr, senior economist at Redfin. "We saw this in 2015 in the Bay Area, when more Bay Area Redfin users were searching elsewhere. By 2016, the U.S. Census Bureau showed San Francisco had lost residents. Now we see signs that Denver and Seattle, cities that once attracted those fleeing high home prices, are becoming unaffordable as well." Below are the metros with the highest net outflows of Redfin users: Census data shows that Denver peaked at 40,000 net domestic migrations in 2015, meaning that many more people moved to Denver than left. Since then, while still positive, the net migration has declined each year. Looking ahead, based on Redfin user search trends, the company expects Denver to see a negative net migration, or a loss of residents, in the 2019 Census. Meanwhile in Seattle, the Census data reveal peak net domestic migration in 2016, a year later than Denver, and the decline in 2017 was less dramatic. Redfin search data, however, shows users increasingly looking to leave the Seattle area. Since October 2017, more Seattleites are looking at homes elsewhere than the other way around. Where are they going? Residents looking to leave Seattle and Denver last quarter were mostly looking in areas that were more affordable and less competitive. Los Angeles looks like an exception on the surface, because the metro area on average is more expensive than Denver and Seattle. However, when they looked at the county level, analysts found that the most common areas homebuyers were looking at were more affordable areas of the LA market, like the Inland Empire (Riverside County, CA). Phoenix was a top destination for both Seattle and Denver last quarter, and had the largest net gain of Redfin users looking to move to the area from elsewhere. This was up significantly—34 percent—from a year ago. Phoenix is also much more affordable, with a median home sale price of $257,000 as of April, compared to $415,000 in Denver and $580,000 in Seattle. Major cities in Texas, as well as Chicago and Portland, are also attractive to those leaving Seattle and Denver. This has resulted in a disbursement of wealth throughout the country to cities that have made it easier to build new housing. Which Cities Will be Next? Below are the 10 metros that are the most likely to receive big inflows of new residents in the next year from expensive coastal markets, based on the number of users looking to relocate there versus leave. With these new residents, economic growth and rising home prices will likely follow, as we saw in Seattle and Denver. The new destinations will be at risk for becoming unaffordable over time as well, unless they build enough new homes to keep up with the influx of people. Cities like Las Vegas, Atlanta and Austin are building thousands of new housing units to accommodate this growth. Meanwhile Sacramento, Portland and San Diego are good examples of markets experiencing early signs of slowing growth, with smaller net inflows of Redfin users in the first quarter of this year than in the same time period in 2017. These metro areas have not expanded housing as rapidly to dampen growth in housing costs. To read the full report, complete with more data and interactive charts, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.

Housing Economists Call for Increase in Home Construction
WASHINGTON (May 18, 2018) – An increase in housing supply is crucial to the health and sustainability of the real estate market and the economy, according to speakers at a session organized by the REALTOR® University Richard J. Rosenthal Center for Real Estate Studies during the 2018 REALTORS® Legislative Meetings & Trade Expo. The session, "Outlook for Home Prices and Residential Construction," focused on rapidly rising home prices, tight home inventories and whether or not the country is in the middle of a bubble. All three of the panelists agreed that more new home construction is necessary to meet rising demand from increasing household formation and curtail the affordability crisis. "Young adults of today are forming households at a much lower rate than previous generations, and high housing costs contribute to that," said Len Kiefer, deputy chief economist for Freddie Mac. According to Kiefer, one third to three quarters of U.S. markets have an elevated home price-to-income ratio and many major markets, such as Austin, Miami and Portland, are getting close to surpassing their 2008 ratio. "Are we in a bubble? No, not currently," said Kiefer. He outlined ways the current market is different from the one leading to the recession, such as no signs of over leveraging and the very low ratios of household income to debt. The aggregate risk of mortgages in the U.S. is also comparatively low "Those risky loans that contribute to the last bubble have largely gone away in the current market," he said. However, the panelists were quick to point out that just because we are not currently in a bubble does not mean we won't enter one. If supply and demand continues to become more and more out of balance, it could trigger a fast price growth, said NAR Chief Economist Lawrence Yun. "A best-case scenario is largely dependent on new home construction. An increase in inventory will provide some much-needed release," he said. Ken Simonson, chief economist for Associated General Contractors of America, discussed how low employment in construction is also contributing to the lag in new home construction, despite high demand. "Construction saw a 30 percent drop in employment in the previous decade, the largest drop of any industry. They also began laying people off a year before the recession began and did not start hiring again until much later than other industries," said Simonson. This has led to difficulty in bringing skilled laborers back to the industry. "Construction companies are having to hire people with no experience and spend more time and money on training," he said. Material costs have also contributed to the low rate of construction. The price of diesel fuel, which is used in earth moving vehicles and in transporting materials, has risen 42 percent since 2017. The cost of lumber and plywood has also increased 11 percent, copper and brass mill shapes have risen 10 percent and ready-mix concrete has risen 7 percent. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Realtor.com Identifies Toughest Housing Markets for Millennials
List includes San Jose, Calif.; Seattle and Salt Lake City, as well as some surprises SANTA CLARA, Calif., April 26, 2018 -- This spring, the largest generation in U.S. history – millennials – is colliding with the toughest home buying season in history, and they will fare better in some markets than others. According to a new analysis released today by realtor.com®, the home of home search, the combination of low inventory, escalating home prices and high demand have made San Jose, Seattle, Salt Lake City, Minneapolis and Omaha, Neb., the toughest areas in the country for millennial buyers this spring. "Millennials want to buy, but record-low inventory is making it extremely difficult," Danielle Hale, chief economist for realtor.com®. "Our analysis shows millennials are facing challenges in both established markets such as San Jose and Seattle, as well as more recently popular areas like Omaha and Salt Lake City. Despite the difficulties, first-timers are optimistic and more than willing to weather the challenges this spring has to offer." Key Dynamics in the Top Five Markets All the markets on the list are millennial hotspots that have attracted 25- to 34-year-olds with strong economies and high-paying jobs. As a result, millennials make up a higher share of the population, at 14.6 percent, compared to 13.4 percent for the U.S. Household income among 25- to 34 year-olds in these five locations is also significantly higher, at roughly $79,000, compared to the U.S. median of $59,800. Additionally, based on realtor.com® search data, millennials in these markets are very interested in buying a home. In the first quarter, they accounted for 25 percent of views, higher than any other age group. However, low inventory levels and high prices are making it tough for these would-be buyers. Nationally, inventory is 35 percent lower than the spring of 2012 and prices have reached a new high of $280,000. The shortage is even more acute in these five metros. Compared to this time last year, active listings in these five metros remain 8 percent lower, age of inventory is 7 percent lower, and list prices are 8 percent higher. Supply is nearly three times lower than the rest of the country, at 5.7 listings versus 16.1 listings per 1,000 households. Additionally, listings in these areas are scarcer and selling faster for more money. In these five metros active listings are 9 percent lower, age of inventory is 13 percent lower, and list prices are 14 percent higher from a year ago. Toughest Housing Markets for Millennials 1. San Jose - The median list price in San Jose is $1,244,000, compared to $280,000 for the U.S. overall. On average, San Jose millennials earn $109,800 annually. Millennials make up 14.3 percent of the total population in San Jose and account for 24.1 percent of total realtor.com® page views in the area. Millennials are flocking to San Jose in hopes of earning the "tech salary" that everyone is chasing. Apple, Adobe, Intel, and NASA are just a few of the companies that call this area home. With San Jose State University and nearby Stanford University, the area is replete with young students and scholars. The inventory shortage is especially significant in the area and is pushing non-tech industry workers to the outskirts. 2. Seattle - The median list price in Seattle is $553,000. On average, millennials earn $78,300. Millennials make up 15.4 percent of the total population in Seattle and account for 24.2 percent of total realtor.com® page views in the area. Big tech employers such as Amazon, Microsoft, and Expedia are a big draw for millennial and non-millennial workers to the Seattle area. Beyond the tech scene, Seattle offers great outdoor spaces, such as Kerry Park and a thriving nightlife in Ballard and Capitol Hill. Despite Seattle's already high home prices, real estate professionals don't see any end in sight given the large amount of tech money flooding into the area. They also report many millennials are spending more than $1,000,000 on their first home due to the high salaries and home prices in the area. 3. Salt Lake City - The median list price in Salt Lake City is $394,000. On average, millennials earn $67,800 annually. Millennials make up 15.5 percent of the total population in Salt Lake City and account for 26 percent of total realtor.com® page views in the area. Salt Lake City offers the perfect blend of city life and the great outdoors for millennial professionals. Intermountain Healthcare Medical Center, University Hospital and the University of Utah are the largest employers in the area, with other notable companies such as Delta Air Lines and eBay. Located just an hour from Park City, residents can spend the morning downtown shopping one of the city's many trendy shopping areas, and be on the slopes by mid-afternoon. However, millennials are struggling to find their place in the hot housing market. Many homes under $350,000 are getting scooped up instantly by older buyers who often have more money. 4. Minneapolis - The median list price in Minneapolis is $283,000. On average, millennials earn $73,600 annually. Millennials make up 13.8 percent of the total population in Minneapolis and account for 25.9 percent of total realtor.com® page views in the area. Minneapolis is the perfect city for millennials who love a mix of natural amenities and urban living. The area is home to 17 Fortune 500 companies, including UnitedHealth Group, Target, Best Buy, and 3M. It's also home to a thriving cycling culture, with the second (only to Portland) most bike commuters of all big cities. The city is relatively affordable, but it's become more difficult for first-time buyers to find homes under $250,000. When they do, they are often outbid by cash offers from boomers. 5. Omaha - The median list price in Omaha is $283,000. On average, millennials earn $63,500 annually. Millennials make up 13.8 percent of the total population in Omaha and account for 25.9 percent of total realtor.com® page views in the area. Millennials are drawn to Omaha for its low cost of living, strong school system, and thriving job market. With schools such as Spring Ridge Elementary, Aldrich Elementary, and Hitchcock Elementary, all of which scored 9/10 by Greatschools.org, the area is great for millennials who want to start families. It offers strong financial, medical and military jobs with companies such as Nebraska Medicine, Taylor Telecommunications, and Union Pacific Railroad Co. Millennials looking to find homes under $250,000 are struggling, but boomers purchasing more expensive homes continue to have success closing. Methodology Realtor.com® analyzed the largest 60 metros in the country with large populations of older millennial markets. Markets were then ranked based on inventory availability and affordability. About realtor.com® Realtor.com® is the home of home search, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.

