Homebuyers' Monthly Payments Drop to Lowest Level in Nearly a Year, Bringing Back Some House Hunters
The median U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game SEATTLE — The median U.S. mortgage payment was $2,361 during the four weeks ending December 31, according to a new report from Redfin, the technology-powered real estate brokerage. That's down $372 (-14%) from October's all-time high to its lowest level in nearly a year. Early-stage homebuying demand is starting to pick up as buyers take advantage of lower rates and more homes to choose from (new listings are up 10% year over year). Redfin's Homebuyer Demand Index—a seasonally adjusted measure of requests for tours and other homebuying services from Redfin agents—is up 10% from a month ago to its highest level since August. Pending sales are down just 3% annually, the smallest decline in two years. "There have been more tours and more offers on my listings since mortgage rates started declining," said Las Vegas Redfin Premier agent Shay Stein. "It's all about perspective: Two years ago, buyers would have cried about a 6% mortgage rate. Now, they're happy they've dropped down to the mid-6's." Leading indicators Key housing-market data 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, 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 4,000 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.

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.

iBuyer Home Purchases Inch Back Toward Pre-Pandemic Levels
The year-over-year decline in iBuyer home purchases narrowed to 6% in the first quarter, when iBuyers snatched up 4,383 homes SEATTLE, June 25, 2021 -- The nation's top iBuying companies purchased 4,383 homes in the first quarter of 2021, according to a new report from Redfin, the technology-powered real estate brokerage. While that's down 6.1% from a year earlier, it's up 20.6% from the prior quarter—a sign that iBuyers are continuing to ramp up after pausing business at the beginning of the pandemic. Still, iBuyers make up a tiny portion of the overall housing market, purchasing just 0.5% of homes that sold across the 418 U.S. metropolitan areas tracked by Redfin in the first quarter. That's down from a peak of 0.8% in the second half of 2019 but up from 0.3% in the fourth quarter of 2020. The report is based on a Redfin analysis of MLS and public-records data on home purchases and sales made by well-known national iBuyers: RedfinNow (Redfin's iBuying business), Opendoor, Zillow Offers (Zillow's iBuying business), Offerpad and Bungalo. The term "iBuyer" (short for instant buyer) is used to describe real estate companies that purchase houses from homeowners in quick cash transactions by using algorithms to evaluate a property's worth based on comparable market data. iBuyers typically charge sellers a higher fee than a traditional real estate agent would given the certainty of a cash offer with a flexible move-out day and the convenience of avoiding home prep, showings and open houses. These companies then make any necessary improvements to the homes and resell them. Real estate firms including Redfin, Zillow and Opendoor put iBuying on hold at the onset of the coronavirus pandemic amid economic uncertainty. These companies resumed their iBuying businesses in May and June of last year as housing demand began to rebound thanks to record-low mortgage rates and a wave of relocations made possible by remote work. "Business really started ramping up in January and February. Since then, we've just had a constant barrage of deals," said Allister Booth, an acquisitions specialist at RedfinNow in Los Angeles. "We're back to full speed and are buying more homes than we were last year. After we buy and renovate those homes, we know we'll be able to sell them because there are so many more buyers in the market right now than there are homes available." Raleigh and Charlotte Are Top Markets for iBuyers In Raleigh, NC, iBuyers purchased 2.9% of the homes that sold during the first quarter—a larger share than any other top iBuyer market. Next came Charlotte, NC at 2.7%, Durham, NC and San Antonio, TX at 2.6%, Tucson, AZ at 2.3% and Phoenix at 2.2%. iBuyers Purchase Less Expensive Homes Than the Typical Homebuyer iBuyers bought homes for a median of $302,050 in the first quarter. By comparison, the median purchase price for the typical American homebuyer was $320,000. In every top iBuyer market*, iBuying companies purchased homes for less than the metro-area median. iBuyers Are Selling Homes in 13 Days—A Record Pace Nationally, the typical iBuyer-owned home found a buyer after 13 days on the market—the quickest pace since at least 2015, when Redfin began recording iBuyer data. That's down from 33 days a year earlier and a revised 18 days in the fourth quarter. By comparison, the typical home in the overall market spent 31 days on the market (also the quickest pace on record), down from 50 days a year earlier and unchanged from the prior quarter. In a majority of the top iBuying markets, iBuyers sold their inventory faster than the typical homeowner, with the largest margins in Raleigh and Durham (30 days faster), and Tucson (29 days faster). Lakeland, FL, Charlotte and Portland, OR were the only top iBuyer markets where iBuyers took longer to sell homes. iBuyers Offer Lower Commissions to Agents When They Sell Homes When iBuyers sold homes in the first quarter, they offered a 2.43% average commission to the real estate agents representing the buyers, down from 2.67% a year earlier. That compares with a 2.66% average commission in the market overall during the first quarter. iBuying companies have been experimenting with paying lower commissions to buyers' agents as a way to cut costs, which could allow them to make more competitive offers when purchasing homes themselves. This could put downward pressure on buyer's agent commissions across the industry, as data on these fees is becoming widely available to the public for the first time. To read the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. 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. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.

Redfin Predicts It Will Become Less Expensive to Sell Your Home as Real Estate Commissions Become More Transparent
The average fee paid to buyers' agents was 2.7% in 2020; Real estate commissions are expected to decline as a federal legal battle ushers in a new era of transparency around real estate commissions SEATTLE, Feb. 25, 2021 -- Today Redfin, the technology-powered real estate brokerage, published an in-depth analysis on real estate commissions, giving consumers access to data that has historically been unavailable to them. Redfin's analysis found the typical U.S. home seller in 2020 paid the brokerage representing the buyer a commission equal to 2.7% of the sale price—down only slightly from 2.8% in 2012. Redfin expects fees will likely decline in 2021 and beyond as data on agent commissions becomes widely available for the first time. Real estate websites are now allowed to publish commission rates that homesellers offer to the broker who brings a buyer as the result of an antitrust settlement between the National Association of Realtors (NAR) and the Department of Justice (DOJ). Sellers will be able to see what other sellers are offering when they visit real estate websites, helping them make more independent and informed decisions. "When a homeowner can see that their neighbor offered a 2.5% buyer's agent commission rate, it makes it much easier to justify offering a similar rate when they sell their home," said Redfin Chief Economist Daryl Fairweather. Earlier this month, Redfin began displaying the buyer's agent commission for more than 700,000 home listings and plans to add more data as it becomes available. Redfin will continue to report on commission rates and how they change over time as part of its efforts to make the real estate industry more transparent for consumers. How Do Commission Fees Work? Most often in a home sale transaction, the seller pays the fees of both their agent and the buyer's agent. While commission rates are negotiable and vary, U.S. sellers typically pay 5-6% of the final sale price, which is split between the seller's agent and the buyer's agent. The DOJ settlement only impacts buyer's agent commissions, which are the focus of this report. A Red-Hot Housing Market Is Already Prompting Some Sellers to Offer Lower Commissions Today's hot housing market is accelerating the decline in commissions. Demand for homes is sky-high, with thousands of Americans moving and taking advantage of record-low mortgage rates during the coronavirus pandemic. At the same time, there aren't enough homes for sale, fueling fierce bidding wars. As a result, some sellers have realized that finding a buyer will be a cinch, regardless of the commission they offer to the buyer's agent. "I've been talking with some of my sellers about offering no more than 2.5% given the lack of inventory," said Sylva Khayalian, a Redfin real estate agent in Los Angeles. "There's such a huge shortage of houses for sale that most homes will attract a long line of eager buyers no matter what. As a result, many sellers feel they don't need to compensate the buyer's agent as much for that part of the process." iBuyers Pave the Way for Lower Commissions Homes are increasingly being sold by thrifty businesses like iBuyers instead of individual sellers' agents. The term "iBuyer" (short for instant buyer) is used to describe a real estate company that purchases houses from homeowners in quick cash transactions, makes any necessary improvements to the homes, and then resells them. When an iBuyer resells a home, it pays a commission to the buyer's agent, just like an individual home seller does. The average commission rate paid by iBuyers dropped to 2.5% in 2020 from 2.8% in 2019 as these companies experimented with paying lower fees to trim costs. RedfinNow, Redfin's iBuying business, has experimented with offering lower commissions to buyers' agents when it sells homes. On more than 70% of its new listings this year, RedfinNow has offered 0.5% less to the buyer's agent than it has historically, according to RedfinNow Vice President Jason Aleem. "So far, offering a lower commission has not impacted our ability to attract buyers and sell homes for top dollar. Paying lower commissions means we can make even stronger offers to homeowners who request a cash offer from RedfinNow," Aleem said. "We're excited to share this strategy with our brokerage clients, who can hopefully save a chunk of change when they sell their home with a local Redfin agent." In many of the top iBuyer markets last year, iBuyers paid lower commissions to buyers' agents than individual sellers did. In Phoenix, iBuyers paid 2.6% on average, while individual sellers paid 2.8%. When the DOJ settlement goes into effect and sellers can see what other sellers—including iBuyers—are paying in commissions, many of them may opt to pay a lower fee as well. "iBuyers may have started the trend of offering lower commissions, but other sellers will follow," said Sabrina Archolecas, an asset manager for RedfinNow in Texas. Commission Summary By Metro Area 50 largest metros by number of home sales in 2020. Data* represents all homes sold in a given metro, including those sold by iBuyers and homebuilders. To read the full report, please visit: https://www.redfin.com/news/real-estate-commissions-2021 About Redfin Redfin is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.

The Year Residential Real Estate Brokerage Changes Forever
The 2020 Swanepoel Trends Report analyzes why and how iBuying and other top trends are reshaping real estate from the ground up SAN JUAN CAPISTRANO, CALIF. (DECEMBER 02, 2019) -- T3 Sixty, the residential real estate brokerage industry's leading management consulting and research firm, has released its 15th annual examination of real estate's top trends for 2020 in its annual Swanepoel Trends Report. In over 200 pages, the book analyzes how iBuying, modern brokerage finances, venture capital and much more are shaking the industry to its core, and creating a new way consumers will buy and sell real estate. After fundamentally altering other industries, venture capital and technology are now rocking the residential real estate brokerage industry. By fueling new models, consolidation and ways of delivering services, these powerful forces are changing the way consumers buy and sell real estate forever. "The way consumers buy and sell homes is radically changing, and 2020 will be the year that more will recognize these fundamental shifts happening within real estate," said Stefan Swanepoel, chairman and CEO of T3 Sixty and the report's editor-in-chief. "The industry is changing more and faster now than it has in decades, something that becomes abundantly clear when reading this study." The Report identifies iBuying as the #1 trend in 2020. In this controversial and powerful new real estate model used by Zillow, Redfin, Opendoor and a growing list of other companies every day, consumers can sell or buy a new home in as soon as three days with all cash and choose their closing date. The model brings transparency, simplicity and certainty to a transaction that historically has been lengthy, confusing and complicated. The report outlines how the trend has evolved from a seller-focused model to one that serves buyers, and, increasingly, synchronous sellers – those sellers who are also buying a home. New companies are offering an increasing number of twists on the model, which the report thoroughly reviews. This year the study decoded to also analyze three companies who have made huge bets on the future by essentially pushing all of their chips to the center of the table with aggressive, company-changing moves. T3 Sixty provide the reasoning behind the moves by these companies – Zillow Group, Compass and Keller Williams Realty -- from the inside-out so as to give the industry and understanding not previously available or understood. The Report also covers the significant challenges currently facing MLSs and their industry constituents, a deep analysis of how venture capital works in real estate, a review of what to expect from the industry's class-action antitrust lawsuits, the new ability for brokerages to easily support consumers after the transaction and the largest security threats that brokerages overlook. About T3 Sixty Exclusively serving the residential real estate brokerage industry, T3 Sixty provides real estate CEOs, business leaders, association and MLS executives, brokers and high-performance teams the knowledge, best practices and support to grow their businesses. The company does this through management consulting, training and in-depth research and quality publications, such as its hallmark Swanepoel Trends Report, an annual analysis of the top trends shaping the industry for the next 18 to 24 months. The firm's consulting divisions include brokerage, technology, mergers and acquisitions, and associations and MLSs. Find out more here.

Foreign Investment in U.S. Commercial Real Estate Remains Strong, China and Mexico Top Investors
WASHINGTON (June 28, 2018) — Nearly one-fifth of Realtors® practicing in commercial real estate closed a sale with an international client in 2017, and 35 percent said they have experienced an increase in the number of international clients in the past five years, according to a report from the National Association of Realtors®. NAR's 2018 Commercial Real Estate International Business Trends report analyzed cross-border commercial real estate transactions made by Realtors® during 2017. The study found that most Realtors® who specialize in commercial real estate reside in smaller commercial markets where the typical deal is less than $2.5 million. "The profile of smaller commercial markets is continuing to rise as many foreign investors are attracted to smaller-sized properties in secondary and tertiary markets, bringing Realtors® confidence that increased sales and leasing activity will continue to occur in 2018," said Lawrence Yun, NAR chief economist. "Since 2016, world economies have regained their footing and have pressed toward higher ground. Global economic output increased in 2017, and commercial real estate continues to be a healthy investment for global investors," Yun added. Of the 59 percent of Realtors® who indicated they completed a commercial real estate transaction last year (69 percent in 2016), 18 percent reported closing a deal for an international client (20 percent in 2016). Among survey respondents who closed an international transaction, 46 percent closed a buyer-side transaction, 13 percent a seller-side transaction and the remainder closed both types of transactions. Over 60 percent of buyer-side sales were transactions with foreign buyers who primarily reside abroad. Most seller-side transactions (57 percent) were of properties sold by clients who were temporarily residing in the U.S. on non-immigrant visas. Nineteen percent of Realtors® said they completed a lease agreement on behalf of a foreign client, down from 22 percent in 2016. The median gross lease value for international lease transactions was $200,000 ($105,000 in 2016) with most space typically under 2,500 square feet. The top countries of origin for buyers were China (20 percent), Mexico (11 percent), Canada (8 percent) and the United Kingdom (6 percent). While sellers were typically from Mexico (20 percent), China (15 percent), and Brazil and Israel (both at 10 percent). Florida and Texas were the top two states where foreigners purchased and sold commercial property last year, with California being the third most popular buyer and seller destination. International commercial buyer and seller transactions typically tend to be at the higher end of the market. Last year, the median international buyer-side transaction was $975,000 and a median seller-side transaction was $1 million, while the median commercial transaction was $625,000. "Realtors®' international clients found U.S. commercial real estate markets to be a good value in 2017. About seven in 10 respondents reported that international clients view U.S. prices to be about the same or less expensive than prices in their home country," Yun stated. The survey also found that foreign buyers of commercial property typically bring more cash to the table than those purchasing residential real estate. Seventy percent of international transactions were closed with cash, while NAR's 2017 residential survey found that half of buyers paid in cash. For those not using all cash, 25 percent of commercial deals involved debt financing from U.S. sources. A majority of buyers purchased commercial space for rental property (39 percent) or for business investment purposes (34 percent). NAR's commercial community includes commercial members, real estate boards, committees, advisory boards and forums; and NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate. Approximately 80,000 NAR members specialize in commercial real estate brokerage and related services including property management, land counseling and appraisal. In addition, more than 200,000 members are involved in commercial transactions as a secondary business. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

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.

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.

Realtors Property Resource (RPR) Sees Record Usage
CHICAGO (April 6, 2018) — Realtors Property Resource®, a subsidiary of the National Association of Realtors®, reached a major milestone for user engagement on the real estate data and analytics platform. Overall engagement among NAR members for the month of March 2018 soared to a record 178,000 - a notable 16 percent increase from March 2017. As one of the platform's key performance indicators, RPR measures usage among several categories, from the number of individual sessions and new website visitors to account creations and webinar registrations. Among those categories, first quarter 2018 web sessions topped 3.7 million, a 27.7 percent increase year over year. RPR webinars witnessed a 135 percent increase in registrations; the average attendance per webinar increased by 158 percent. The number of newly-created accounts in the first quarter also tipped the scales with more than 18,000 Realtors® registering for the platform. RPR Mobile™, the flagship of the platform's "anytime, anywhere" offerings, also experienced significant growth in the first quarter of 2018 with app downloads exceeding 402,000 by Realtors® nationwide. The record numbers are reflective of Realtors®' increasing use of the platform's high-value market data and reports to better serve clients and customers. "I make it my business to help buyers make indisputable offers, lead sellers to realistic list prices, and allow for everyone I represent to benefit from the transaction," says Jickson Chacko, a Realtor® with HomeSmart Realty Group in Denver, Colorado. "And I couldn't do it without RPR." RPR Chief Operating Officer Jeff Young echoed Chacko's sentiment. "We're delighted by the upsurge in activity among our members," says Young. "There's a rising tide among Realtors® who want to know more about how RPR can help build their businesses. We believe 2018 will be a pivotal year for RPR's success." Realtors Property Resource, LLC® (RPR®), a subsidiary of the National Association Of Realtors®, is an exclusive online real estate database created to support the core competence of its members. Covering more than 160 million residential and commercial U.S. properties, RPR provides Realtors® with the analytical power to help clients make informed decisions while increasing efficiency in the marketplace. For more on RPR, visit blog.narrpr.com. 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.

Rising Rents Push Millennials to Become Homeowners
SANTA CLARA, Calif., March 30, 2018 -- This year, the typical spring buyer is on the hunt for a three bedroom, two bathroom home with a garage and up-to-date kitchen, according to a new survey released today from realtor.com®, a leading online real estate destination. The survey also revealed family needs and rising rents are motivating millennials to get into the market, while 55+ buyers are looking for privacy and comfort in their new home. "Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers' wish lists," said Danielle Hale, chief economist for realtor.com®. "At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability, and personal expression." Based on online survey of more than 1,000 active buyers conducted in early March by Toluna Research, the survey provides insight into both the most sought after homes as well as the motivations underpinning what shoppers are looking for. Majority of buyers want space, multiple bathrooms, and a garage The survey found many commonalities among homebuyers of all ages. In fact, 44 percent of all respondents said they are looking for a three-bedroom home and 93 percent of respondents want at least two bathrooms. Additionally, 27 percent of all buyers rate a garage as one of the most important home features, ahead of an updated kitchen, 24 percent, and open floor plan, 20 percent. Older Buyers Want Privacy and Comfort; Millennials Favor Family and Self-Expression According to the survey, more than 20 percent of buyers 55 years and older said that privacy – having a space solely of their own – was their main goal for purchasing a home. That was followed by their motivation for physical comforts at 18 percent and stability, at 15 percent. By contrast, family needs took precedence for younger buyers. Fulfilling family needs took the top spot for millennial buyers, at 17 percent, followed by stability at 14 percent and personal expression at 13 percent. Only 12 percent of buyers younger than 55 cited privacy as their chief priority. Only 9 percent of 35- to 54-year-old buyers and 6 percent of 55+ cited personal expression as a main goal for purchasing a home. For Millennials, the Rent is Too High Twenty-three percent of buyers between 18 and 34 years old reported rising rent as a trigger for their desire to purchase a home – more than any other option. This corresponds with steep increases in rents across the country in recent years, especially in many high-cost urban areas that have become magnets for millennials. HUD data shows that rents were up in 85 of the top 100 metro areas, including 9 metros where rents were up by double-digit percent from a year ago. Millennials Like Contemporary and Colonial Homes; Older Buyers Prefer Ranches Among millennials who expressed a home-style preference – 11 percent didn't – contemporary and colonial homes took the top spots, each favored by 10 percent of respondents. On the other hand, ranches are the most popular home style for buyers 55 and older, favored by 28 percent, followed distantly by contemporary homes at 12 percent. Only 6 percent of millennials favor ranch homes. For the full results, please click here. Information about realtor.com®'s 2017 home buyer preference survey is available 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®.