U.S. Property Taxes Levied on Single Family Homes in 2017 Increased 6 Percent to More Than $293 Billion
Average Property Tax Was $3,399, Up 3 Percent and Effective Tax Rate of 1.17 Percent; Highest Effective Tax Rates in New Jersey, Illinois, Vermont, Texas, New Hampshire; Average Property Taxes Nearly Twice as High in Politically Blue Counties as in Red Counties IRVINE, Calif. – April 5, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its 2017 property tax analysis for more than 86 million U.S. single family homes, which shows that property taxes levied on single family homes in 2017 totaled $293.4 billion, up 6 percent from $277.7 billion in 2016 and an average of $3,399 per home — an effective tax rate of 1.17 percent. The average property taxes of $3,399 for a single family home in 2017 was up 3 percent from the average property tax of $3,296 in 2016, and the effective property tax rate of 1.17 percent in 2017 was up from the effective property tax rate of 1.15 percent in 2016. The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single family homes calculated using an automated valuation model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area. New Jersey, Illinois, Vermont, Texas, New Hampshire post highest property tax rates States with the highest effective property tax rates were New Jersey (2.28 percent), Illinois (2.22 percent), Vermont (2.19 percent), Texas (2.15 percent), and New Hampshire (2.06 percent). Other states in the top 10 for highest effective property tax rates were Pennsylvania (2.02 percent), Connecticut (1.99 percent), New York (1.92 percent), Ohio (1.72 percent), and Wisconsin (1.67 percent). Among 217 metropolitan statistical areas analyzed in the report with a population of at least 200,000, those with the highest effective property tax rates were Scranton, Pennsylvania (3.93 percent); Binghamton, New York (3.14 percent); Rockford, Illinois (3.03 percent); Rochester, New York (2.93 percent); and El Paso, Texas (2.63 percent). Property taxes increase faster than national average in 58 percent of markets Out of the 217 metropolitan statistical areas analyzed in the report, 125 (58 percent) posted an increase in average property taxes above the national average of 3 percent, including Los Angeles (7 percent increase), Dallas (11 percent increase), Houston (10 percent increase), Philadelphia (4 percent increase), and Miami (5 percent increase). "Across California, it's not the percentage of property tax increase that is as concerning to consumers, as it is the net effect to cash flow, especially for an aging population on fixed incomes," said Michael Mahon, president at First Team Real Estate, covering Southern California. "This erosion of disposable income for many homeowners coupled with an aging housing inventory stock in need of repair across many areas of the state puts some homeowners in a difficult position where they have ample housing equity on paper but aren't able to realize home value gains until a future sale of the property." Other major markets posting an increase in average property taxes that was above the national average were Atlanta (up 4 percent), Boston (up 5 percent), San Francisco (up 6 percent), Riverside-San Bernardino (up 5 percent), and Seattle (up 6 percent). "The increase in property taxes in the Seattle region is not surprising given the number of voter approved measures that add to homeowners' property taxes as well as rising home values," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle housing market. "That said, this rapid rise in values of housing more than offsets this increase — therefore the relatively small effective tax rate. "Passage of the McCleary Bill (to fully fund K-12 basic education) means that 2018 property taxes are going to jump quite dramatically before dropping back in 2019 with the recently passed one-time property tax cut of 30 cents per $1,000 of assessed value," Gardner added. Hawaii, Alabama, Colorado, Tennessee, West Virginia post lowest property tax rates States with the lowest effective property tax rates were Hawaii (0.34 percent); Alabama (0.49 percent); Colorado (0.51 percent); Tennessee (0.56 percent); and West Virginia (0.57 percent). Other states in the top 10 for lowest effective property tax rates were Utah (0.58 percent), Delaware (0.61 percent), South Carolina (0.66 percent), Arkansas (0.68 percent), and Arizona (0.68 percent). Among the 217 metro areas analyzed for the report, those with the lowest effective property tax rates were Honolulu (0.33 percent); Montgomery, Alabama (0.36 percent); Tuscaloosa, Alabama (0.41 percent); Colorado Springs, Colorado (0.42 percent); and Greeley, Colorado (0.45 percent). 9 counties with average annual property taxes of more than $10,000 Among 1,414 U.S. counties with at least 10,000 single family homes, those with the highest average property taxes on single family homes were all in the greater New York metro area, led by Westchester County, New York ($17,179), Rockland County, New York ($12,924), Essex County, New Jersey ($11,878), Bergen County, New Jersey ($11,585), and Nassau County, New York ($11,415). Other counties with average property taxes of more than $10,000 — the cap on state and local tax deductions for federal income taxes under the tax reform legislation signed into law by President Donald Trump in December — on single family homes were Marin County, California ($11,295), Union County, New Jersey ($10,863), Fairfield County, Connecticut ($10,612), and Morris County, New Jersey ($10,294). Average property taxes nearly twice as high in blue counties as in red counties Among the 1,414 U.S. counties analyzed in the report, the average property tax on single family homes in the 327 "blue" counties won by Hillary Clinton in the 2016 presidential election was $4,528, nearly twice the average property tax on single family homes of $2,462 in the 1,087 "red" counties won by Donald Trump. There was not as much difference in the effective property tax rates between the blue counties and red counties because of higher average home values in the blue counties — $377,142 compared to $210,753 in the red counties. The effective property tax rate was 1.20 percent in the politically blue counties compared to a 1.17 percent effective property tax rate in the politically red counties. About ATTOM Data Solutions ATTOM Data Solutions blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties multi-sourced from more than 3,000 U.S. counties. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. With more than 29.6 billion rows of transactional-level data and more than 7,200 discrete data attributes, the 9TB ATTOM data warehouse powers real estate transparency for innovators, entrepreneurs, disrupters, developers, marketers, policymakers, and analysts through flexible delivery solutions, including bulk file licenses, APIs and customized reports.

Redfin Survey: 15 Percent of Respondents Sold Their Home or Did Not Buy Last Year Due to Concerns about Immigration Policies
SEATTLE — Feb. 6, 2018 -- Fifteen percent of respondents to a 2017 housing market sentiment survey said they either sold their home or did not buy one last year because of concerns about how restrictive immigration policies or proposals would affect them, according to Redfin, the next-generation real estate brokerage. From November 1 to December 6, 2017, Redfin commissioned a survey of 4,270 U.S. residents in 14 metropolitan areas who bought or sold a home in the past year, attempted to do so or planned to do so soon. Asked how restrictive immigration policies or proposals affected their decision to buy or sell a home, 8 percent of respondents said they sold their home in the last year because they were worried they wouldn't be able to stay or work in the U.S. much longer. Seven percent did not purchase a home for the same reason. "I've seen buyers finally get offers accepted, only to cancel the contracts," said Gabriella Stwart, a Redfin agent in Bellevue, Washington. "We're having conversations with professionals working at large companies who are eager to sell or not buying because their visas are expiring or close to it and might not be extended." The survey results reveal that housing markets in certain parts of the country are more likely to be affected by immigration policy. Among respondents in the Los Angeles area, 32.7 percent said they sold or did not buy a home because they were worried they wouldn't be able to work or stay in the country much longer. In Baltimore, 18.5 percent said the same, as well as 16.8 percent in San Francisco. Other findings in this first in a series of three reports on this survey include: 18% of millennials who bought a home in the last year now live in the political minority in their new community. 37% of people of color felt they may have been discriminated against when trying to buy a home, down from 43% in a similar survey in May. "The two data points we have about the perception of discrimination in housing reveal just a snapshot of what amounts to a short moment in our country's long history of racial inequality in housing, and change in the actual incidence of such discrimination is likely to happen only slowly over many years," said Nela Richardson, Redfin chief economist. "It's more likely that that the trend we see in this snapshot reveals an aberration last year around the contentious Presidential election, when racial tensions and anxiety about discrimination were heightened. However, when it comes to where people can live, work and go to school, the idea that more than a third of people of color buying a home still don't believe that their money is as good as anyone else's is a massive problem." To read the full report, complete with data, charts and a full methodology, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including theRedfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.

Realtor.com® Predicts the New England Patriots to Triumph in the Super Bowl
Pick based on an analysis of the Boston and Philadelphia housing markets SANTA CLARA, Calif., Jan. 29, 2018 -- Realtor.com® today announced its prediction for a sixth NFL championship for the New England Patriots in Super Bowl LII. Its pick of the Patriots over the Philadelphia Eagles isn't based on defensive schemes or quarterback matchups, but rather a comparison of the strength of each team's respective housing markets. "Although there is no correlation between football and real estate, we made our pick based on what we know best – the housing market," said Nate Johnson, chief marketing officer for realtor.com®. "With strong home prices and fast days on market, there's no question that Boston currently has a more dynamic housing market, which in our minds make it the clear pick for the upcoming game." Both Philadelphia and Boston had strong real estate seasons this year, generating first- down payments and new home turf for thousands of buyers. But Boston showed more potent price yardage overall, with listing prices driving up 8 percent year over year, compared with Philadelphia's 6 percent gains. Boston also showed a faster running game with for sale inventory reaching the end zone and selling in 48 days versus 70 days in Philadelphia. When it comes to inventory declines, Boston dominated with inventory down 18 percent year over year, compared to Philadelphia's 15 percent decline. Realtor.com® made its pick based on a comparison of listing prices, days on market, and inventory from March 2017 through January 2018 for the Philadelphia and Boston metros. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.

Buying a Home More Affordable Than Renting in 54 Percent of U.S. Markets
But 64 Percent of Population Live in Markets More Affordable to Rent Than Buy; Least Affordable Rental Markets Led by Counties in Northern California, DC, Brooklyn; Most Affordable Rental Markets in Alabama, Illinois, Ohio, Tennessee IRVINE, Calif. – Jan. 11, 2018 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its 2018 Rental Affordability Report, which shows that buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 U.S. counties analyzed for the report — 54 percent. The analysis incorporated recently released fair market rent data for 2018 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 447 U.S. counties with sufficient home sales data (see full methodology below). "Although buying is still more affordable than renting in the majority of U.S. housing markets, that majority is shrinking as home price appreciation continues to outpace rental growth in most areas," said Daren Blomquist, vice president at ATTOM Data Solutions. "Renting has clearly become the lesser of two housing affordability evils in many major population centers, with renting more affordable than buying in 76 percent of counties that have a population of 1 million or more. And when broken down by population rather than number of markets, this data shows that the majority of the U.S. population — 64 percent — live in markets that are more affordable to rent than to buy." Renting more affordable than buying in nation's most populated counties Counter to the overall trend, renting is more affordable than buying a home in the nation's 14 most populated counties and in 30 of 39 counties with a population of 1 million or more (76 percent) — including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. Other markets with a population of more than 1 million where it is more affordable to rent than to buy a home included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston. "The thing about this data that concerns me the most is that it is now more affordable to rent in the greater Seattle area than buy. Even with solid income growth, the rapid rise in home prices is keeping many would-be buyers out of ownership," said Matthew Gardner, chief economist with Windermere Real Estate, covering the Seattle market. "To make matters worse, rapid rental rate growth in the core King County market is forcing many renters to look farther out to find something they can afford. Seattle needs considerably more affordable housing for renters and home buyers alike. Unless something changes, the area will remain very expensive, pricing many buyers out of the market." Among the 39 U.S. counties analyzed in the report with a population of 1 million or more, the nine where it is more affordable to buy a home than rent were Tarrant County (Dallas), Texas; Broward County (Miami), Florida; Bexar County, (San Antonio) Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; Hillsborough County (Tampa-St. Petersburg), Florida; Cuyahoga County (Cleveland), Ohio; Allegheny County (Pittsburgh), Pennsylvania; and Saint Louis County, Missouri. Least affordable rental markets in Northern California, DC, Brooklyn The report shows that renting a three-bedroom property requires an average of 38.8 percent of weekly wages across the 447 counties analyzed for the report. The least affordable markets for renting were Marin County, California (79.5 percent of average wages to rent); Spotsylvania County (Washington, D.C. area), Virginia (75.5 percent); Honolulu County, Hawaii (71.9 percent); Sonoma County (Santa Rosa area), California (67.6 percent); and Kings County, New York (67.4 percent). Most affordable rental markets in Alabama, Illinois, Ohio, Tennessee The most affordable markets for renting were Madison County (Huntsville), Alabama (22.3 percent of average wages to rent); Tazewell County (Peoria), Illinois (23.6 percent); Greene County (Dayton), Ohio (24.1 percent); Sullivan County (Kingsport-Bristol), Tennessee (24.2 percent); and Cuyahoga County (Cleveland), Ohio (24.8 percent). Rents rise faster than wages in 60 percent of markets Average fair market rents rose faster than average weekly wages in 266 of the 447 counties analyzed in the report (60 percent), including Los Angeles County, California; Cook County, Illinois; Harris County, Texas; Maricopa County, Arizona; and San Diego County, California. Average weekly wages rose faster than average fair market rents in 181 of the 447 counties analyzed in the report (40 percent), including King County (Seattle), Washington; Clark County (Las Vegas), Nevada; Bexar County (San Antonio), Texas; Middlesex County (Boston), Massachusetts; and Suffolk County (Long Island), New York. Home prices rising faster than rents in 59 percent of markets Median home prices rose faster than average fair market rents in 263 of the 447 counties analyzed in the report, including Los Angeles County, California; Cook County, Illinois; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. Average fair market rents rose faster than median home prices in 184 of the 447 counties analyzed in the report (41 percent), including Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; Kings County (Brooklyn), New York; Queens County, New York; and Tarrant County, Texas in the Dallas metro area. Methodology For this report, ATTOM Data Solutions looked at 50th percentile average rental data for three-bedroom properties in 2018 from the U.S. Department of Housing and Urban Development, along with Q2 2017 average weekly wage data from the Bureau of Labor Statistics (most recent available) and Q4 2017 home price data from ATTOM Data Solutions publicly recorded sales deed data in 540 counties nationwide. Rental affordability is average fair market rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home buying affordability is the monthly house payment for a median-priced home (based on a 3 percent down payment and including mortgage, property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.

Redfin Ranks 2017's Most Competitive Neighborhoods for Homebuyers
Nineteen of the Top 25 Most Competitive Neighborhoods Were in the Seattle Area. The Rest Were in San Jose, Boston and Denver. SEATTLE--(Dec. 21, 2017) — The 2017 housing market was the most competitive for homebuyers since 2013, according to a new analysis from Redfin, the next-generation real estate brokerage. Just over half of all offers written by Redfin agents this year encountered competition. That's up from 49 percent in 2016, but below 2013's high of 65 percent. The pace at which homes went off the market made the competition more intense this year. Homes found buyers after a median 45 days on market, six days fewer than 2016. Home-Buying Competition 2014-2017 (Graphic: Business Wire) Forty-one percent of homes that were listed in 2017 were Redfin Hot Homes, a designation earned by homes with 7/10 or higher odds of going under contract within their first 14 days on the market, as determined by Redfin's proprietary algorithm. Grass Lawn in Redmond, Washington earned the distinction of most competitive neighborhood in 2017. Nineteen of the 25 most competitive neighborhoods of 2017 were in the Seattle metro area, where 67 percent of homes listed this year were Hot Homes--the highest share of any market--and 62 percent of offers written by Redfin agents faced bidding wars. Competition was strong across the Seattle market, both in more suburban neighborhoods like Grass Lawn and Crossroads (#3) and more urban neighborhoods like Lower Queen Anne (#13). Several neighborhoods in North Seattle made the ranking, including Pinehurst (#2), Victory Heights (#10) and Licton Springs (#11). In Grass Lawn, 73 percent of homes sold for over asking price and the typical home found a buyer in just six days. The average sale-to-list price ratio was 108.4 percent, an indication that many homes were bid up well-above asking price. "Grass Lawn is so super-competitive because it's very close to the Microsoft campus, and Google is also expanding its footprint in the area. It is a suburban area with mostly older homes," said Redfin Agent Gina Madeya. "The area offers easy access to one of only two freeways that can get you across Lake Washington and into downtown Seattle and it's also a short drive from the shops and restaurants in downtown Redmond and Kirkland." Madeya helped a family purchase a home in Grass Lawn earlier this year. The home, which she says came on the market slightly underpriced at $860,000, was bid up to over $1 million. Her clients were absolutely in love with the home. Their offer wasn't the highest, but they won over the sellers by waiving all contingencies, working with a reputable lender and providing a $100,000 earnest money deposit. "This sounds extreme, but that's what it takes in some neighborhoods because demand is so high for so few homes," says Madeya. "My advice to a Seattle buyer is to get really clear about your full financial capability and your risk tolerance. Find out what you can truly afford and start looking at homes well below that amount, so that when that bidding war inevitably happens, you have some leverage to work with. Get clear early in the search so you and your agent can be more deliberate and strategic." Bidding war strategies often come with risks for the buyer, and Redfin recommends homebuyers speak to an agent to determine the appropriate strategy. A complete methodology and additional insights on 2017 competition, including rankings of major metro areas according to bidding war and Hot Homes frequency, are available here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.

Seriously Underwater U.S. Properties Decrease by 1.4 Million From a Year Ago in Q3 2017
Biggest Year-over-Year Drop in Number of Seriously Underwater Since Q2 2015; Share of Equity Rich Properties Increases to New High of 26 Percent IRVINE, Calif. — Nov. 16, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Home Equity & Underwater Report, which shows that at the end of the third quarter of 2017 there were 4.6 million (4,628,408) U.S. properties that were seriously underwater (where the combined loan amount secured by the property was at least 25 percent higher than the property's estimated market value), down by more than 800,000 properties from the previous quarter and down by more than 1.4 million properties from Q3 2016 — the biggest year-over-year drop since Q2 2015. The 4.6 million seriously underwater properties at the end of Q3 2017 represented 8.7 percent of all U.S. properties with a mortgage, down from 9.5 percent in the previous quarter and down from 10.8 percent in Q3 2016. "Accelerating home price appreciation this year is increasing the velocity at which seriously underwater homeowners are recovering home equity lost during the Great Recession," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013. Continued home price appreciation is also helping to grow the number of equity rich homeowners across the country compared to a year ago." 26 percent of U.S. properties were equity rich in Q3 2017 There were more than 14 million (14,030,394) U.S. properties that were equity rich — where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property — down slightly from the previous quarter but still up by 905,000 compared to a year ago. The 14 million equity rich U.S. properties represented 26.4 percent of all U.S. properties with a mortgage, up from 24.6 percent in the previous quarter and up from 23.4 percent in Q3 2016. Highest share of equity rich properties in Hawaii, California, New York, Oregon, Washington States with the highest share of equity rich properties were Hawaii (41.9 percent); California (41.4 percent); New York (35.7 percent); Oregon (34.0 percent) and Washington (33.6 percent). Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, California (61.0 percent); San Francisco, California (56.4 percent); Los Angeles, California (45.3 percent); Honolulu, Hawaii (43.9 percent); and Oxnard-Thousand Oaks-Ventura, California (38.7 percent). "The number of Seattle homeowners who are considered "seriously underwater" continues to drop and is now at an all-time low of 3%," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "Thanks to the strong appreciation of home prices in our area, I expect to see this number drop even further as we move into 2018. At the same time, the percentage of "equity rich" homeowners in Seattle continues to rise, reporting a remarkable 103% increase since the end of 2013." Other metros where at least 35 percent of properties were equity rich at the end of Q3 2017 were Seattle, Washington (38.7 percent); San Diego, California (38.3 percent); Portland, Oregon (36.7 percent); Austin, Texas (35.8 percent); and Stockton, California (35.2 percent). Highest share of seriously underwater properties in Baton Rouge, Scranton, Youngstown States with the highest share of seriously underwater properties were Louisiana (19.2 percent); Iowa (14.2 percent); Pennsylvania (14.0 percent); Mississippi (13.8 percent); and Alabama (13.7 percent). Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (20.5 percent); Scranton, Pennsylvania (19.5 percent); Youngstown, Ohio (18.2 percent); New Orleans, Louisiana (17.4 percent); and Dayton, Ohio (16.4 percent). About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.