Millennials Lead All Homebuyers, Even as Some Can't Escape Their Parents
WASHINGTON (March 14, 2018) — Home purchases by millennials ticked up over the past year, but inventory constraints and higher housing costs kept their overall activity subdued and prevented some from leaving the more affordable confines of their Gen X and baby boomer parents' homes. This is according to the National Association of Realtors® 2018 Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers. The survey additionally found that millennial buyers prioritize living close to friends and family over a home's location and proximity to schools, and an overwhelming majority used a real estate agent to buy or sell a home. Slightly more than a third of all home purchases were made by millennials over the past year (36 percent; 34 percent in 2017), which kept them as the most active generation of buyers for the fifth consecutive year. Gen X buyers ranked second (26 percent; 28 percent in 2017), followed by younger (18 percent) and older baby boomers (14 percent) and the Silent Generation, those born between 1925 and 1945 (6 percent; 8 percent in 2017). According to Lawrence Yun, NAR chief economist, this year's survey findings reveal both what it takes to be a successful millennial buyer in today's housing market, as well as why, even though sales to millennials reached an all-time survey high, stubbornly low inventory conditions pushed home prices out of reach for many. As a result, the overall share of millennial buyers remains at an underperforming level. Revealing the greater purchasing power needed over the past year, the typical millennial buyer in the survey had a higher household income ($88,200) than a year ago ($82,000) and purchased the same-sized home (1,800-square-feet) at a more expensive price ($220,000; $205,000 in 2017). Millennials also had higher student debt balances than in last year's survey, and slightly more of them said saving for a down payment was the most difficult task in buying a home. “Realtors® throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy," said Yun. “Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy." Added Yun, “These challenging market conditions have caused – and will continue to cause – many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction picks up significantly." Other key findings and notable generational trends of buyers and sellers in this year's 144-page survey include: Younger boomers and Gen X buyers increasingly have children and parents living at home Similar to previous years, younger boomers were the most likely to purchase a multi-generational home (20 percent), with a noteworthy rise in those indicating the top reason they did was for their adult children (above 18 years old) to live at home (39 percent; 30 percent in 2017), as well as their parents (22 percent; 18 percent in 2017). The survey also found a growing a share of Gen X buyers buying for multi-generational purposes (15 percent; 12 percent in 2017), with a big jump in the top reason being for their adult children (35 percent; 26 percent in 2017) and parents living with them (30 percent; 19 percent in 2017). “Costly rents and growing student debt balances appear to make living at home more appealing, affordable and increasingly more common among young adults just entering the workforce," said Yun. “Even in situations where three generations are all cramped under the same roof, it can significantly help some millennials eventually transition straight to homeownership. Eighteen percent of millennial buyers in the survey said their family home was their previous living arrangement." Friends and family matter for buyers both young and old When deciding where to buy a home, quality of the neighborhood is the factor most influencing buyers of all ages, followed closely by convenience to a job for those up to working age (millennials to younger boomers). Interestingly, even more than the location and quality of a school, recent millennial buyers were just as likely as older boomers and the Silent Generation (at 43 percent) to consider proximity to friends and family. “The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages," said Yun. “Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family." Millennials buying condos in the city at a very low rate The share of millennial buyers with at least one child continues to grow, at 52 percent in this year's survey and up from 49 percent a year ago and 43 percent in 2015. With the need for a larger house at an affordable price, over half of millennials bought in a suburban location (52 percent), while also being more likely than Gen Xers and younger boomers to choose a home in a small town. After climbing as high as 21 percent in 2015, only 15 percent of recent millennial buyers purchased a home in an urban area. Led by Gen X (86 percent) and millennial buyers (85 percent), a detached single-family home continues to be the primary type of property purchased, and older and younger boomers were the most likely to buy a multi-family home. Only 2 percent of millennial buyers over the past year bought a condo. “While there is an overall trend among households young and old to migrate towards urban areas, the very low production of new condos means there are few affordable options for buyers – especially millennials," said Yun. Regardless of age, most buyers and sellers work with a real estate agent Buyers and sellers across all age groups continue to seek the assistance of a real estate agent when buying and selling a home. At 90 percent, millennials were the most likely to purchase a home through a real estate agent, and help understanding the buying process was cited as the top benefit millennials said their agent provided (75 percent). Overall, at least 84 percent in every other generation worked with an agent to close the deal. On the seller side, Gen X and older boomers were the most likely to use an agent (91 percent), followed closely by millennials (90 percent) and younger boomers (88 percent). The near universal use of an agent to sell a home helped keep for-sale-by-owner transactions at their lowest share ever for the third straight year (8 percent). “Especially in today's fast-moving housing market, consumers of all ages want a Realtor® to guide them through the exhilarating, yet nerve-wracking experience of buying or selling a home," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. NAR mailed a 131-question survey in July 2017 using a random sample weighted to be representative of sales on a geographic basis to 145,800 recent home buyers. Respondents had the option to fill out the survey via hard copy or online; the online survey was available in English and Spanish. A total of 7,866 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 5.6 percent. The sample at the 95 percent confidence level has a confidence interval of plus-or-minus 1.10 percent. The recent home buyers had to have purchased a home between July 2016 and June 2017. All information is characteristic of the 12-month period ending in June 2017 with the exception of income data, which are for 2016. 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.

Redfin Survey: 35% of Recent Homebuyers Bid on a Home Before Seeing it in Person
45% of Millennial Homebuyers Made an Offer Sight-Unseen; More than Half of Respondents in Los Angeles Did So SEATTLE, Feb. 26, 2018 -- Thirty-five percent of people who bought a home last year said they made an offer without first seeing it in person, according to a late-2017 survey commissioned by Redfin, the next-generation real estate brokerage. That's up from 33 percent in May 2017, and 19 percent in June 2016. This is based on a Redfin-commissioned survey conducted in November and December 2017, which included responses from 1,503 people who purchased a home in the previous 12 months. Today's report is the final issue of a three-part series on the results of the survey. The first and second reports focused on politics and the housing market. Millennial homebuyers were even more likely to make an offer sight-unseen, with 45 percent in November and 41 percent in May saying they had done so. These results likely reflect millennials' comfort relying on information they find online about homes for sale, neighborhoods they might not have visited in person, and the home-buying process in general. More than half (57%) of respondents who bought a home in Los Angeles last year made an offer sight-unseen. The prevalence of foreign investors in L.A. may have played a role in sight-unseen offers' popularity there. The market-by-market breakdown below shows that the trend was also driven by buyers in other competitive California metros, with 46 percent in San Diego and 44 percent in San Francisco having done so. People who can't get in to tour a home right away because they're busy or relocating from out of town often rely on tools like Redfin 3D Walkthrough and FaceTime® to explore the home itself, and the vast array of statistics, reviews, maps and articles online that can help a prospective buyer understand what it's like to live in a neighborhood. However, in the case of offering sight-unseen, the agent can be a buyer's greatest resource. Angela Hunter, a Redfin agent in Omaha, worked with a family relocating from Jacksonville, Florida to Offutt Air Force Base in Bellevue, Nebraska. "This family had a only a few weeks to find a home and they did not want to live on-base or rent," Hunter said. "Because the wife was 8 months pregnant at the time, they needed a move-in ready home within 20 minutes of the base. While conducting video tours with them, I was very careful to explain things that they would not be able to experience virtually, like the sounds, smells, and textures. I pointed out flaws that are hard to detect through video so that nothing would be a surprise to them once they visited in person. It's not the easiest way to shop for a home, but together we found the perfect match." With no end to the housing shortage in view and more millennials entering the housing market, the trend toward sight-unseen bids is likely to grow in 2018. To read the full report, complete with data, charts and a 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.

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.

Millennials and Silent Generation Drive Desire for Walkable Communities, Say Realtors
WASHINGTON (December 19, 2017) — It is no longer just millennials propelling interest in walkable communities. According to a new report from the National Association of Realtors®, members of the silent or greatest generation, those born before 1944, also prefer smaller homes in neighborhoods with easy walks to shops and restaurants. The 2017 National Community and Transportation Preference Survey, which polled adults from across the U.S. about what they are looking for in a community, found that 62 percent of millennials and 55 percent of the silent generation prefer walkable communities and short commutes, even if it means living in an apartment or townhouse. Gen-Xers and baby boomers still show a strong preference toward suburban living, with 55 percent of both groups saying that they have no problem with a longer commute and driving to amenities if it means living in a single-family, detached home. "Realtors® understand that when people buy a home, they are not just looking at the house, they are looking at the neighborhood and the community," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "While the idea of the 'perfect neighborhood' is different for every homeowner, more Americans are expressing a desire to live in communities with access to public transit, shorter commutes and greater walkability. Realtors® work tirelessly at improving their communities through smart growth initiatives that help transform public spaces into these walkable community centers." According to the survey, the majority of Americans, 53 percent, would prefer to live in communities containing houses with small yards but within easy walking distance of the community's amenities, as opposed to living in communities with houses that have large yards but they have to drive to all amenities. This up from 48 percent in 2015. However, responders with school-age kids in the home, regardless of their generation, show a greater preference for conventional suburban communities. Sixty percent of all responders with kids in school said they prefer larger homes and yards that require driving, and that number jumps to 63 percent for millennials with kids in school. The survey also found that a majority of Americans, 88 percent, are very or somewhat satisfied with the quality of life in their communities, and 51 percent of those people believe that the walkability of their neighborhood contributes to that quality of life. The report found that women, particularly young women, prioritize walkability and public transit more than older or younger men. Fifty-four percent of young women said that sidewalks and places to take walks is a very important factor in deciding where to live, and 39 percent said the same about having public transit nearby. However, when it comes to a short commute to work, youth was a greater indicator of preference than gender; 49 percent of young women and 48 percent of young men said being within a short commute to work was a very important factor in deciding where to live. While 60 percent of adults surveyed live in detached, single-family homes, 21 percent of those respondents said they would rather live in an attached home and have greater walkability. Sixty percent of those surveyed also said that they would be willing to pay a little or a lot more to live within walking distance of parks, shops and restaurants. When selecting a new home, respondents indicated that they would like choices when it comes to their community's transportation options. Eighty-six percent of survey participants said that sidewalks are a positive factor when purchasing a home, and 80 percent place importance on being within easy walking distance of places. When it comes to respondents' thoughts on transportation priorities for the government, 73 percent indicated that maintaining and repairing roads and bridges should be a high priority, with expanding roads to help alleviate or reduce congestion as the next highest priority, at 54 percent. The survey of 3,000 adult Americans living in the 50 largest metropolitan areas was conducted by American Strategies and Meyers Research in September 2017. 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.

Tax Bill Raises Concerns about Homeownership; Most Will Change Buying or Selling Plans
Nearly one in three say they will buy a home "faster;" Majority support doubling the standard deduction and the increase in child tax credits SANTA CLARA, Calif., Dec. 21, 2017 -- A new nationwide consumer survey from realtor.com® shows that the Tax Cuts and Jobs Act passed by Congress on Dec. 20 is raising anxiety about owning a home, with a majority of respondents reporting that the tax bill makes them either "concerned" (36.2 percent) or "very concerned" (17.2 percent) about being a homeowner. In contrast, less than a quarter of respondents said that the bill makes them feel "positive" (15.0 percent) or "very positive" (7.2 percent) about homeownership. Only 22.9 percent said that the tax bill would not change their plans to purchase, while 57.1 percent said that the bill would not change their plans to sell. The Tax Cuts and Jobs Act will provide many people with higher after-tax incomes, which is expected to put upward pressure on home prices and mortgage rates. It caps the mortgage interest rate deduction at $750,000 and increases the standard deduction, which will eliminate the tax benefits of homeownership for many people and could decrease sales and home prices in expensive areas. "The bill will have a significant impact on the housing market and overall economy, so it makes sense that people are wondering what it means to them," said realtor.com® Senior Economist Joseph Kirchner, Ph.D. "Some house hunters – particularly wealthy buyers – will see an increase in after-tax income making an already tough housing market even more competitive. This increased demand could drive prices up even higher than they are already. And changes in the deductibility of mortgage interest and state and local taxes could cause challenges for many homeowners." The findings are part of an online survey of 2,324 randomly selected online respondents across the U.S. conducted on behalf of realtor.com® between Dec. 18 and 19. Survey Highlights Most and least favored aspects of the bill Nearly doubling the standard deduction and increasing child tax credits: 26.1 percent positive, 25.4 percent very positive Elimination of the mortgage interest rate deduction on second homes: 12.4 percent very positive, 18.5 percent positive Elimination of the deduction for personal casualty losses: 36.4 percent very negative, 20.1 percent negative The bill will increase the deficit by $1.5 trillion over 10 years, according to the Joint Committee on Taxation: 37.6 percent very negative, 13.8 percent negative Expected impact of implementation "How will the tax bill likely influence your home sale this year?" No impact: 57.1 percent I will sell faster: 13.9 percent Other: 11.4 percent I will sell slower: 10.0 percent I will postpone my home sale: 7.6 percent "What likely impact will the tax bill have on your plans to buy a home this year?" I will buy faster: 29.2 percent No impact: 22.9 percent I will buy slower: 18.5 percent I will purchase a less expensive home: 14.2 percent I will postpone my plans to buy this year: 12.0 percent I will purchase in a different location: 2.3 percent Other: .9 percent 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®.