[NAR Infographic] The Anatomy of a First-time Buyer in 2017
WASHINGTON, Nov. 14, 2017 -- Prospective first-time buyers in recent years have had to navigate several obstacles on their path to homeownership, including higher rents and home prices, tight inventory conditions and repaying student loan debt. These impediments are a big reason why first-timers were only 34 percent of all transactions in the National Association of Realtors®' 2017 Profile of Home Buyers and Sellers, which is far below the long-term historical average of 39 percent since the survey debuted in 1981. Amidst these ongoing supply and affordability challenges, here is the typical makeup of a successful first-time buyer: Age – 32 years old Household income – $75,000 Cost of home purchased – $190,000 Down payment amount – 5 percent Student loan debt – $29,000 Type and location of home purchased – Single-family home in a suburban area The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Home Affordability Improves in 60 Percent of U.S. Markets in Q3 2017 Compared to Previous Quarter
Affordability Still Worsens From a Year Ago in 79 Percent of Local Markets; Wage Growth Outpaces Home Price Growth in 48 Percent of Markets Over Past Year; U.S. Home Prices Up 73 Percent, Wages Up 13 Percent Since Q1 2012 IRVINE, Calif. – Oct. 5, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Home Affordability Index, which shows that home affordability in the third quarter improved compared to the previous quarter in 60 percent of 406 U.S. counties analyzed in the report — although affordability was still worse off than a year ago in 79 percent of those counties. The Q3 2017 home affordability index increased compared to the previous quarter (meaning homes were more affordable) in 243 of the 406 counties analyzed in the report (60 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. The Q3 2017 home affordability index decreased compared to the previous quarter (meaning homes were less affordable) in 163 (40 percent) of the 406 counties analyzed in the report, including Wayne County (Detroit), Michigan; Middlesex County (Boston), Massachusetts; along with three counties in the New York metro area: Suffolk, Bronx and Westchester. The national home affordability index was 100 in the third quarter of 2017, the lowest national affordability index since Q3 2008, when the index was 86. An index of 100 means the share of average wages needed to buy a median-priced home nationwide in Q3 2017 is on par with historic averages (see full methodology below). "Falling interest rates in the third quarter provided enough of a cushion to counteract rising home prices in most U.S. markets and provide at least some temporary relief for the home affordability crunch," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "More sustainable relief for the affordability crunch, however, will need to be some combination of slowing home price appreciation and accelerating wage growth. Wage growth is outpacing home price growth in about half of all local markets so far this year, an indication that a more sustainable affordability pattern is taking shape in more local markets." Wage growth outpacing home price growth in 48 percent of markets Annual wage growth outpaced annual home price appreciation in 193 of the 406 counties analyzed in the third quarter (48 percent), down from 216 counties (53 percent) in Q2 2017 and down from 205 counties (50 percent) in Q1 2017 — the first time since Q1 2012 that at least half of all markets saw wage growth outpacing home price growth. Counties where wage growth outpaced home price growth in Q3 2017 included Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; Orange County, California; San Bernardino County, California; and Bexar County (San Antonio), Texas. "With Southern California boasting some of the highest average sales prices in the country, our market is a testament to the importance of local community job growth," said Michael Mahon, president at First Team Real Estate, covering Southern California. "Los Angeles County is experiencing a sluggish job creation environment, creating an even wider gap in housing affordability. But in Orange County, where we are seeing local government partnering with business owners on growth incentives and business owner recruitment, we continue to see an economic environment where wage growth is exceeding the annual cost of housing inflation." Since bottoming out nationwide in Q1 2012, median home prices have risen 73 percent while average weekly wages have increased 13 percent over the same period. Counties where home price growth in Q3 2017 outpaced annual wage growth included Los Angeles County, California; Harris County (Houston), Texas; San Diego County, California; Miami-Dade County, Florida; and Kings County (Brooklyn), New York. "Housing affordability continues to be the topic that troubles me more than just about anything else. As the data shows, housing in the Seattle region is considered unaffordable, which is not a great surprise given our robust economy and substantial population growth coming out of California," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where home price appreciation outpaced wage growth in all three counties in the metro area. "The short-term prognosis is not great. Housing starts remain well below the long-term average, and we are not seeing the level of resale home sales that one would normally expect. These factors will cause home prices to keep trending higher and, as long as the economy remains strong, demand will continue to exceed supply." Home prices less affordable than historic averages in 45 percent of markets Home prices were less affordable than their historic affordability averages in 184 out of 406 of the counties analyzed for the index (45 percent), down from 49 percent in the previous quarter but still up from 21 percent a year ago. Counties with the lowest affordability index in Q3 2017 (meaning home prices were least affordable relative to local historic averages) were Lackawanna County (Scranton), Pennsylvania (72); Genesee County (Flint), Michigan (76); Comal County (San Antonio), Texas (77); Brazoria County (Houston), Texas (77); and Parker County (Dallas), Texas (78). Among counties with at least a half-million people, those with the lowest affordability index in Q3 2017 were Montgomery County (Houston), Texas (79); Denver County, Colorado (81); Collin County (Dallas), Texas (82); Travis County (Austin), Texas (83); Wayne County (Detroit), Michigan (83); and Davidson County (Nashville), Tennessee (84). "Home prices are still increasing in Ohio, primarily due to shortage of inventory coupled with high demand, especially among first time homebuyers — mainly due to an increase in employment within the state," said Matthew Watercutter, senior regional vice president and broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio, where 16 out 22 counties analyzed (73 percent) were less affordable than historic averages. "Even though the values are increasing, Ohio remains one of the most affordable states in which to live." Buying a home requires highest share of wages in Brooklyn and Bay Area Nationwide, buying a median-priced home in the third quarter of 2017 required 29.5 percent of average wages, on par with the historic average of 29.6 percent. Buying a median-priced home required the highest percentage of average wages in Kings County (Brooklyn), New York (125.8 percent), followed by Marin County (San Francisco), California (104.7 percent); Santa Cruz County, California (101.6 percent); Westchester County, New York (91.0 percent); and New York County (Manhattan), New York (90.8 percent). Buying a median-priced home required the lowest percentage of average wages in Clayton County (Atlanta), Georgia (12.0 percent); Bibb County (Macon), Georgia (12.5 percent); Wayne County (Detroit), Michigan (14.5 percent); Rock Island County, Illinois (14.8 percent); and Allen County (Lima), Ohio (15.0 percent). About ATTOM Data SolutionsATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.

Redfin Names 15 Colleges Where Students Should Buy Real Estate Instead of Rent Dorms
In Addition to Saving Monthly, Students Who Buy Can Build Equity While Earning Their Degrees SEATTLE — At 47 public U.S. colleges, it's more cost effective for a student to buy a condo than rent a dorm room on campus, according to Redfin, the next-generation real estate brokerage. Dorm rooms in the U.S. range in cost from $232 to $1,817 per month, with a median monthly rate of $705. To find out where students could save on housing costs, Redfin compared the monthly dorm rate at 195 U.S. public colleges with the median monthly mortgage on a condo in each of those cities. The top 15 list was ordered by enrollment to show the most popular schools first. Coming in at number one on the list is The University of Arizona in Tucson, which Redfin real estate agent Misty Hurley says isn't surprising. "I've had lots of parents contact me after comparing the cost of renting versus buying a home for their college student," she said. "They're often coming from places like Washington D.C., Los Angeles or Seattle, where home prices are much higher. The median sale price in Tucson is $195,000, so well below the national median sale price of $293,000 that Redfin reported in August." Rounding out the top five list were Georgia State University, the University of South Carolina, Kent State University and Louisiana State University, all of which are in cities with median home prices below the national average. In addition to saving on monthly housing costs in these cities, there are other perks to purchasing real estate. "Homeownership can be a great way to build wealth," said Hurley. "Students will build equity that they can one day use as a downpayment on a move-up home or to pay off student loans. If they choose not to sell right away, they'll have a piece of property that's ripe for renting, as there are always new college students looking for rentals." Read the full report here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.

[Infographic] The Road to the Big Game: Where 52 Shows Up in Real Estate
WASHINGTON, Sept. 7, 2017 -- Football fans around the country will be gathering in front of a TV this week to catch their favorite team in action for the first time this season. To celebrate the start of the journey to the 52nd championship game in February, the National Association of Realtors® is throwing an accurate spiral of recent real estate facts with the number 52: 52 is the median age of repeat buyers 52 percent of renters think it's a good time to buy a home 52 percent of foreign buyers purchased a home in the suburbs 52 percent of buyers said most difficult step was finding the right property 52 percent of millennials found their real estate agent through a referral The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Redfin Migration Report: Home Affordability Continued to Shape Migration Currents as Homebuyers Looked to Leave Expensive Coastal Cities in the Second Quarter
The Bay Area, New York and Los Angeles ranked highest for net outflow of home searchers SEATTLE — Twenty-one percent of Redfin.com users in the second quarter of 2017 searched mostly for homes outside the metro where they reside, slightly up from 20 percent in the first quarter, according to the latest migration report from Redfin, the next-generation real estate brokerage. The Redfin Migration Report analyzed a sample of more than one million Redfin.com users searching for homes across 75 metro areas during the peak of the homebuying season from April through June. Redfin used IP addresses to identify the metros where home searchers likely reside and compared that to where users were searching for homes. While 79 percent of Redfin.com home searchers looked to stay in their current metro, several key trends emerged among those looking to move to another metro: There continued to be significant migration within the state of California, with the most common search patterns being buyers looked to leave the Bay Area and Los Angeles, heading to Sacramento and San Diego. Several Rust Belt metros saw more than a quarter of local homebuyers looking at homes outside their metro with Chicago being the top destination. Metros in the South and the Sunbelt remained popular destinations for migrants from expensive coastal cities. Chicago, Boston and Seattle again had the highest share of residents looking to stay in their current metros. "Home searches are early indicators of home sales. The migration patterns in our report closely correlate to actual purchases made by Redfin home-buying customers within and across metros," said Taylor Marr, a Redfin data scientist who conducted the underlying research. "Buyers who can't afford a home in their current city are exploring what is available elsewhere," said Marr. "We are already seeing strong buyer demand and competition in mid-tier cities like Sacramento, Phoenix and Atlanta. As home searches evolve into purchase offers and home sales, we anticipate prices and competition will continue to grow in those markets."     To read the full report, complete with an interactive data map of metro-to-metro migration trends and full methodology, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.

Pending Home Sales Recover in June, Grow 1.5 Percent
WASHINGTON (July 31, 2017) — After declining for three straight months, pending home sales reversed course in June as all major regions, except for the Midwest, saw an increase in contract activity, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, climbed 1.5 percent to 110.2 in June from an upwardly revised 108.6 in May. At 0.5 percent, the index last month increased annually for the first time since March. Lawrence Yun, NAR chief economist, says the bounce back in pending sales in most of the country in June is a welcoming sign. "The first half of 2017 ended with a nearly identical number of contract signings as one year ago, even as the economy added 2.2 million net new jobs," he said. "Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria." Added Yun, "Low supply is an ongoing issue holding back activity. Housing inventory declined last month and is a staggering 7.1 percent lower than a year ago." Yun does note that there could potentially be a sliver of increased hope in the months ahead for prospective first-time buyers, who continue to struggle reaching the market1. Sales to investors last month were the lowest of the year (13 percent), which helped push all cash transactions to 18 percent – the smallest share since June 2009 (13 percent). "It appears the ongoing run-up in price growth in many areas and less homes for sale at bargain prices are forcing some investors to step away from the market," said Yun. "Fewer investors paying in cash is good news as it could mean a little less competition for the homes first-time buyers can afford. However, the home search will still likely be a strenuous undertaking in coming months because supply shortages in most areas are most severe at the lower end of the market." Heading into the second half of the year, Yun expects existing-home sales to finish around 5.56 million, which is an increase of 2.6 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 5 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent. The PHSI in the Northeast inched forward 0.7 percent to 98.0 in June, and is now 2.9 percent above a year ago. In the Midwest the index decreased 0.5 percent to 104.0 in June, and is now 3.4 percent lower than June 2016. Pending home sales in the South rose 2.1 percent to an index of 126.0 in June and are now 2.6 percent above last June. The index in the West grew 2.9 percent in June to 101.5, but is still 1.1 percent below a year ago. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Realtor.com® Appoints Danielle Hale as Chief Economist
SANTA CLARA, Calif., July 25, 2017 -- Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., today announced the appointment of veteran housing economist Danielle Hale as its chief economist. "We are incredibly proud to welcome Danielle to the realtor.com® family," said Nate Johnson, chief marketing officer for realtor.com®. "Danielle's in-depth housing market knowledge and research experience will help us hone and grow our research capabilities so we can leverage realtor.com®'s vast housing database to provide even more insights to homebuyers, sellers and dreamers, and professionals." As chief economist, Hale is responsible for developing and translating real estate trend data into consumer and industry insights. She also is tasked with leading a team of the industry's best analysts and economists with the goal of providing deeper and broader housing insights to people throughout the home journey. "Realtor.com®'s economics and research operation has emerged as a leading resource for valuable, actionable, and reliable housing market information," said Hale. "I look forward to working with the tremendously talented team to provide consumers and industry professionals with the tools and expertise they need to navigate the real estate world during this period of unprecedented competition and demand." Hale joins realtor.com® after nearly a decade as an economist and policy researcher at the National Association of REALTORS®. As managing director of housing research, Hale oversaw the production of closely followed housing market data, including NAR's monthly pending and existing home sales indices and quarterly home price reports. Hale previously served as manager of tax policy research, leading research projects on topics including how federal, state and local policies impact the real estate market. "Danielle possesses a rare talent for applying rigorous statistical analysis in all her work along with the ability to communicate the results to everyday people," said Lawrence Yun, chief economist for the National Association of REALTORS®. "She will be a valuable asset to realtor.com® and for consumers." Before joining the National Association of REALTORS® as an economist in 2008, Hale spent three years at the American Enterprise Institute, where she produced research and managed its executive office's communications. Her work during that time included research contributions to Dr. Allan Meltzer's A History of the Federal Reserve, Volume II (University of Chicago Press, 2010). Hale earned a bachelor's degree in International Affairs and Economics and a master's degree in Applied Economics from Florida State University. To read a Home Made post featuring a Q&A with Danielle Hale, click here. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.