Redfin: Migration Patterns Show More People Leaving Politically Blue Counties
People are moving to purple and red counties, where homes are more affordable SEATTLE — In the first half of 2017, 7.4 percent more people moved out of politically blue counties than to them, according to a new analysis from Redfin, the next-generation real estate brokerage. Red counties saw about 1 percent more people moving in than moving out. Purple counties, where there's a more balanced share of Democrats and Republicans, saw 3.9 percent more migrants moving in than out. Redfin data showing migration of users by political makeup. (Graphic: Business Wire) The trend is even more pronounced in swing states, which saw blue counties lose 9.2 percent more people than they gained, while Republican counties gained 2.3 percent more than they lost. Redfin analyzed Redfin.com user search data, comparing where prospective homebuyers currently live to where they are searching for a home to buy. Redfin's user data covers more than 72 percent of the voting age population and is concentrated in urban metropolises, which gives the company a specific and recent look at where residents of blue counties are looking to move. Counties were classified as "blue" if the Democratic candidate for 2016 won by more than 20 percentage points and vice versa for "red" counties. High housing costs in blue counties are driving this trend. Nationwide, the average home in a blue county costs around $360,000—more than 62 percent more than that of homes in red counties ($223,000). "As blue counties are becoming increasingly less affordable, we see a great number of residents moving to red counties where they can afford the lifestyle they want," said Redfin chief economist Nela Richardson. "At Redfin, we see this as a sign of hope for a less divided country, where people with differing views gain better understanding and tolerance of each other through sheer proximity." However, politics can be a key factor for people in deciding where to move. A Redfin survey found that 41 percent of recent homebuyers reported hesitations about moving to a place where most people have political views different from their own. In contrast, fewer than one in 10 respondents was enthusiastic about moving to a different political climate, with the remaining half neutral. While the evidence that people will continue to self-sort by political beliefs is strong, Redfin contends that the housing affordability crisis in the bluest counties is unprecedented. With no sign of a drastic drop in prices anytime soon, there's an argument that many more people, regardless of politics, will move to where they can buy a comfortable home. To read the report, complete with data, interactive visuals and methodology, click here. About RedfinRedfin 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.For more information or to contact a local Redfin real estate agent, visit www.redfin.com.

Consumers are Navigating Tides of the U.S. Real Estate Market in New Homeowner Sentiment Survey
Homeownership remains a priority as people adjust to inventory and price conditions; Boomers and others share why they're holding on to their homes; buyers are getting creative to stand apart from the competition IRVINE, Calif.--Homeownership remains a priority for younger consumers despite tight housing inventory and stiff competition for homes – conditions that are driving up prices in many markets. In Berkshire Hathaway HomeServices' latest Homeowner Sentiment Survey released today, a full 71% of prospective homeowners – a demographic composed largely of Millennials – believe now is a good time to buy a home and 63% remain steadfast in their ideal preferences for a home. Not surprisingly, consumers are gaining a deeper understanding of market conditions: 72% of prospective homebuyers acknowledge that homebuying has become increasingly competitive with a shortage of listings in many markets across the U.S.; 76% of prospective Millennial buyers expressed concern of overpaying for a home; and 76% said finding a competitively priced home is a challenge. Several factors have contributed to the current housing shortage in many markets. For starters, new construction ground to a halt during the Great Recession while population growth and household formation continue to blossom. Builders are increasingly hitting stride on new construction projects in a wider range of price points but demand still outstrips supply in markets such as Miami, Philadelphia, Chicago, Los Angeles and San Francisco. The vast Baby Boomer generation has contributed to the shortage as many are reluctant to sell. In the survey, 73% of Boomers said they hesitate to list their homes because home values are rising. Another factor reflects convenience. Four out of five Boomers said they would rather not shop for a new property at the moment. "The world seems to be waiting on Millennials to make a move in all facets of their lives," said Gino Blefari, president and CEO of Berkshire Hathaway HomeServices. "Our data suggests younger generations remain very positive about homeownership and remain in the game in markets where competition for good, reasonably priced homes can be tough." Blefari said rising home prices likely will move more Boomers off the fence as they retire, downsize and move to other markets. "Home values have mostly recovered from the downturn and homeowners may have more equity than they're aware," he explained. "Equity gives people latitude to make important changes in their lives." Buyers Stand Apart with Creativity Increased competition has sparked creativity among consumers looking to stand apart in the market. 45% of prospective homeowners say they are willing to cover closing costs. 36% of Millennial buyers will send a personal letter to sellers. 58% of Millennials said they would plunk down more of an earnest deposit to show their commitment to sellers. 31% of Millennials indicated they would offer above asking price to secure their home. "Sure, it can be competitive to secure a good, reasonably priced home," Blefari said. "To win, consumers must work with a skilled agent who understands the market and will recommend the best ways to secure a home at a fair price." Fueling Optimism Overall, consumer favorability toward real estate and its prospects remains high, as lower mortgage rates and the prospects of rising home values continue to buoy enthusiasm. A full 72% of current homeowners expressed a favorable feeling toward the real estate market, with 51% pointing to low mortgage rates and 44% citing price appreciation for their optimism. Respondents also showed a greater understanding of mortgage rates with 61% of prospective buyers and 63% of current homeowners expressing confidence in their knowledge of current rate levels, jumps of 2 and 4 percentage points, respectively, from the spring Homeowner Sentiment Survey. "Historically low mortgage rates continue making homeownership achievable for many Americans," said Blefari. "We believe mortgage rates will remain within a range of current low levels for the foreseeable future." Berkshire Hathaway HomeServices Homeowner Sentiment Survey Methodology Interviews with 2,518 respondents were conducted online by Edelman Intelligence in July 2017. Respondents captured were either current homeowners (individuals who currently own a home as a primary residence) or prospective homeowners (individuals who do not currently own a home and are likely to buy a home as their primary residence in the next six months). The margin of error is +/-2.18% for current homeowners and +/- 4.38% for prospective homeowners. The full survey details are available upon request. About Berkshire Hathaway HomeServices Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate brokerage network built for a new era in real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability and longevity. Visit berkshirehathawayhs.com.

Redfin Data Reveals Single Women Build Less Home Equity Over Time Than Single Men
New Orleans Was the Only Metro Where Women Fared Better Than Men; Single Women Built 8 Percent More Home Equity Than Single Men Over Five Years SEATTLE — For every dollar of home equity single men earned over five years, single women earned just 92 cents, according to a new report by Redfin, the next-generation real estate brokerage. Redfin looked at 199,387 homes sold in 18 of the largest metros in 2012, of which 39.9 percent were purchased by single women. On those home purchases, women earned a median $171,313 of home equity over five years compared to $186,403 of equity earned by men—a difference of $15,090 or 8.1 percent. To calculate home equity, Redfin added the initial equity from the down payment and the principal paid on the mortgage to the appreciation of the home since purchase date. Appreciation was determined by subtracting the original purchase price of the home from the current Redfin Estimate. New Orleans, LA was the only metro where women actually earned more home equity than men. Over the five-year period, single women there earned $8,784 or 8 percent more home equity than single men. Omaha, NE was the next best with women earning 0.5 percent less equity than men. Portland, OR (0.8% less); Denver, CO (2.0% less); and Oakland, CA (2.0% less) rounded out the top five best places for single female home equity. Of all the metros Redfin looked at, the gender equity gap was largest in Seattle, WA, where women earned 6.3 percent or $20,983 less equity over the five-year period. Columbus, OH (6.2% less); Baltimore, MD (6.2% less); San Francisco (6.0% less); and San Diego (5.8% less) topped the list of metros where single women fare worse compared to single men. The disparity in home equity can be attributed to several different factors including the pay gap, lower down payments made by women and higher student debt among women. "Despite differences in equity appreciation, purchasing a home can help level the playing field between men and women," said Redfin chief economist Nela Richardson. "Homeownership remains the single biggest engine for middle-class workers to create wealth over the long term. In addition to setting labor standards that encourage pay equity, more can and should be done at the federal and local levels to support female homeownership through affordable housing policies like downpayment assistance." To read the full report, complete with tips for single women homebuyers, 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.

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.

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.

Redfin Survey: Supply Shortage is Home Sellers' Greatest Challenge This Year
SEATTLE--The greatest challenge for home sellers this year is finding another home to buy, according to a survey by Redfin, the next-generation real estate brokerage In a March survey of more than 800 Redfin real estate agents, 65.6 percent said that low inventory was the greatest challenge for sellers in their markets. "It's a seller's market, but the catch is, most sellers need to buy as well," said Eileen Lorway, a Redfin real estate agent in the Boston area. "This is a conversation I have with many clients at our first meeting. We discuss options like 'seller to find suitable housing' contingencies for the sale contract, 'purchase contingent on sale of current home' options for the buy offer, rental options, stay-with-family options and bridge loans. Sellers who are buying need to think outside the box a little bit. It's not easy, but we often do end up closing on sale and purchase on the same day." "I also encourage sellers who are also buyers to think about selling first. They should consider temporary rental options, or moving in with relatives after they sell. Then they will be able to take the time they need to find their dream house, know exactly what they'll have to work with financially, and won't end up adding unnecessary contingencies to offers, which will give them a better chance to get the home," said Lorway. Most agents reported that homes were selling faster than this time last year and that competition was more intense. Among respondents, 57.2 percent had already been involved in at least one instance of a home receiving 10 or more offers this year. And only 1.8 percent of agents had yet to be involved in a bidding war. Despite Intense Competition, Buyers Are Having Success with Less than 20 Percent Down Half of agents reported that the typical down payment for successful buyers in their market was less than 20 percent, meaning there are other ways to make an offer competitive, like working with a reputable local lender who can guarantee to the seller's agent that the loan will be approved quickly, and building a rapport with the seller. "I recently had an FHA-backed offer with 3.5 percent down beat out four other offers, each of which had conventional 20-percent down loans," said Redfin real estate agent Tim Zielonka of Chicago. "The sellers were at the showing. I introduced them to the buyers and pointed out that both were huge enthusiasts of both vintage bicycles and classic cars, which put them at ease with one another and enabled them to form a natural connection. Had they not discovered this shared interest, my clients may not have gotten the property." To read the full report, complete with more analysis, charts, detailed survey results and 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 the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate. 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 $40 billion in home sales through 2016.

Realtors Can Gain a Competitive Edge by Understanding Real Estate’s Top Issues in 2017
  ORLANDO, Fla. (November 6, 2016) – Housing affordability, demographic shifts and e-commerce's impact on retail spaces are among the top pressing issues Realtors® should be knowledgeable about heading into 2017. That's according to a forum on the emerging trends affecting real estate at the 2016 REALTORS® Conference & Expo. Providing their timely insights on residential and commercial real estate were two speakers with leadership roles from the Counselors of Real Estate®: Scott Muldavin, 2017 chair, and Peter Burley, chair of the group's external affairs committee. For the past five years, the committee has identified and released a top 10 list of the issues and developments that will define the real estate industry in the upcoming year. Muldavin and Burley launched into the interactive discussion by talking about the current global and domestic opportunities and threats. Geopolitical and economic uncertainty, volatility in the energy markets and weaker trade volume could slow U.S. growth and lead to fewer job gains in the year ahead. These set of dominoes – if prominent and prolonged – could have the potential to eventually trickle down and impact residential housing. "The good news is that even with U.S. economic expansion at around 2 percent, the U.S. is still outperforming other major countries around the world," said Muldavin. Burley pointed out that demographic shifts are also poised to transform the real estate industry now that millennials have taken over baby boomers as the largest generation. With a growing share of millennials now entering their mid-30s, an increasing number of them will be getting married and eventually having children. This points to strengthening demand for buying a home. Meanwhile, baby boomers' tendencies to age in place creates opportunities for commercial real estate in the form of medical and assisted living facilities development. On the topic of housing affordability, Burley said the lack of new supply coming onto the market has made purchasing a home more expensive. Furthermore, younger and older buyers are competing for the minimal available inventory in many of the same places. Adding more pressure is that while apartment construction has ramped up, rents are still outpacing incomes in many communities. This only adds to the pressure of aspiring homebuyers trying to save enough money for a down payment. "Home prices have outstripped incomes and it makes it very challenging for millennials looking to buy," Burley said. "As a result, rental demand is expected to remain very strong." The added pressure on suburbs to become more urbanized was also discussed during the session. According to Burley, cities are expanding as people prefer to live in or immediately near urban cities. Those living in the suburbs still want to be within distance of walkable areas with a plethora of activities and unique experiences. This has resulted in the suburbs striving to become more urban-like with mixed-used developments and office space. "Suburban areas are adding urban amenities so that there's an environment where people can live, work and play right outside of the core part of the city," added Burley. In the commercial real estate retail sector, the rapid rise in online shopping has led to major retailers adjusting accordingly by closing stores and shrinking their store footprints. One emerging trend in the industry is smaller "showroom" space with an online component where consumers can buy at the store and have the item shipped to their home within a few days. Another shift is that many new commercial construction projects are mixed-use developments with a variety of retail, food and housing. Muldavin said that there's huge opportunity in secondary and tertiary markets for this type of development because retailers strive to be near walkable residential areas. According to CRE, the full top 10 issues affecting real estate going into 2017 are: The changing global economy Debt capital market retrenchment Demographic shifts Densification/urbanization The political environment Housing affordability and credit constraints The disappearing middle class Energy The sharing and virtual economy The rise of experiential retail "Realtors® are futurists in the sense that you're advising someone what may happen in the next few years as they're in the process of buying or selling a home," Muldavin said to the crowd full of Realtors® in attendance. "Understanding these top 10 issues can increase your value to your clients while giving you a competitive advantage within your market." 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.

NAR Generational Survey: Millennials Increasingly Buying in Suburban Areas
  WASHINGTON (March 9, 2016) – A growing share of homebuyers are millennials, and more of them are purchasing single-family homes outside of urban areas, according to the2016 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences1 of recent home buyers and sellers. The survey additionally found that although student loan debt is more prevalent among millennial buyers, they aren’t the generation with the largest student debt balances. The share of millennials buying in an urban or central city area decreased to 17 percent (21 percent a year ago) in this year’s survey, and fewer of them (10 percent) purchased a multifamily home compared to a year ago (15 percent). Overall, the majority of buyers in all generations continue to purchase a single-family home in a suburban area, and the younger the buyer, the older the home they purchased. Lawrence Yun, NAR chief economist, says while millennials may choose to live in an urban area as renters, the survey reveals that most aren’t staying once they’re ready to buy. “The median age of a millennial homebuyer is 30 years old, which typically is the time in life where one settles down to marry and raise a family,” he said. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is for the most part pushing their search further out.” Adds Yun, “Furthermore, limited inventory in millennials’ price range, minimal entry-level condo construction and affordability pressures make buying in the city extremely difficult for most young households.” For the third straight year, the largest group of recent buyers were millennials, who composed 35 percent of all buyers (32 percent in 2014), more than the combined amount of younger and older boomers (31 percent). Generation X were 26 percent of buyers, and the Silent Generation made up 9 percent. Financing the Purchase This year’s survey underlined the challenges debt had on some buyers’ ability to purchase a home. While debt delayed saving for a down payment for a median of four years for all buyers, the number of years postponed increased from three years for millennials to six years for older boomers. Among the share of buyers who said saving for a down payment was the most difficult task, millennials were most likely to cite student debt (53 percent) as the debt that delayed saving, while credit card debt was indicated more by Gen X (44 percent) and younger boomers (36 percent). According to Yun, student debt is likely impacting more than just the millennial generation’s ability to buy a home. “Whether it’s from financing their own education or borrowed for their children, it’s somewhat surprising to see a higher median amount of student debt among Gen X ($28,000) and younger boomer buyers ($29,100) compared to millennials ($25,000),” adds Yun. “One of the many reasons housing supply has been subdued in recent years may be because a segment of homeowners have decided to delay trading up or moving down in order to pay down their debt, including from student loans.” This year’s study found that 86 percent of all buyers in the past year financed their purchase (88 percent a year ago). Younger buyers who financed their home purchase most often relied on savings for their down payment, whereas older buyers were more likely to use proceeds from the sale of a primary residence. Overall, the median downpayment ranged from 7 percent for millennial buyers to 21 percent for older boomers and the Silent Generation. Nearly a quarter (23 percent) of millennials cited a gift from a relative or friend – typically their parents – as a source of their down payment. Characteristics of Buyers The median income of millennial homebuyers in this year’s survey was $77,400 ($76,900 in 2014), and they typically bought a 1,720-square foot home costing $187,400 ($180,900 a year ago). The typical Gen X buyer was 42 years old, had a median income of $104,700 ($104,600 a year ago) and typically purchased the largest home compared to other generations (2,200-square feet), costing $263,200 ($250,000 last year). Generation X buyers (71 percent) were the most likely to be married, younger boomers had the highest share of single female buyers (20 percent), and 12 percent of millennial buyers were an unmarried couple. This year’s survey found that the millennial generation’s desire to own a home of their own as the primary reason for their purchase is increasing, up to 48 percent (39 percent a year ago). The desire for a larger home was the highest among Gen X buyers (16 percent), and older boomers (at 20 percent) were the most likely to buy because of retirement. Searching for and Buying a Home Nearly all buyers predominantly used the Internet and a real estate agent during the home search process. Eighty-seven percent of millennials and Gen X buyers used an agent, and they were also the most likely to use mobile or tablet applications and mobile or tablet search engines during their search. Gen X buyers were the most likely to visit an open house. NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida, says buyers of all ages continue to seek the advice and guidance of Realtors®. “Supply shortages, strong competition and rising home prices in today’s market can make buying a home very stressful,” he said. “While the Internet is the initial go-to destination to search for available listings, consumers want the expertise and insights of a Realtor® to help them find the right home within their budget.” Gen X buyers represented the largest share of single-family homebuyers at 89 percent (85 percent a year ago), and younger boomers were the most likely to purchase a townhouse or row house (9 percent). A combined 3 percent of millennial buyers bought an apartment, condo or duplex in a building with two or more units (7 percent a year ago). Among the biggest factors influencing neighborhood choice, millennials were most influenced by the quality of the neighborhood (63 percent) and convenience to jobs (60 percent); convenience to schools was most desired by Gen X buyers, and proximity to friends and family by the Silent Generation. Characteristics of Sellers Those more likely to be trading up (Gen X homeowners) or trading down (older boomers) represented the largest share of sellers in the past year, at 25 percent and 24 percent, respectively. Millennials – also likely to be move-up buyers – stayed in their home the shortest amount of time before selling (five years). Even though younger sellers were more likely to need a larger home or move because of job relocation, older boomers were far more likely to move further away. Sellers overall moved a median distance of 20 miles, with older boomers traveling the furthest at 75 miles. Across every generation at 88 percent or above, sellers overwhelmingly used a real estate agent or broker to sell their home. When asked what sellers wanted most from their real estate agent, younger sellers were more likely to want their agent to help price their home competitively or sell within a specific timeframe, whereas help finding a buyer was desired more by younger and older boomers. In July 2015, NAR mailed out a 128-question survey using a random sample weighted to be representative of sales on a geographic basis to 94,971 recent home buyers. The recent home buyers had to have purchased a primary residence home between July 2014 and June 2015. A total of 6,406 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 6.7 percent. All information is characteristic of the 12-month period ending in June 2015 with the exception of income data, which are for 2014. 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.

Swanepoel T3 Group Releases 11th Annual Trends Report
February 1, 2016 - Orange County, Calif.—Swanepoel T3 Group has, for over 18 years, identified, researched and analyzed over 125 changes and innovations impacting real estate. T3 provides the most comprehensive and largest number of studies in the residential real estate brokerage industry and publishes the findings through a suite of reports, including the annual Swanepoel Trends Report, the Swanepoel Power 200, the T3 Tech Guide, and the DANGER Reports. In its 11th year, the 2016 edition of the Swanepoel Trends Report (RealSure Publishing; softcover; 188 pages, 11 chapters) is a far-reaching report that focuses on the shaping of the home buying process. The Report this year takes a deep dive into predictive analytics, societal housing shifts, half a dozen new technology innovations, the re-engineering of the MLS, and setting the correct expectations with consumers. The full list of the Top 10 Trends for 2016 are: Trend 10 - What Millennials Really Want in Housing Trend 9 - Setting Appropriate Consumer Experiences Trend 8 - Competing with New Lead Conversion Rules Trend 7 - The Arrival of Smart Home Technologies Trend 6 - How Portals Worldwide are Reshaping the Real Estate Industry Trend 5 - Battle Continues: Independent Contractor Status vs. Employees Trend 4 - Rebuilding the Real Estate Enterprise with New Technology Trend 3 - Defending Your Turf with Predictive Analytics Trend 2 - How Organized Real Estate is Reinventing an Industry Trend 1 - Innovating and Managing Real Estate Big Data The number one trend in 2016 is how "Project Upstream" is challenging the current property listing process and strategy, and how this initiative plans to consolidate big data and simplify the transactional process of marketing a home for sale. The Report outlines an industry-wide "Implementation Roadmap" for all participants including UpstreamRE, the company tasked to manage the implementation; REALTORS Property Resource®, the company commissioned to build the system; the National Association of REALTORS®, the company funding the project; and the brokers and agents who will ultimately be the users of the system. Stefan Swanepoel, CEO of the Swanepoel T3 Group, New York Times best-selling author, and author of 30+ books said, "real estate history is littered with examples of great ideas that suffered poor implementation. Let's hope this does not become another footnote of failure." Swanepoel added, "Project Upstream addresses some of the biggest conflicts in the residential real estate brokerage industry but it has major hurdles to overcome, and we will be tracking the project closely." The Report, without mentioning any candidates, or picking sides, provides a refreshing analysis how the upcoming presidential election will impact the industry. "Whichever party-Republican or Democratic-wins the election, the new president will impact the real estate industry for more than just the next four years, most likely for more than a decade to come. We investigate the most likely scenarios and key issues to watch." To obtain your copy of the 11th annual Swanepoel Trends Report, visit retrends.com. About Swanepoel T3 Group The Swanepoel T3 Group is the leading real estate trends research company and has since 1998 published various awarding winning books and reports including: annual Swanepoel Trends Report, the annual Swanepoel Power 200, the T3 Tech Guide, the industry-wide studies known as the D.A.N.G.E.R. Report (Definitive Analysis of Negative Game Changers Emerging in Real Estate). The group also hosts the annual T3 Summit (USA), annual T3 Canadian Summit, and the annual T3 Fellows Retreats.