84 Percent of Americans See Homeownership as Good Investment, Affordability a Growing Concern
WASHINGTON (July 12, 2017) — According to the National Association of Realtors®' 2017 National Housing Pulse Survey, concerns over housing affordability show clear demographic divides especially among unmarried and non-white Americans. More than five out of 10 unmarried and non-white Americans view the lack of available affordable housing as a big problem, compared to only 40 percent of married and white Americans. The survey, measures consumers' attitudes and concerns about housing issues in the nation's 25 largest metropolitan statistical areas and found that 84 percent of Americans now believe that purchasing a home is a good financial decision - the highest number since 2007. Yet six in 10 said that they are concerned about affordability and the rising cost of buying a home or renting in their area. Housing affordability was ranked fourth in the top-five issues Americans face in their area behind the lack of affordable health care; low wages and debt making it hard to save; and heroin and opioid drug abuse, and ahead of job layoffs and employment. Nationally, 44 percent of respondents categorized the lack of available affordable housing as a very big or fairly big problem. In the top 25 densest markets, more than half see the lack of affordable housing as a big problem, an increase of 11 percentage points from the 2015 National Housing Pulse Survey. Low-income Americans, renters and young women most acutely feel the housing pinch. There is also greater concern about affordable housing among the working class (65 percent) than for public servants such as teachers, firefighters or police (55 percent). "Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home," says NAR president William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties. Eight out of 10 believe that the most important financial reason to own a home is that the money spent on housing goes towards building equity rather than to a property owner. Paying off a mortgage and owning a home by the time you retire is the next most important financial reason for buying a home followed by ownership being a good investment opportunity to build long-term wealth and increase net worth. When asked about the amount of down payment needed for a mortgage, four in 10 respondents believe that a down payment of 15 percent or more is necessary. Seventy percent feel that a reasonable down payment should be 10 percent or less, according to the survey. Misperceptions about higher down payment requirements were most prevalent in bigger cities and by older adults. Apparent confusion about down payment requirements most likely added to non-owners concerns about affordability. NAR's Profile of Home Buyers and Sellers found that the median down payment for first-time buyers has been 6 percent for three straight years and 14 percent for repeat buyers in three of the past four years. Over 50 percent of respondents strongly agree that homeownership helps build safe and secure neighborhoods and provides a stable and safe environment for children and family members. The survey also found that four in 10 Americans say paying their rent or mortgage is a strain on their budget. Those most likely to say their mortgage is a strain have incomes under $60,000, are residents of New York City or the Pacific coast, are under the age of 50 and non-white. Just over half, 51 percent, of respondents said they were willing to strain their budget for a better living environment and would pick a neighborhood with better schools and job opportunities even if housing prices are a bigger strain on their budget. Those most willing to strain their budget are disproportionately married, upper income and living in the suburbs. Overspending on homes is more prevalent in Northeastern cities (36 percent), the Mountain West (34 percent) and the Pacific coast (33 percent). The 2017 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR's Housing Opportunity Program, which aims to position, educate and help Realtors® promote housing opportunities in their community, in both the rental and homeownership sectors of the market. The telephone survey polled 1,500 adults nationwide and has a margin of error of plus or minus 2.5 percentage points. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

NAR Midyear Forecast: Existing-Home Sales Poised to Climb 3.5 Percent in 2017
  WASHINGTON (May 18, 2017) – The multi-year stretch of robust job gains along with improving household confidence are expected to guide existing-home sales to a decade high in 2017, but supply and affordability headwinds and modest economic growth are holding back sales and threatening to keep the nation's low homeownership rate subdued. That's according to speakers at a residential real estate forum here at the 2017 REALTORS® Legislative Meetings & Trade Expo. Lawrence Yun, chief economist of the National Association of Realtors®, presented his 2017 midyear forecast and was joined onstage by Jonathan Spader, senior research associate at the Joint Center for Housing Studies at Harvard University, and Mark Calabria, chief economist and assistant to Vice President Mike Pence. Spader's presentation addressed past and projected movements in the homeownership rate, and Calabria dove into why reversing weak productivity and the low labor force participation rate are necessary to boost the economy. The first quarter was the best quarterly existing sales pace in exactly a decade (5.62 million), and Yun expects activity to stay on track and finish around 5.64 million – the best since 2006 (6.47 million) and 3.5 percent above 2016. With several metro areas seeing hefty price growth, the national median existing-home price is expected to rise around 5 percent this year. "The housing market has exceeded expectations ever since the election, despite depressed inventory and higher mortgage rates," said Yun. "The combination of the stock market being at record highs, 16 million new jobs created since 2010, pent-up household formation and rising consumer confidence are giving more households the assurance and ability to purchase a home." Although sales are currently running at a decade high, Yun believes the healthy labor market should be generating even more activity. However, listings in the lower- and mid-market price range are scant and selling fast, and homebuyers are discovering they can afford less of what's on the market based on their income. "We have been under the 50-year average of single-family housing starts for 10 years now," said Yun. "Limited lots, labor shortages, tight construction lending and higher lumber costs are impeding the building industry's ability to produce more single-family homes. There's little doubt first-time buyer participation would improve and the homeownership rate would rise if there was simply more inventory." Housing construction has been uneven so far this year, but Yun does anticipate starts to jump 8.4 percent to 1.27 million. However, this is still under the 1.5 million new homes needed to make up for the insufficient building in recent years. New single-family home sales are likely to total 620,000 this year, up 8.4 percent from 2016. Addressing the nation's low homeownership rate, Spader said substantial uncertainty exists about its future direction. He cited foreclosure-related housing exits from older adults and delayed buying from younger households as the primary causes in the downward trend since the downturn. He said the good news is that while there was growth in homeowner households in 2016, an aging population, changes in family type and increasing diversity by race and ethnicity all pose as headwinds going forward. Spader's 2025 projection puts the homeownership rate in a range of 61.0 – to – 65.1 percent. "Stagnant household incomes, rising rental costs, student loan debt and limited supply have all contributed to slower purchasing activity," said Spader. "When the homeownership rate stabilizes, there will be an increase in homeowner households. Young and minority households' ability to reach the market will play a big role in how much the actual rate can rise in coming years." Calabria's presentation focused on his thoughts of what can be done to jump-start economic growth. He attributed prolonged weak productivity and the low labor participation rate as the primary reasons why the current economic expansion is the slowest since World War II. "A strong labor market will drive a strong housing market, but you can't have a strong housing market without a strong economic foundation," said Calabria. "The recovery has been uneven with roughly 70 counties making up roughly half of all job growth. The White House's proposed plans to cut corporate and individual tax cuts will help large and small businesses grow, hire and ultimately contribute to more households buying homes as more money goes into their pockets." Although Yun said economic growth in the first quarter was "a huge disappointment" at 0.7 percent (first estimate), he anticipates that an increase in consumer spending and more homebuilding should provide enough fuel for gross domestic product to finish slightly higher, at 2.2 percent, than a year ago (1.6 percent). Yun believes the rising interest rate environment is here to stay as the Federal Reserve slowly begins unwinding its balance sheet. He foresees two more short-term rate hikes by the end of this year and for mortgage rates to average around 4.30 percent before gradually climbing towards 5.0 percent by the end of 2018. "There was a lot of uncertainty at the start of the year, but a very strong first quarter sets the stage for a modest sales increase compared to last year," said Yun. "However, prices are still rising too fast in many areas and are outpacing incomes. That is why housing starts need to rise to alleviate supply shortages. There will be more sales if there's a meaningful bump in new and existing inventory." Members of the media are invited to attend the upcoming Sustainable Homeownership Conference on June 9 at University of California's Memorial Stadium in Berkeley. In celebration of Homeownership Month, the conference brings together experts to examine housing trends and real estate's positive impacts. 2017 NAR President Bill Brown, NAR Chief Economist Dr. Lawrence Yun and Berkeley Hass Real Estate Group Chair Ken Rosen are among the prominent experts scheduled to speak. To register, click here. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

NAR, Realtor.com® Identify Growing Rift Between Housing Availability and Affordability
  WASHINGTON (February 16, 2017) — Existing-home sales are forecast to expand 1.7 percent in 2017, but a new housing affordability model created jointly by the National Association of Realtors® and realtor.com®, a leading online real estate destination, operated by operated by News Corp subsidiary Move, Inc., suggests homebuyers at many income levels could see an inadequate amount of listings on the market within their price range in coming months. Using data on mortgages, state-level income and listings on realtor.com®, the Realtors® Affordability Distribution Curve and Score is NAR and realtor.com®'s new ongoing monthly research designed to examine affordability conditions at different income percentiles for all active inventory on the market. The Affordability Distribution Curve examines how many listings are affordable to those in a particular income percentile. The Affordability Score — varying between zero and two — is a calculation that is equal to twice the area below the Affordability Distribution Curve on a graph. A score of one or higher generally suggests a market where homes for sale are more affordable to households in proportion to their income distribution. Lawrence Yun, NAR chief economist, says a top complaint Realtors® have been hearing from clients is a notable imbalance between what they can afford and what is listed for sale. "Home prices have ascended far past wage growth in much of the country in recent years because not enough homeowners are selling and homebuilders have not boosted production enough to meet rising demand," he said. "NAR and realtor.com®'s new affordability measure confirms that buyers aren't exaggerating about the imbalance. Amidst higher home prices and now mortgage rates, households with lower incomes have been able to afford less of all homes on the market last year and so far in 2017." Reflecting a growing shortage of accessible inventory for most income groups, the entire Affordability Distribution Curve in January was below the equality line and the gap was generally wider at lower incomes, which indicates even tighter supply conditions. A household in the 35th percentile could afford 28 percent of all listings, a median income household (50th percentile) could afford 46 percent of listings and a household in the 75thpercentile was able to afford 74 percent of active listings. "Consistently strong job gains and a growing share of millennials entering their prime buying years is laying the foundation for robust buyer demand in 2017," said Jonathan Smoke, chief economist at realtor.com®, a leading online real estate destination. "However, buyers with a lower maximum affordable price are seeing heavy competition for the fewer listings they can afford. At a time of higher borrowing costs, this situation could affect affordability even more as buyers battle for a smaller pool of homes and bid prices upward." Calculating last month's Affordability Score — two times the area under the Affordability Distribution Curve — further highlights the disjointed rate of accessible supply on the market across the U.S. Swift price growth and higher mortgage rates caused January's Affordability Score (0.92) to shrink nationally from a year ago (0.97) and also in many states. Only 19 states had a score above one (conditions that are more favorable) and a meager three — North Dakota, Alaska and Wyoming — saw year-over-year gains in their score. "Heading into the beginning of the spring buying season, available supply is more reachable for aspiring buyers in the upper end of the market and specifically in nearly all Midwestern states," said Smoke. "Meanwhile, many states in the West and South have seen deteriorating supply levels over the past year. Buyers in these areas should know that it may take longer to find the right home at a price they can afford." The states last month with the highest Affordability Score were Indiana (1.23), Ohio (1.22), Iowa (1.18), Kansas (1.17), and Michigan and Missouri (both at 1.14). The states with the lowest Affordability Score were Hawaii (0.52), California (0.60), District of Columbia (0.65), and Montana and Oregon (both at 0.67). "This shortfall of inventory at a time of healthy job gains in most states is one of the biggest reasons for the depressed share of first-time buyers and the inability for the homeownership rate to rise above its near-record low," added Yun. "The only prescription to reversing this adverse situation is to build more entry-level and mid-market housing that aligns with current household incomes." The new Realtors® Affordability Distribution Curve and Score was created to be a valuable resource for Realtors® and consumers to assess the affordability of markets in different income groups. The research may eventually include metro-level data and will be updated on an ongoing basis at https://www.nar.realtor/topics/realtors-affordability-distribution-curve-and-score. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries. Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.

Redfin Names the Most Competitive Neighborhoods for Homebuyers in 2016
SEATTLE — Dec. 29, 2016 — Factoria, a neighborhood in Bellevue, Washington just outside of Seattle, was the nation's most competitive neighborhood for homebuyers in 2016, according to Redfin, the next-generation real estate brokerage. In Factoria this year, the typical home went under contract in seven days and sold for 5 percent above the asking price. Home prices there grew 26 percent this year. Redfin examined neighborhoods in 27 metro areas to rank the 30 most competitive neighborhoods for homebuyers in 2016. In addition to median days on market, the average sale-to-list price ratio and home price growth, Redfin ranked the neighborhoods' competitiveness based on the percentages of homes that sold for all cash and that sold for more than their asking price. The nation's 30 most competitive neighborhoods for homebuyers in 2016 spanned just six metropolitan areas. Seattle was home to 10 of the country's 30 most competitive neighborhoods.Eight Boston-area neighborhoods ranked, led by Washington Square (Brookline) and Prospect Hill (Somerville). Denver had seven hoods in the top 30, including Lakeside and West Pleasant View (Golden). Three San Francisco neighborhoods made the list. Washington, D.C. and Los Angeles also cracked the top 30, each with one neighborhood named. To read the full report including the top 30 ranking with relevant additional data and insights, please click here. About Redfin CorporationRedfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the highly accurate automated home-value estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales and saved customers more than $335 million in fees through 2015.

CoreLogic Reports 30,000 Completed Foreclosures in October 2016
  December 13, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its  October 2016 National Foreclosure Report which shows the foreclosure inventory declined by 31.5 percent and completed foreclosures declined by 24.9 percent compared with October 2015. The number of completed foreclosures nationwide decreased year over year from 40,000 in October 2015 to 30,000 in October 2016, representing a decrease of 74.7 percent from the peak of 118,287 in September 2010. The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.5 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure. As of October 2016, the national foreclosure inventory included approximately 328,000, or 0.8 percent, of all homes with a mortgage, compared with 479,000 homes, or 1.2 percent, in October 2015. CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 24.8 percent from October 2015 to October 2016, with 1 million mortgages, or 2.5 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with decreases in serious delinquency in 47 states and the District of Columbia. "Loan performance varies by the health of the local economy and housing market. Alaska, North Dakota and Wyoming, three states with energy-related job loss, experienced a rise in serious delinquency rates while all other states had a decline," said Dr. Frank Nothaft, chief economist for CoreLogic. "Although there were large declines in foreclosure rates in New York and New Jersey, both states experienced the highest serious delinquency rates in the nation, reflecting lagging home values in most neighborhoods and an unemployment rate above the national average." "Housing and labor markets improved over the past year, setting the stage for further declines in foreclosure rates across much of the nation," said Anand Nallathambi, president and CEO of CoreLogic. "Home values posted an annual gain of 5.8 percent through September in the CoreLogic Home Price Index, and payroll employment rose 2.4 million for the year through October." Additional October 2016 highlights: On a month-over-month basis, completed foreclosures declined by 27.5 percent to 30,000 in October 2016 from the 41,000 reported for September 2016.* As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 22,000 per month nationwide between 2000 and 2006. On a month-over-month basis, the October 2016 foreclosure inventory was down 3.6 percent compared with September 2016. The five states with the highest number of completed foreclosures in the 12 months ending in October 2016 were Florida (51,000), Michigan (29,000), Texas (26,000), Ohio (23,000) and Georgia (20,000). These five states accounted for 36 percent of completed foreclosures nationally. Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in October 2016: the District of Columbia (212), North Dakota (278), West Virginia (407), Alaska (622), and Montana (660). Four states and the District of Columbia had the highest foreclosure inventory rate in October 2016: New Jersey (2.8 percent), New York (2.7 percent), Maine (1.7 percent), Hawaii (1.7 percent) and the District of Columbia (1.6 percent). The five states with the lowest foreclosure inventory rate in October 2016 were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Utah (0.3 percent) and Michigan (0.3 percent). *September 2016 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure activity reported through October 2016. This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics. A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender's real estate-owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in "foreclosure by advertisement" states at the completion of the auction. The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is "started," and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender's REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

Equity Rich U.S. Homeowners Increase by 2.6 Million in Q3 2016 as Average Homeownership Tenure Reaches a New High
IRVINE, CA--(November 17, 2016) - ATTOM Data Solutions, curator of the nation's largest fused property database, today released its Q3 2016 U.S. Home Equity and Underwater Report, which shows that 13,125,367 U.S. homeowners were equity rich (loan-to-value ratio of 50 percent or lower) as of the end of Q3 2016, representing 23.4 percent of all U.S. homeowners with a mortgage and an increase of more than 2.6 million from a year ago. The report also shows that 6,063,326 U.S. homeowners were seriously underwater (LTV of 125 or higher) as of the end of Q3 2016, representing 10.8 percent of all U.S. homeowners with a mortgage, and a decrease of more than 854,000 homeowners from a year ago. Since the peak in seriously underwater homeowners at 12.8 million representing 28.6 percent of all homeowners with a mortgage in Q2 2012, the number of seriously underwater homeowners has decreased by more than 6.7 million. "Close to one in every five U.S. homeowners with a mortgage is now equity rich thanks to a combination of rising home prices and lengthening homeownership tenures," said Daren Blomquist, senior vice president at ATTOM Data Solutions, the new parent company of RealtyTrac. "Median home prices increased on a year-over-year basis for the 18th consecutive quarter in Q3 2016, and homeowners who sold in the third quarter had owned their home an average of 7.94 years - a new high in our data and substantially higher than the average homeownership tenure of 4.26 years pre-recession. As homeowners stay in their homes longer before moving up, they are amassing more home equity wealth." Historical Seriously Underwater & Equity Rich Trends San Jose, San Francisco, Honolulu with highest share of equity rich homeowners Among 88 metropolitan statistical areas with a population of at least 500,000 or more, those with the highest share of equity rich homeowners were San Jose (55.7 percent); San Francisco (49.8 percent); Honolulu (39.3 percent); Los Angeles (38.2 percent); and Pittsburgh (34.5 percent). Other metro areas in the top 10 for highest share of equity rich homeowners were Portland (33.1 percent), San Diego (33.0 percent); Oxnard-Thousand Oaks-Ventura, California (32.7 percent); Seattle (31.5 percent); and Austin, Texas (31.0 percent). There were seven metro areas where the share of equity rich homeowners increased by more than 10 percentage points from a year ago in Q3 2016: San Francisco (up 11.9 percentage points); San Jose (up 11.9 percentage points); Cape Coral-Fort Myers, Florida (up 11.5 percentage points); Portland, Oregon (up 11.2 percentage points); Denver (up 11.2 percentage points); Austin, Texas (up 10.8 percentage points); and Seattle (up 10.8 percentage points). "The percentage of equity rich households in the Seattle area took off at the end of last year and has been rising at an impressive rate ever since then, especially when compared to the country as a whole - which has seen a far more modest increase than we have locally," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "This growth in home equity wealth will likely lead to an increase in cash-out refinancing in our market, but more importantly, it will serve to protect Seattle homeowners from any unforeseeable shocks that might arise in the future." More than 20 percent of homeowners underwater in Las Vegas, Cleveland, Detroit The share of seriously underwater homeowners was 20 percent or higher in seven of the 88 metro areas analyzed in the report: Las Vegas (25.0 percent); Akron, Ohio (24.2 percent); Cleveland, Ohio (22.8 percent); Toledo, Ohio (21.7 percent); Dayton, Ohio (20.2 percent); Detroit (20.0 percent); and Lakeland-Winter Haven, Florida (20.0 percent). Other markets in the top 10 for highest share of seriously underwater homeowners were Chicago (19.5 percent); Kansas City (18.4 percent); and Memphis (18.3 percent). Counter to the national trend, the share of seriously underwater homeowners increased from a year ago in 21 of the 88 metro areas analyzed, including Akron, Ohio; McAllen-Edinburg-Mission, Texas; Baton Rouge, Louisiana; Scranton-Wilkes-Barre-Hazleton, Pennsylvania; and Little Rock, Arkansas. 17 ZIP codes with two-thirds of homeowners underwater Among 6,911 U.S. ZIP codes analyzed in report, 17 posted seriously underwater rates of 66 percent or higher, including ZIP codes in the following metro areas: Chicago, St. Louis, Detroit, Columbus, Ohio; East Stroudsburg, Pennsylvania; Trenton, New Jersey; Cleveland, and Milwaukee. Top 17 ZIP Seriously Underwater ZIP Codes Report methodology The ATTOM Data Solutions U.S. Home Equity & Underwater report provides counts of properties based on categories of equity -- or loan to value (LTV) -- at the state, metro, county and zip code level, along with the percentage of total residential properties with a mortgage that each equity category represents. The equity/LTV calculation is derived from a combination of record-level open loan data and record-level estimated property value data, and is also matched against record-level foreclosure data to determine foreclosure status for each equity/LTV category. Definitions Seriously underwater: Loan to value ratio of 125 percent or above, meaning the homeowner owed at least 25 percent more than the estimated market value of the property. Equity rich: Loan to value ratio of 50 percent or lower, meaning the homeowner had at least 50 percent equity. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports. ATTOM Data Solutions also powers consumer websites designed to promote real estate transparency: RealtyTrac.com is a property search and research portal for foreclosures and other off-market properties; Homefacts.com is a neighborhood research portal providing hyperlocal risks and amenities information; HomeDisclosure.com produces detailed property pre-diligence reports. ATTOM Data and its associated brands are cited by thousands of media outlets each month, including frequent mentions on CBS Evening News, The Today Show, CNBC, CNN, FOX News, PBS NewsHour and in The New York Times, Wall Street Journal, Washington Post, and USA TODAY.