Buying More Affordable Than Renting in 58 Percent of U.S. Markets According to 2016 Rental Affordability Analysis
IRVINE, CA--(December 23, 2015) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released its 2016 Rental Affordability Analysis, which shows that buying is still more affordable than renting in 58 percent of U.S. housing markets despite home price appreciation outpacing rent growth in 55 percent of markets. The report also shows that the rise in rents is outpacing weekly wage growth in 57 percent of markets. The analysis included recently released rental data 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 RealtyTrac in 504 counties with a population of at least 100,000 (see full methodology below). "Renters in 2016 will be caught between a bit of a rock and a hard place, with rents becoming less affordable as they rise faster than wages, but home prices rising even faster than rents," said Daren Blomquist, vice president at RealtyTrac. "In markets where home prices are still relatively affordable, 2016 may be a good time for some renters to take the plunge into homeownership before rising prices and possibly rising interest rates make it increasingly tougher to afford to buy a home." Rents rising faster than wages, slower than home prices Rents on three-bedroom properties will increase an average of 3.5 percent in 2016 compared to 2015 across all 504 counties analyzed, according to the HUD data. Meanwhile, average weekly wages in the second quarter of 2015 (the most recent wage data available) were up an average of 2.6 percent from a year ago and median home prices were up an average of 5.0 percent in the third quarter of 2015 compared to a year ago across all 504 counties. Markets with the biggest increase in rents are counties in Sumter, South Carolina, Burlington, North Carolina, Goldsboro, North Carolina, Houma-Thibodaux, Louisiana, and Missoula, Montana. Among counties with a population of at least 1 million, those with the biggest increases in rents are Santa Clara County, California in the San Jose metro area (up 9.3 percent); Travis County, Texas in the Austin metro area (up 8.0 percent); San Diego County, California (up 7.5 percent); Cook County, Illinois in the Chicago metro area (up 7.3 percent); and Bexar County, Texas in the San Antonio metro area (up 7.2 percent). Markets with the biggest decrease in rents are counties in Johnson City, Tennessee, Abilene, Texas, California-Lexington Park, Maryland, Ithaca, New York, and Roseburg, Oregon. Among counties with a population of at least 1 million, those with the biggest decreases in rents are Suffolk and Nassau counties in Long Island, New York (both down 6.8 percent); Clark County, Nevada in the Las Vegas metro area (down 1.4 percent); Sacramento County, California (down 0.4 percent); and Contra Costa County, California in the San Francisco metro area (down 0.3 percent). Buying more affordable than renting in 58 percent of markets Across all 504 counties analyzed, average wage earners will need to spend 37 percent of their income on rents for a three-bedroom property in 2016, slightly less than the 38 percent of income to make monthly house payments -- assuming a 3 percent down payment and including mortgage, taxes, insurance and mortgage insurance -- on a median priced home on average across all 504 counties. Renting was more affordable than buying in 213 of the 504 counties analyzed (42 percent), including counties in Los Angeles, Houston, San Diego, New York City (Brooklyn), and Dallas. Buying was more affordable than renting in 291 counties (58 percent) including counties in Chicago, Phoenix, Miami, the Inland Empire of Southern California, Las Vegas and Detroit. "Low interest rates and reasonable housing prices make South Florida ripe for buying. Our rental rates have risen dramatically, now with low down payment options available it is a good time to lock in long term low interest rates," said Mike Pappas, CEO and president of the Keyes Company, covering the South Florida market. "A strong local economy and lack of inventory have continued to drive prices higher and higher. That said, the further you travel from the job centers, there are some sub-markets where it's actually more affordable to buy than rent," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market where it is more affordable to rent than buy. "But as our transit infrastructure improves over time, I believe the pace of home price growth will pick up in these areas too." Least Affordable and Most Affordable Rental Markets The least affordable markets for rents (where average wage earners need to spend the highest percentage of their income on renting a three-bedroom property) in 2016 are counties in Honolulu, Washington, DC, New York City, and the Northern California metros of Salinas, Santa Cruz and San Francisco. In all of the top five least affordable rental markets, average rents represent more than 60 percent of average wages. The most affordable markets for rents in 2016 are counties in Huntsville, Alabama, Peoria, Illinois, Davenport, Iowa, Atlanta, Georgia, and Pittsburgh, Pennsylvania. In all of the top five most affordable rental markets, average rents represent 25 percent or less of average wages. "Northern Colorado is experiencing similar increases in property values and rents as the Denver metro area. One of the largest factors to consider as a renter is when to jump on the home buying wagon and begin investing in what is for many the largest assets anyone can own," said Al Detmer, broker associate at RE/MAX Alliance, covering the Greeley market in Colorado. "If a buyer waits just one year to purchase they can loose buying power combined with a simple quarter point interest hike and now what they could have purchased similar to what their renting in size fit and finish just went out the window. Renters now is the right time to buy!" Best and Worst Rental Markets for Millennials Out of 52 counties where the share of the millennial population (born between 1979 and 1993) increased at least 10 percent during the housing crisis, from 2008 to 2013, the most affordable were Fulton County, Georgia, in the Atlanta metro; Durham County, North Carolina in the Durham metro; Harris County, Texas in the Houston metro; Dallas County, Texas, in the Dallas metro; and Mecklenburg County, North Carolina, in the Charlotte metro. Average rents accounted for 27 percent or less of average wages in all of the top five most affordable rental markets for millennials. Other "millennial magnet" markets where average rents represent less than 30 percent of average wages included counties in Columbus, Ohio; St. Louis; Indianapolis; Milwaukee; Kansas City; Nashville; Little Rock, Oklahoma City; Minneapolis; Des Moines; Richmond, Virginia; Portland; and Philadelphia. Among the 52 counties with at least a 10 percent increase in the share of millennials between 2008 and 2013, the least affordable for renters were Kings County, New York (Brooklyn); Queens County, New York (Queens); Virginia Beach City, Virginia; Onslow County, North Carolina in the Jacksonville metro; and San Francisco County. Average rents in all five of these markets require more than 43 percent of average wage earner's income. Other "millennial magnet" markets where rents represent more than one-third of average wages include counties in Panama City, Florida; Seattle; Clarksville, Tennessee; Orlando; Fayetteville, North Carolina; Portland; Charleston, South Carolina; Baltimore; Denver, New Orleans; and Austin, Texas. "The aggressive growth of companies like Amazon, and the arrival of several Silicon Valley newcomers like Facebook, Google, and Apple have made Seattle an increasingly popular spot for Millennials. Not only do many of these Millennials have stable employment, but strong job prospects going forward, and a rosy outlook for future salary growth," continued Gardner. Methodology For this report, RealtyTrac looked at 50th percentile average rental data for 3-bedroom properties in 2016 from the U.S. Department of Housing and Urban Development, along with Q2 2015 average weekly wage data from the Bureau of Labor Statistics (most recent available) and year-to-date home price data from RealtyTrac publicly recorded sales deed data in 504 counties nationwide. Rental affordability is average monthly wage (extrapolated from average weekly wages) as a percentage of average rent. Home buying affordability is the average monthly wage (extrapolated from average weekly wages) as a percentage of 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). About RealtyTrac RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 129 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.

San Francisco, L.A., Boston Top Experts' List of Potential Bubble Markets
  SEATTLE, Dec. 9, 2015 -- A third of the experts surveyed in the latest Zillow® Home Price Expectations Survey said the San Francisco housing market is in a bubble, and another 20 percent believe the market is at-risk for bubble conditions within the next year. The survey, sponsored quarterly by Zillow and conducted by Pulsenomics LLC, asked more than 100 panelists about their expectations for the housing market. Of those, 66 answered a question about bubble conditions in 20 local housing markets. The survey responses revealed that some housing experts are concerned about over-valuation in some of the nation's hottest housing markets – and that there is significant disagreement among experts about whether the rapid home-value growth in those markets puts consumers at risk. "A handful of markets – especially the Bay Area – are very hot right now, and it's possible home values may actually begin to fall somewhat in these places as more residents are priced out amidst rising affordability concerns, especially when interest rates rise," said Zillow Chief Economist Dr. Svenja Gudell. "Whether those local conditions constitute a 'bubble' is up for debate, even among economists. Without 20/20 hindsight, it's difficult to identify bubbles as they're happening, but it is very clear that nationally we are not seeing a return of the conditions that caused the last national bubble. Tighter lending restrictions today mean we aren't seeing buyers get loans they realistically can't pay back, like we did in years past. It's significant that some experts are starting to worry about bubble conditions, but in my opinion, there's no real danger of a severe crash like the one we all remember from the last decade." Some experts said they think bubble conditions are already present in Miami, Los Angeles, Houston, San Diego, and Seattle. A quarter of respondents said they think there is significant risk of a housing bubble in the next three years in Boston. (The same number of panelists said there is no risk of a bubble in Boston in the next five years). The bubble fears are coming to the surface even as home values overall are expected to gradually level off over the next several years. The ZHPE panel projects an annual growth rate of 3.9 percent through the end of 2015 – a gradual slowing of the U.S. housing market. Over the next five years, among all 108 panel respondents, the expected average annual home-value appreciation rate is now just over three percent. This scenario would result in a national median home value of more than $215,000 by the end of 2020. "The long-term outlook for U.S. home values has diminished to a three-year low, and a clear-cut consensus among the experts remains elusive, even at the national level," said Pulsenomics Founder Terry Loebs. "Based on the projections of the most optimistic forecasters, home values nationally will increase 4.7 percent next year and surpass their May 2007 peak levels in April 2017. In contrast, the data collected from the panel's most pessimistic respondents expect only 2.3 percent appreciation for next year, and even more subdued appreciation thereafter – a path that would delay the market's eclipse of the bubble peak until September 2019. The divergence of expert views regarding the existence of regional price bubbles and the path of future home values is a reminder that the U.S. housing sector has yet to fully heal more than eight years after the epic bust, and that significant risks have re-emerged within certain large metropolitan area housing markets." 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 ZG), and headquartered in Seattle. Zillow is a registered trademark of Zillow, Inc. About Pulsenomics: Pulsenomics LLC (www.pulsenomics.com) is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health. Pulsenomics LLC is the author of The Home Price Expectations Survey™, The U.S. Housing Confidence Survey, and The U.S. Housing Confidence Index. Pulsenomics®, The Housing Confidence Index™, and The Housing Confidence Survey™ are trademarks of Pulsenomics LLC.

Lack of Affordable Options Will Drive First-Time Buyers Out to the Suburbs in 2016
  SEATTLE, November 30, 2015 — Deteriorating housing affordability will drive 2016 housing trends. A lack of affordable homes near city centers will push new and first-time homebuyers to suburbs that feel like walkable, amenity-rich mini-cities. Rising rents will force more young renters to wait longer before buying a home. And the looming threat of rising mortgage interest rates will slowly erode some of the terrific mortgage affordability the market has enjoyed for the past few years. Zillow's 2016 Housing Market Predictions The median age of first-time buyers will reach new highs in 2016 as millennials put off homeownership and other major life decisions. Growth in home values will outpace incomes, especially for low-income Americans. In 2016, those whose incomes fall in the bottom third of all incomes will be priced out of homeownership and unable to afford even the least expensive homes on the market. Rising rents won't let up in 2016, and will continue to set new records. The next year will bring the least affordable median rents ever. As affordable housing close to city centers grows increasingly scarce, people will move farther out. Dense, walkable suburbs with an urban feel – especially those that offer good access to the city – will be 2016's new hot spots. The median expectation of more than 100 economic and housing experts surveyed in the latest Zillow® Home Price Expectations Survey was for home values to grow about 3.5 percent in 2016. Statement from Zillow Chief Economist Dr. Svenja Gudell: "Rents will continue to increase at a brisk rate in 2016, but many potential first-time buyers are living in hot markets where buying a home is really expensive. In 2016, we'll start to see more people in hot coastal markets forced to move farther from the core of the city to find housing. When they get there, they'll be looking for amenity-rich suburbs – mini-cities, with walkable cores and an urban feel. "As renters gradually transition into homeowners, the historically low homeownership rate should stop falling quite as quickly as it has been. However, the median age of first-time homebuyers – already the highest it has ever been at about 33 – will climb higher. Millennials want to buy, but they are waiting longer than previous generations. "All of this will happen against a backdrop of slowly increasing interest rates. That will make some homeowners think twice about selling, and many of them will decide to remodel their current homes instead." 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 ZG), and headquartered in Seattle. Zillow is a registered trademark of Zillow, Inc.

First-time Buyers Fall Again in NAR Annual Buyer and Seller Survey
  WASHINGTON (November 5, 2015) — The share of first–time buyers declined for the third consecutive year and remained at its lowest point in nearly three decades as the overall strengthening pace of home sales over the past year was driven more by repeat buyers with dual incomes, according to an annual survey released today by the National Association of Realtors®. The survey additionally found that nearly 90 percent of all respondents worked with a real estate agent to buy or sell a home; which pushed for–sale–by–owner transactions to their lowest share ever. The 2015 National Association of Realtors® Profile of Home Buyers and Sellers continues a long–running series of large national NAR surveys evaluating the demographics, preferences, motivations, plans and experiences of recent home buyers and sellers; the series dates back to 1981. Results are representative of owner–occupants and do not include investors or vacation homes. In this year's survey, the share of first–time buyers* declined to 32 percent (33 percent a year ago), which is the second–lowest share since the survey's inception (1981) and the lowest since 1987 (30 percent). Historically, the long–term average shows that nearly 40 percent of primary purchases are from first–time home buyers. Lawrence Yun, NAR chief economist, says the housing recovery's missing link continues to be the absence of first–time buyers. "There are several reasons why there should be more first–time buyers reaching the market, including persistently low mortgage rates, healthy job prospects for those college–educated, and the fact that renting is becoming more unaffordable in many areas," he said. "Unfortunately, there are just as many high hurdles slowing first–time buyers down. Increasing rents and home prices are impeding their ability to save for a down payment, there's scarce inventory for new and existing–homes in their price range, and it's still too difficult for some to get a mortgage." Yun says this year's survey perhaps offers additional clues to why fewer first–time buyers are reaching the market. "First–time buyers reported that debt (all forms) delayed saving for a down payment for a median of three years, and among the 25 percent who said saving was the most difficult task, a majority (58 percent) said student loans delayed saving," he said. "With a median amount of student loan debt for all buyers at $25,000, it's likely some younger households with even higher levels of debt can't save for an adequate down payment or have decided to delay buying until their debt is at more comfortable levels." Characteristics of Buyers With strong price growth in many markets and fewer first–time buyers, the results in this year's survey reveal a market with a higher share of married couples 67 percent (up from 65 percent last year) who have higher household income than previous years. Married repeat buyers have the highest income among all buyers ($108,600), while the share of single female buyers decreased from 16 percent to 15 percent and male buyers remained flat at 9 percent. "Similar to some of the obstacles facing first–time buyers, tighter credit conditions and having less purchasing power than households with dual incomes likely led to the share of single–female buyers declining to its lowest since 2001 (also 15 percent)," adds Yun. Unchanged from a year ago, 13 percent of survey respondents were multi–generational households, including adult children, parents and/or grandparents. Eighteen percent of buyers identified as military veterans, 8 percent as an unmarried couple and 3 percent as active–duty service members. The median age of first–time buyers was 31, unchanged for the last three years, and the median income was $69,400 ($68,300 in 2014). The typical first–time buyer purchased a 1,620–square–foot home (1,570 in 2014) costing $170,000, while the typical repeat buyer was 53 years old and earned $98,700 ($95,000 in 2014). Repeat buyers purchased a median 2,020–square–foot home costing $246,400. When asked about the primary reason for purchasing, more first–time buyers in this year's survey (64 percent) cited a desire to own their own home as the primary reason compared to a year ago (53 percent). For repeat buyers, desire to own a home of their own and wanting to own a larger home were both the top reason given (each at 13 percent). Nearly half of all buyers (46 percent) said the timing was just right and they were ready to purchase a home. According to the survey, buyers continue to view buying a home as a good financial investment. Up from last year (79 percent), 80 percent of recent buyers said it was a good investment, and 43 percent believe it's better than stocks. Looking ahead, first–time buyers plan to stay in their home for 10 years and repeat buyers plan to hold their property for 15 years. Financing the Purchase An overwhelming majority of recent buyers (86 percent versus 88 percent in 2014) still financed their purchase, despite above–normal activity from all–cash buyers likely pushing the percent share down. Younger buyers were more likely to finance, and the median down payment ranged from 6 percent for first–time buyers to 14 percent for repeat buyers. Almost half (45 percent) of first–time buyers in this year's survey said the mortgage application and approval process was much more or somewhat more difficult than expected. Ninety–one percent of all buyers chose a fixed–rate mortgage, with 23 percent financing their purchase with a low–down payment Federal Housing Administration–backed mortgage, down from 43 percent five years ago. Eleven percent financed using the Veterans Affairs loan program with no down payment requirements. In addition to using their own savings for their down payment (81 percent), first–time buyers used a variety of outside resources, including a gift from a friend or relative (27 percent), and selling stocks or bonds and tapping into a 401(k) fund (both at 8 percent). For repeat buyers, the proceeds from the sale of their primary residence (53 percent) was the top source for their down payment, up from 47 percent last year and 40 percent in 2012. "With first–time buyers stuck on the sidelines, the majority of sales activity in most parts of the country is coming from pent–up sellers taking advantage of rising home values in their neighborhoods and using their equity to trade up or move down," added Yun. Searching for and Buying a Home While more home buyers used the Internet as the first step of their search than any other option (42 percent), real estate agents remain an integral part of the home search process. Eighty–eight percent of buyers who searched for homes online ended up purchasing through an agent. NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says the two most popular resources used during the home search process continue to primarily be online websites (89 percent) and real estate agents (87 percent). "Although buyers between the ages of 18–24 were the most likely to use an agent (90 percent), over 85 percent of buyers in each of the other age categories also used an agent during their home search," he said. "With tight inventory conditions leading to stiff competition in several parts of the country and what's found online sometimes not entirely accurate, buyers are turning to Realtors® for expert advice and assistance in navigating today's fast–moving housing market." In recent years, the home search resource that's gaining the most popularity is mobile or tablet applications, steadily increasing from 45 percent in 2013 to 61 percent in this year's survey. Other noteworthy results included yard signs (51 percent) and open houses (48 percent). With tight inventory conditions prevalent in many markets, buyers moved faster than in previous years to find the house they purchased, typically taking 10 weeks (for the second consecutive year). From 2009 to 2013, the typical home search process took 12 weeks. A detached single–family home continues to be the most common type of home bought (83 percent), while purchases of townhouses or row houses remained unchanged from a year ago at 7 percent. Eighty–nine percent of buyers with children under the age of 18 purchased a detached single–family home compared to 80 percent of buyers with no children in their home. Overall, the typical home purchased during the survey period was built in 1991 and had three bedrooms and two bathrooms. Slightly more buyers in this year's survey purchased a home in a suburb or subdivision (52 percent) compared to a year ago (50 percent). The remaining bought in a small town (20 percent), urban area (14 percent), rural area (13 percent) or resort/recreation area (2 percent). Recent buyers also moved further from their previous residence this past year at a median distance of 14 miles (12 miles in 2014). Similar to previous years, the biggest factors influencing neighborhood choice were quality of the neighborhood (59 percent), convenience to jobs (44 percent) and overall affordability of homes (38 percent). Unmarried couples were the most likely to cite convenience to entertainment and leisure activities (26 percent), and single women were the most likely to cite convenience to friends and family as an influencing factor (43 percent). Characteristics of Sellers Eighty–nine percent of sellers sold their home with an agent. Only 8 percent were by for–sale–by–owner sales, which is down from 9 percent the last three years and the lowest share ever recorded since the survey's 1981 inception. "Although the Internet and digital technology have created several channels for sellers to market their listings to a wider cast of potential buyers, the preference to use a Realtor® to sell a home has never been stronger," says Polychron. Overall, the typical seller over the past year was 54 years old (unchanged from 2014; up from 49 in 2010), was married (77 percent), had a household income of $104,100 ($96,700 in 2014), and was in the home for 9 years before selling — a year earlier than 2014's all–time high for tenure in home (10 years). Fewer sellers this past year (14 percent) wanted to sell earlier but were stalled because their home had been worth less than their mortgage (17 percent a year ago). Sellers realized a median equity gain of $40,000 ($30,100 in 2014) — a 23 percent increase (17 percent last year) over the original purchase price. Sellers who owned their home for one to seven years all reported roughly selling their homes for $30,000 to $35,000 more than they purchased it. Underlining the price swings during the downturn, equity gains fell to $3,000 for owners who bought between eight and 10 years ago. Homes sold after 21 years reported a price gain of $138,000. The median time on the market for recently sold homes remained at four weeks for the second year in a row, again highlighting the persistently low inventory in several markets. Sellers moved a median distance of 20 miles (70 percent stayed in the same state) and the top reason given for selling their home was it being too small (16 percent). A combined 66 percent of responding sellers found a real estate agent through a referral by a friend, neighbor or relative, or used their agent from a previous transaction. Furthermore, the responses reveal client referrals and repeat business remain the predominant source of business for real estate agents, with most sellers (84 percent) indicating they would definitely (67 percent) or probably (17 percent) recommend their agent for future services. NAR mailed a 128–question survey in July 2015 using a random sample weighted to be representative of sales on a geographic basis. A total of 6,406 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 6.7 percent. The recent home buyers had to have purchased a home between July of 2014 and June of 2015. All information is characteristic of the 12–month period ending in June 2015 with the exception of income data, which are for 2014. The 2015 NAR Profile of Home Buyers and Sellers can be ordered by calling 800–874–6500, or online at www.realtor.org/prodser.nsf/Research. The study costs $19.95 for NAR members and $249.95 for non–members. 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.