CoreLogic Analysis Shows Between $4 Billion and $6 Billion in Insured Property Loss from Hurricane Matthew
  October 08, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, has conducted an analysis showing that insured property losses for both residential and commercial properties from Hurricane Matthew are estimated to be between $4 billion and $6 billion from wind and storm surge damage. This does not include insured losses related to additional flooding, business interruption or contents. Of this $4-6 billion, 90 percent of the insurance claims are expected to be related to wind and 10 percent is expected to be related to storm surge. Figure 1 shows the insured property loss estimates for Hurricane Matthew compared with previous storms, including Hurricanes Katrina, Sandy, Floyd and David. As the data indicates, the insured loss estimate from Hurricane Matthew is well above Hurricanes Floyd and David, but well below Hurricanes Katrina and Sandy. Figure 1: Insured Property Loss Estimates for Hurricanes Matthew, Sandy, Katrina, David and Floyd In addition, CoreLogic estimates about 1.5 million residential and commercial properties are expected to be impacted from wind and storm surge from Hurricane Matthew. The fact that structures in the region are comprised primarily of masonry, wood and veneers, coupled with the stringent Florida building codes, helps reduce total insured property losses compared with other memorable storms. Figure 2 shows the estimated insured property loss estimates by county in Florida, Georgia and South Carolina. Figure 2: Hurricane Matthew Loss Contribution by County in Florida, Georgia and South Carolina For more information on CoreLogic storm surge methodology, data and analysis, download a copy of the more in-depth 2016 CoreLogic Storm Surge report at http://www.corelogic.com/landing-pages/2016-corelogic-storm-surge-risk-report.aspx. Methodology The CoreLogic North Atlantic Hurricane Model was used to create wind and storm surge damage footprints for Hurricane Matthew using the track forecast data from the October 6, 5:00 pm EDT advisory issued by the National Hurricane Center. The insured loss data was analyzed in the North Atlantic Hurricane Model to ascertain the expected loss range from the Hurricane Matthew event footprint in the model. The model provides a granular, up-to-date, detailed risk assessment for the combined perils of hurricane winds and coastal storm surge flooding. The model has been certified by the Florida Commission Hurricane Loss Projection Methodology (FCHLPM) since the inception of the process in 1997. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

NAR Identifies Top 10 Markets in Dire Need of More Single-family Housing Starts
  WASHINGTON (September 19, 2016) – Single-family home construction is currently lacking in 80 percent of measured metro areas despite steady job creation and the low activity is creating a housing shortage crisis that is curtailing affordability and threatening to hold back prospective buyers in many of the largest cities in the country, according to new research from the National Association of Realtors®. NAR's study reviewed new home construction relative to job gains over a three-year period (2013-2015) in 171 metropolitan statistical areas (MSAs) throughout the U.S. to determine the markets with the greatest shortage of single-family housing starts. The findings reveal that single-family construction is startlingly underperforming in most of the U.S., with markets in the West making up half of the top ten areas with the largest deficit of newly built homes. Lawrence Yun, NAR chief economist, says a large swath of the country continues to be plagued by inventory shortages exasperated by critically low homebuilding activity. "Inadequate single-family home construction since the Great Recession has had a detrimental impact on the housing market by accelerating price growth and making it very difficult for prospective buyers to find an affordable home – especially young adults," he said. "Without the expected pick-up in building as job gains rose in recent years, new and existing inventory has shrunk, prices have shot up and affordability has eroded despite mortgage rates at or near historic lows." NAR analyzed employment growth in relation to single-family housing starts in the three-year period from 2012 through 2015. Historically, the average ratio for the annual change in total jobs to permits is 1.6 for single-family homes. The research found that 80 percent of measured markets had a ratio above 1.6, which indicates inadequate new construction in most of the country. The average ratio for areas examined was 3.4. Using each metro area's jobs-to-permits ratio, NAR then calculated the amount of permits needed in each metro area to balance the ratio back to its historical average of 1.6. The higher the number of permits required, the more severe the shortage was in each market. The top 10 metro areas with the biggest need for more single-family housing starts to get back to the historical average ratio are: New York (218,541 permits required) Dallas (132,482 permits required) San Francisco (127,412 permits required) Miami (118,937 permits required) Chicago (94,457 permits required) Atlanta (93,627 permits required) Seattle (73,135 permits required) San Jose, California (69,042 permits required) Denver (67,403 permits required) San Diego (55,825 permits required) According to Yun, most of the metro areas with the biggest need for increased construction have strong appetites for buying, home-price growth that outpaces incomes and common instances where homes sell very quickly. Their healthy job markets continue to attract an influx of potential homeowners, only fueling the need for more housing. "Although a few small cities with high ratios did not make the national rank for absolute permit shortages, their supply shortages are still meaningful at the local level and could become a bigger issue if job gains hold steady and the current pace of construction remains at its nearly non-existent level," adds Yun. Single-family housing starts are seen as adequate to local job growth (at a ratio of 1.6) in Pensacola, Florida; Huntsville, Alabama; Columbia, South Carolina; and Virginia Beach, Virginia. "The limited number of listings in several markets means that many available homes are receiving multiple offers and going under contract rather quickly," says NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. "It's important in this situation to remain patient and not get caught up offering more than your budget allows. Find a Realtor® with experience serving clients in your desired area and rely on them to deploy a negotiation strategy that ensures success while sticking within budget." Looking ahead, Yun says the good news is that the ratio in many areas slightly moved downward in 2015 compared to 2014 as builders started to respond accordingly to local supply shortages. However, it'll likely be multiple years before inventory rebounds in many of the markets because homebuilders continue to face a plethora of hurdles, including permit delays, higher construction, regulatory and labor costs, difficulty finding skilled workers and the exhausting process many smaller builders go through to obtain financing. "Recent NAR survey data show an overwhelming consumer preference towards single-family homes, including among millennials, who are increasingly buying them in suburban areas," concludes Yun. "A mix of new starter-homes for first-time buyers and larger homes for families looking to trade up is needed at this moment to ensure homeownership opportunities remain in reach to qualified prospective buyers at all ages and income levels." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Millennials Changing Face of America, Heavily Impacting Homeownership, Say Experts
  WASHINGTON (May 13, 2016) — Millennials are bucking trends, changing the landscape of America, and sharply different from previous generations in many different ways. One of the most visible and consequential ways is through millennial homeownership numbers, according to experts on generational trends and homeownership presenting at the 2016 REALTORS® Legislative Meetings & Trade Expo. While all generations have their own hardships, opportunities and defining features, millennials are coming of age in a time of deep demographic transformation, experts say. In a session titled "The Minds of Millennials—Motivation, Mobility and Making  Home," moderated by National Association of Realtors® Chief Economist Lawrence Yun, panelists discussed what the shift means for the American way of life. "America in the near future will look nothing like the America of the past," said Paul Taylor, executive vice president of the Pew Research Center and author of the book "The Next America: Boomers, Millennials, and the Looming Generational Showdown". "These shifts are creating big generation gaps that will put stress on our families, our politics, our pocketbooks, our entitlements programs and perhaps our social cohesion." Millennials, Taylor said, are different from their parents and grandparents in ways that are already impacting all aspects of life. For example, he noted that millennials (those born after 1980) are less religiously affiliated and slow to marry and have kids. They grew up with cell phones and on social networking sites while also obtaining a high level of education, but are still struggling financially because of the economy. Politically, half of the generation identifies as independent, more than ever have before. While seemingly small differences, these characteristics have very real effects on homeownership. After all, he noted, 39 percent of millennials are still living with a parent or relative, citing the record share of young households holding student debt. Jessica Lautz, managing director of survey research at NAR, agreed that homeownership among millennials is taking a hit. Student loan debt, flat wages, rising home prices (making it harder to get into the homeownership game) and rising rents (complicating the saving process), are delaying milestones such as marrying and having children - major events in life that often cause young people to buy a home. The real estate industry is already feeling the impact of these factors on millennials in regards to home buying.  First-time buyers have in the past accounted for about 40 percent of homebuyers; however, NAR data show that number has trended downward since 2011 and currently sits at 32 percent. And while married couples are the largest group of buyers (currently 67 percent of all buyers), single females make up the second largest group of buyers, and that share has also dropped from 22 percent in 2006 to 15 percent in 2015. Still, one big thing hasn't changed, according to Lautz. "Even with all these statistics showing how things have changed for millennials and the fact that they are worse off financially than previous generations had been, the median age of first-time buyers has stayed relatively unchanged at 31," Lautz said. "This means that they are ready and willing to buy if they can in fact break into the market. It's getting more difficult to get to that point, but the desire to do so hasn't changed." And while the path to homeownership is harder now for millennials carrying student debt, dealing with rising rents, and experiencing stagnant wages, NAR research shows that millennials still see the value in owning and home and once they are ready, they are looking to a real estate agent in higher numbers than ever before. "We are seeing that millennials are using agents at much higher rates," Lautz said. "You might assume that they would prefer to take on a purchase or sell on their own, being raised in the digital age, but instead, we have found that these buyers and sellers want someone to help them through the process, not unlike the way their parents have helped them through their young adult life. Not having been through the process before, they rely on real estate agents to get them through the competitive market and to the finish line." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Realtor.com® Identifies America's Boom Towns
  SANTA CLARA, Calif., April 18, 2016 -- Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., today released its list of America's Top 'Boom Towns'. Led by Gilbert, Ariz. (85297); Los Angeles (90012), and Dallas (75201), these neighborhoods are striking it rich when it comes to new home construction, job creation and an increasing number of households – the gold mine for housing market growth. "The strength of the residential real estate market is closely correlated to growth in jobs and households," said Jonathan Smoke, chief economist for realtor.com®. "The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next." America's Top Boom Towns are demonstrating some of the strongest growth in jobs, household formation, and housing starts across the country. Every market on the list has experienced between one and five times the average job growth of the top 100 counties in the country. Household growth in each of these areas is between one and seven times the average growth of the top 100 areas. New home starts are between one and six times the average growth in the top 100 counties. Most importantly, each individual ZIP code is projected to see a growth in households of between nine and 19 percent over the next five years. Methodology: Realtor.com® combined projected measures of job creation, household formation and new construction for 2016 to identify the top growth counties. Based on this information, the top ZIP code for each county was identified based on its five year projected household growth. Boom Towns 1. 85297 Gilbert, Ariz.Largest Neighborhood: Power Ranch Part of the Phoenix metropolitan area, Gilbert is located just over 30 miles east of downtownPhoenix in close proximity to where GoDaddy and PetSmart® have significant operations. The sunny neighborhood of 85297 is highly sought after by both snowbirds and locals for its close proximity to golf courses and country clubs. The biggest draw for locals is the strong school district, Higley Unified School District, that's home to Centennial Elementary, which was ranked No. 1 in the state in 2014. ZIP code 85297 is expected to see households grow by 15.9 percent over the next five years, 4.2 times faster than the rest of Maricopa County, where more than 25,000 new housing starts and in excess of 53,000 new jobs are forecast for 2016 – that's 5.7 and 5.8 times more than the average of the top 100 counties in the country, respectively. 2. 90012 Los AngelesLargest Neighborhoods: Historic, Cultural, Elysian Park, Mission Junction Los Angeles is the second-largest city in the U.S. The 90012 ZIP code is located in central Los Angeles and encompasses several neighborhoods, including Elysian Park, Mission Junction, Little Tokyo and Chinatown. In recent years, the area has seen a surge in interest among higher income residents, driven by vibrant cultural offerings – such as the Walt Disney Concert Hill and Dorothy Chandler Pavilion – restaurants and nightlife, as well as new residential development. ZIP code 90012 is expected to experience household growth of 8.8 percent over the next five years. Los Angeles County is expected to see more than 22,000 new housing starts and 65,000 new jobs created in 2016, five times and 7.2 times more than the average of the top 100 counties in the country, respectively. 3. 75201 DallasLargest Neighborhoods: Downtown, Arts District, Uptown, Farmers Market Located in downtown Dallas, the 75201 zip code is home to the Dallas Museum of Art, American Airlines Center—where the city's National Basketball Association and National Hockey League teams play – and is just steps away from Baylor University Medical Center. This neighborhood has undergone a dramatic transformation since the early 2000s when the "Dallas Trinity River Project" began bringing parks, trails, and nature centers in the area. Its close proximity to major employers, shopping, restaurants and Klyde Warren Park make this neighborhood highly sought after by millennials. Urban condos, lofts, and townhomes are popping up everywhere. Households in 75201 are forecast to grow by 14.9 percent over the next five years. Dallas County is expected to see more than 16,000 new housing starts and 40,000 new jobs created in 2016, 3.8 times and 4.5 times more, respectively, than the average of the top 100 counties in the country. 4. 33132 MiamiLargest Neighborhoods: Downtown, Midtown, Seaport Famous for its beaches and warm climate, Miami is also a hub for finance, commerce, culture, media, entertainment and the arts. Traditionally, downtown Miami was a bustling business center by day that became a ghost town by night, but urban development with projects such as Miami Worldcenter have brought tens of thousands of new residents to the area, many of whom are millennial professionals attracted to the shopping and nightlife as well as their ability to walk to work. ZIP code 33132 is expected to see households grow by 14.9 percent over the next five years. The forecast calls for more than 13,000 new housing starts and 44,000 new jobs created in 2016 in Miami-Dade County. This is three times the housing growth and 4.8 times the jobs anticipated on average in the top 100 counties in the country, respectively. 5. 89179 Las VegasLargest Neighborhoods: Mountain's Edge Las Vegas is the most populous city in the state of Nevada and is internationally known as a resort destination. Located roughly 14 miles from the Las Vegas strip, the 89179 zip code primarily encompasses part of a planned community known as Mountain's Edge. Since the development of Mountain's Edge began in 2004, it has ranked among the top-selling master planned communities in the U.S. due to its extensive outdoor amenities such as its large scale community parks, trails and open spaces. Two elementary schools – William V. Wright Elementary School and Carolyn S. Reedom Elementary School – are located within the community itself and in close proximity to ZIP code 89179. Households in ZIP code 89179 are expected to grow by 19.4 percent over the next five years. Clark County is anticipated to see more than 14,000 new housing starts and 23,000 new jobs created in 2016 which is 3.3 times housing growth and 2.5 times the job growth anticipated on average in the top 100 counties in the country, respectively. 6. 98121 SeattleLargest Neighborhood: Belltown The 98121 zip code is home to the largest proportion of residents in downtown Seattle, as well as the largest retail area. Ten percent of Seattle residents now live downtown, representing a 12 percent growth in population since 2010. New residential developments like the 707-unit Insignia Towers and the area's wide variety of restaurants, bars, and cultural offerings, have made Belltown a major draw in recent years. This is especially true for employees of the area's major employers like Amazon, Microsoft, and Starbucks, who are looking for close proximity to work. ZIP code 98121 is expected to see households grow by 11.9 percent over the next five years. King County is expected to see more than 13,000 new housing starts and 21,000 new jobs formed in 2016; that's 3.1 times more new homes and 2.3 times more jobs than the average of the top 100 counties in the country, respectively. 7. 27571 Rolesville, N.C.Largest Neighborhoods: Villages of Rolesville, Carlton Pointe, Cedar Lakes Thirty minutes from Raleigh, N.C., Rolesville is a suburb situated along U.S. Highway 401 in northeastern Wake County and is only 30 minutes from 'Research Triangle Park,' the largest research park in the country with more than 150 companies. Rolesville is known for its strong regional economy and prime positioning, with North Carolina State University, Duke University, and The University of North Carolina all less than an hour away. The realtor.com® Boom Town list isn't the first honor for Rolesville, which has ranked as the Fastest Growing North American City (Forbes.com), Top Housing Market for Investors (Forbes), and Top Public Schools in the U.S. (Greatschools.org). People come here for the jobs, schools and nice weather. Households in ZIP code 27571 are forecast to grow by 12.1 percent over the next five years. Wake County is expected to see more than 10,000 new housing starts and 12,000 new jobs in 2016, that's 2.4 times more new homes and 1.3 times more jobs than the average of the top 100 counties in the country, respectively. 8. 11249 BrooklynLargest Neighborhood: Williamsburg ZIP code 11249 encompasses the Williamsburg neighborhood. Over the past 15 years, the neighborhood has become known as a "hipster" hotspot because of the many artists and creative-minded millennials who have moved there. It is filled with restaurants, bars, art galleries, shops and music venues. Housing developments are popping up throughout this region, including several new residential towers, including Rocket Factory Lofts, distributed throughout Williamsburg. ZIP code 11249 is expected to see households grow by 9.2 percent over the next five years. Kings County is expected to see more than 8,000 new housing starts and 18,000 new jobs created in 2016; that's 1.9 times more new homes and two times more jobs than the average of the top 100 counties in the country, respectively. 9. 60603 ChicagoLargest Neighborhoods: The Loop, downtown Chicago Chicago is the economic heart of the Midwest, and third most populous city in the U.S. Its metropolitan area includes prominent businesses such as United Airlines, Boeing, and Kraft, universities like Northwestern, the University of Chicago, DePaul and Loyola and cultural institutions such as the Art Institute of Chicago. The 60603 zip code extends from Lake Michiganto South Wells Street and West Madison to the North and West Adams to the South and is in proximity to businesses and public transportation. In addition to the West Loop's thriving social scene of popular restaurants and bars, Google, Uber and Twitter all have offices nearby. ZIP code 60603 is expected to see households grow by 18.9 percent over the next five years. More than 6,000 new housing starts and over 38,000 more jobs are forecast for Cook County in 2016. This translates to 1.4 times more new homes and 4.2 times more jobs than the average of the top 100 counties in the country, respectively. 10. 30363 AtlantaLargest Neighborhood: Atlantic Station The Atlanta metropolitan area is home to 5.5 million people and is the 10th-largest metropolitan area in the nation. The 30363 zip code of Atlantic Station is located on the site of the former Atlantic Steel Mill, now a thriving urban community. The neighborhood's luxury condos, such as The Atlantic, as well as its shopping, restaurants and entertainment options, are attracting an influx of young professionals to the neighborhood. ZIP code 30363 is expected to see households grow by 15.7 percent over the next five years. Fulton County is projected to have more than 10,000 new housing starts and 12,000 new jobs created in 2016; that's 2.3 times more new homes and 1.4 times more jobs than the average of the top 100 counties in the country, respectively. About Move, Inc. and realtor.com® Move, Inc. operates the realtor.com® website and mobile experiences, which provide buyers, sellers and renters of homes with the information, tools and professional expertise they need to discover and create their perfect home. News Corp acquired Move in November 2014, and realtor.com® quickly established itself as the fastest growing online real estate service provider as measured by comScore. As the official website of the National Association of REALTORS®, consumers know they can look to realtor.com® for the most comprehensive and accurate information anytime, anywhere. With relationships with nearly 800 multiple listing services (MLS), realtor.com® has more than 3 million for-sale listings, which account for more than 97 percent of all MLS-listed for-sale properties. More than 90 percent of the listings are updated every 15 minutes. Move's network of websites provides consumers a wealth of innovative tools, including Doorsteps®, Moving.com™, SeniorHousingNet and others. Move supports real estate professionals by providing many services to grow their businesses in an increasing digital, on-demand world, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreet and Reesio as well as many free services.

There Goes the Neighborhood: Tech Workers' Silicon Valley Home Values Are Outpacing Neighbors'
  SEATTLE, October 26, 2015 — Workers at Google, Facebook and Apple live in pricier homes than other Bay Area workers and have faster home value growth than other workers. The average Apple worker now lives in a home that is more than five times more valuable than the average U.S. home. The gap has widened in the last five years. In 2010, the average Apple worker's home was worth three times as much as a typical U.S. home. Bay Area home values are soaring, driven by a flood of well-paying jobs at technology companies. But Zillow found home-value appreciation for tech workers from these three companies outpaced that of their neighbors in Silicon Valley. To do the comparison, Zillow looked at census datai to see where employees at the tech companies' Silicon Valley headquarters live, and then compared their home values to those nearby. "This analysis highlights the widening wealth gap between tech company employees and other U.S. workers – a gap that is putting increasing pressure on housing markets where tech companies are booming," said Zillow Chief Economist Dr. Svenja Gudell. The analysis found: The typical worker at Apple's Cupertino, Calif. headquarters lives in a home that is worth about $1.14 millionii, about $241,000 (27 percent) more than the median home in the already-pricey San Jose metro area and $380,000 (50 percent) above the median home value in the San Francisco metro area. Workers at Google and Facebook headquarters – in Palo Alto and Menlo Park, Calif., respectively – lived in even more valuable homes. The median home value among Facebook workers is $1.25 million, and the median home value among Google workers is $1.28 million. The value gap between Silicon Valley techies' homes and their neighbors' homes has been widening recently, especially for Apple workers. Apple workers' home values took off after the first iPhone was released in June 2007, when Apple's stock price rose, increasing the wealth of many employees. Prior to summer 2007, the typical Google employee lived in a home that was 37 percent more expensive than the average San Jose home; since summer 2007, that gap has widened to 39 percent. Similarly, prior to summer 2007, the typical Facebook worker lived in a home that was 31 percent more expensive than the typical San Jose home; since summer 2007, that gap has widened to 33 percent. Prior to summer 2007, the typical Apple worker lived in a home that was 13 percent more expensive than the typical San Jose home; since summer 2007 that gap has widened by 6.4 percentage points to 20 percent. Zillow used data from the U.S. Census Bureau on where workers live and work across California's Bay Area, and combined it with Zillow's Living Database of All Homes to compute a median home value for workers who work at the Apple, Google, and Facebook campuses in the Silicon Valley. Zillow Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group, and headquartered in Seattle.

Today's First-Time Homebuyers Older, More Often Single
  SEATTLE, Aug. 17, 2015 -- Today's first-time homebuyer is older and more likely to be single than first-time homebuyers in the 1970s and 1980s, according to a new Zillow® analysis. Zillow's study found that Americans are renting for an average of six years before buying their first homes. In the 1970s, they rented for an average of 2.6 years. They're also spending a bigger chunk of their incomes to buy: In the 1970s, first-time homebuyers bought homes that cost about 1.7 times their annual income. Now they're buying homes that cost 2.6 times their annual income. Part of that can be attributed to the housing markets where millennials are moving: more expensive cities on the coasts, where there are growing job markets. The average first-time homebuyer is about 33, at the front end of the millennial generation. Their median income is $54,340, which is about the same as what first-time homebuyers made in the 1970s, when adjusted for inflation. In the late 1980s, 52 percent of first-time homebuyers were married. Today, only 40% were married. "Millennials are delaying all kinds of major life decisions, like getting married and having kids, so it makes sense that they would also delay buying a home," said Zillow Chief Economist Dr. Svenja Gudell. "We know millennials value home-ownership and want to buy. The next challenge will be figuring out how they can save for a down payment and qualify for a mortgage, especially while the rental market is so unaffordable all over the country. The last hurdle will be finding a home they like amidst very tight inventory, especially among starter homes."   About Zillow Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), and headquartered in Seattle.