Realtor.com® Survey Finds Home Enthusiasts Prefer Natural, Comfortable Spaces
SAN JOSE, California, October 26, 2015 — Long-gone are the days of the Hollywood-inspired homes exuding sophistication and "look, but don't touch elegance," according to realtor.com® visitors, who selected Inviting, Rustic and Beachside Charm as three favorite home designs for 2015. The top design preferences, announced today by realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., indicate a shift in home design trends that mirror today's lifestyle. The consumer insight was gathered as part of the realtor.com® "Get This Look" promotion, which invited visitors to vote for their favorite look as part of an opportunity to win a $45,000 home makeover by television host and lifestyle expert Jennifer Farrell. "We are seeing a shift in home design trends – leaving behind the glitz and glam for a more natural look – whether that may be a rugged barn with many textures or a serene beach-like feel," said Farrell. "Today's style reflects today's lifestyle and we've found that having a space for entertaining family and friends all year round is the number one trend." The Inviting living space, which is described as a welcoming atmosphere that includes fun barware, plenty of seating and a gather-worthy kitchen that can serve as the life of the party, received 23 percent of the more than 100,000 votes cast by realtor.com® visitors. This was followed by Rustic at 22 percent and Beachside Charm, at 21 percent. Those who prefer a Rustic look favor natural elements: wood, stone, water and light. This style takes traditionally organic materials from the outside inside for a perfect balance. Also taking on a relaxed and casual feel, the Beachside Charm look is airy and breezy, incorporating terracotta tile, patio umbrellas, sundecks and scattered shells to make home owners and their visitors kick back and feel like they are miles away from the hustle and bustle of life's daily pressures. Regal, a grand look with fine fabrics and antiques, was selected fourth among realtor.com® visitors, followed by concrete jungle Urban, eclectic Mid-Century Modern, and slinky and engaging Earthy. The soft satin and candlelight ambiance found in glamour designs finished last in place. Follow the realtor.com® "Get This Look" sweepstakes, sponsored in part by Bankrate, by visiting the realtor.com® News & Advice page to watch Grand Prize winner, Lillian Lightner's home makeover. It is one of many resources available to home buyers and sellers to help them make their dream home become a reality. 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 in the first half of 2015 as measured by comScore.

More than a Quarter of U.S. Homes Lost Value in the Last Year
  SEATTLE, Sept. 22, 2015 — More than a quarter of homes across the country lost value over the past year, despite the ongoing housing market recovery, according to the Zillow® August Real Estate Market Report. Some markets have already surpassed home values reached at the height of the housing bubble, while other markets are struggling to leave the recession behind. Nationally, homes appreciated 3.3 percent from a year ago, rising to a Zillow Home Value Index of $180,800. The national growth rate has leveled off over the past five months, suggesting the housing recovery is ending and the market is returning to normal. However, 27.9 percent of homes lost value over the past year. Before the housing market crashed, an average of 21.2 percent of homes were losing value. In December 2008, 81.6 percent of homes lost value, the highest amount during the recession. Markets on the East Coast and in the Midwest had the highest share of homes that lost value. A staggering 48.1 percent of homes in Baltimore decreased in value over the past year. Philadelphia (43.4 percent) and Washington, DC (41.2 percent) also had large shares of homes losing value. Conversely, few homes lost value in hot markets like Denver, Dallas, San Jose, and San Francisco, which all saw double-digit home value growth over the past year. Less than five percent of homes in Denver (1.5 percent) and Dallas (4 percent) were worth less in August 2015 than they were a year ago. "We're not going in reverse, but we are hitting the brakes a bit in some markets," said Zillow Chief Economist Dr. Svenja Gudell. "It's easy to say the recession is over when a third of the biggest markets are more expensive now than ever before, but we're still seeing a number of homes losing value. The reality is there are still areas lagging behind in the recovery." Renters looking to become homeowners may find more opportunities in slower markets like Philadelphia. According to the January 2015 Zillow Housing Confidence Index, when home values there were growing at 2.8 percent annually, eight percent of renters in the area said they planned to buy within a year. This jumped to 18 percent in the most recent survey, when home value growth was nearly flat at 0.3 percent. Rents are still growing faster than home values. The Zillow Rent Index rose 3.8 percent on an annual basis to $1,381, giving potential buyers another reason to consider entering the market.   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 ZG), and headquartered in Seattle.

The Official Deeper Dive into the Dangers, Threats and Opportunities in the Real Estate Industry
The award winning 2015 Swanepoel Trends Report (Bronze Medalist - 2015 Axiom Business Book Award) provides a business comprehensive analyzes overview of most important trends, shifts, danger and opportunities in the real estate industry. We have been writing about them since the Real Estate Confronts Reality in 1997! This year we are celebrating our 17th year of real estate publications and the 10th edition of our annual Swanepoel TRENDS Report. Listed below are the chapters we address in this year's Trends Report: Race to Online Supremacy - Down to the Dominant Two. Now What? Vulnerability of the MLS - Project Upstream and other Covert Operations. What are the Most Likely Scenarios? Consumer Complaints - Examining the Impact of the CFPB. Are you ready for October 1st? Amateurs, Order Takers or Professionals - Are We Changing or Just Staying the Same? The Next Surge of Innovations - How Will Digital Natives Drive the Next Surge of Innovations? Independent Contractors - Will the Legal Battles Create a Industry Game Changer? Leadership Retirement Wave - Are There Sufficient CEO Succession Plans in Place? August and September are the final months to get the 2015 Swanepoel Trends Report before writing starts on the 2016 edition. Get your copy today!

Renting Less Affordable Than Buying in Most U.S. Markets But Not Where Millennials Are Moving Most
IRVINE, Calif. – Dec. 23, 2014 — RealtyTrac®, the nation's leading source for comprehensive housing data, today released an analysis of fair market rents and median home prices in more than 500 U.S. counties, which shows that buying is still more affordable than renting in the majority of U.S. housing markets, while the opposite is true in markets with the biggest increase in the millennial share of the population over the last six years. RealtyTrac analyzed 2015 fair market rental data recently released by the U.S. Department for Housing and Urban Development for three-bedroom properties in 543 counties nationwide with a population of at least 100,000. In the 473 counties with sufficient rental and home price data, the fair market rent for a three-bedroom property in 2015 will require an average of 27 percent of median household income, while buying a median-priced home requires an average of 25 percent of median household income based on the median sales price in November. Buying a median-priced home was more affordable than renting a three-bedroom property in 68 percent of the counties analyzed, representing 57 percent of the total population in those counties. But in the 25 counties with the biggest increase in millennials between 2007 and 2013, fair market rents for a three-bedroom property in 2015 will require 30 percent of the median household income on average while buying a median-priced home requires 36 percent of median household income on average. For the analysis millennials were defined as anyone born between 1977 and 1992. "First-time buyers and potential boomerang homebuyers are stuck between a rock and a hard place in today's housing market: many of the markets with the jobs and amenities they want have hard-to-afford rents and even harder-to-afford home prices; while the more affordable markets have fewer well-paying jobs and tend to be off the beaten path," said Daren Blomquist, vice president at RealtyTrac. "Those emerging markets with the combination of good jobs, good affordability and a growing population of new renters and potential first-time homebuyers represent the best opportunities for buy-and-hold real estate investors to buy low and benefit from rising rents in the years to come." Rental trends in markets with biggest increase in millennial population The top markets with the biggest increase in the percentage of millennials over the past seven years were counties in Washington D.C., San Francisco and Denver, all of which saw an increase of more than 50 percent in the share of the population that is millennials. Other markets in the top 25 for biggest increase in millennials included counties in New York, Nashville, Portland, St. Louis, Seattle, Charlotte, Minneapolis, Indianapolis, Atlanta, Orlando, Austin, Des Moines and Midland, Texas. The average 2015 fair market rent in these top 25 counties is $1,459, 19 percent above the national average for all counties analyzed. On average 2015 fair rents increased 3 percent from a year ago in these counties, with the standouts being Denver County and Midland County, Texas, both of which saw fair market rents increase more than 20 percent. Median home prices increased 8 percent from a year ago in these counties on average compared to an average 7 percent increase among all counties analyzed nationwide. The average unemployment rate among these counties was 5.2 percent in October compared to an average of 5.5 percent for all counties analyzed. Markets with biggest jumps in fair market rents The top counties in terms of increasing fair market rents on three-bedroom properties were in Williamsport, Pa., Elizabethtown, Ky., and Midland, Texas, all of which saw an increase of 24 percent or more in fair market rents compared to 2014. Williamsport and Midland are both experiencing oil and gas booms facilitated by fracking, and Elizabethtown is home to the Fort Knox U.S. Army post. Other markets among the top 25 for increasing rents included counties in Denver, Colo., Asheville, N.C., Chicago and Santa Barbara, Calif. The average 2015 fair market rent in these top 25 counties is $1,327, 8 percent above the national average for all counties analyzed. Among these counties, 2015 fair market rent on a three-bedroom property will require 25 percent of median household income on average while buying a median-priced home requires 27 percent of median household income on average. The average unemployment rate among these counties was 4.9 percent compared to an average of 5.5 percent unemployment rate among all counties analyzed. Median home prices increased 7 percent from a year ago in these counties on average, the same as the average for all counties analyzed. Markets with biggest drops in fair market rents The top markets with the biggest decreases in fair market rents on three-bedroom properties were in Sumter, S.C., Las Cruces, N.M., and Longview, Texas. All three saw fair market rents decrease at least 13 percent from 2014 to 2015. Other markets in the top 25 for decreasing rents included counties in several college towns: Bloomington, IL, Champaign-Urbana, IL, College Station, Texas, Terre Haute, Ind., along with Las Vegas. "Inventory of single-family rentals are at an all-time high in Washoe County, keeping rental rates flat in 2014," said Craig King, COO of Chase International, covering the Lake Tahoe and Reno, Nev., markets. "With our Tesla announcement and other companies to follow we see a strong rental market in the immediate years ahead. We have had a growing population of renters in the millennial demographic range. Going forward, they are prime buying candidates." The average 2015 fair market rent in these top 25 counties is $1,023, 16 percent below the national average for all counties analyzed. Among these counties, 2015 fair market rent on a three-bedroom property will require 29 percent of median household income on average while buying a median-priced home requires 23 percent of median household income on average. The average unemployment rate among these counties was 6.7 percent compared to an average of 5.5 percent unemployment rate among all counties analyzed. Median home prices increased 4 percent from a year ago in these counties on average, compared to an average increase of 7 percent for all counties analyzed. Least affordable rental markets The top counties where fair market rents were least affordable as a percentage of median household income were in New York, Baltimore, Philadelphia, Miami, Virginia Beach, San Francisco, Eureka, Calif., and Los Angeles. Fair market rents required at least 40 percent of median household income in all of the 10 least affordable counties. "With interest rates still at record lows, the buy analysis is compelling for many renters," said Mike Pappas, CEO and president of the Keyes Company, covering the South Florida market. "We are beginning to see those who lost their homes in the great recession re-enter the purchase market. Coupled with the re-emergence of the low down payment loans and the aging of the millennials – 2015 bodes well for an improving purchase market." "We are starting to see the millennials entering into the housing market in the more affordable areas," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market, where renting is substantially more affordable in coastal markets but where buying is more affordable in some markets further inland. "We are still five to seven years from seeing the millennials enter into the housing market in the more affluent coastal areas." Other markets among the top 25 for least affordable fair market rents were in Tampa, St. Louis, New Orleans, Richmond, Va., Atlanta, San Diego, Sacramento and Orlando. The average 2015 fair market rent in these top 25 counties is $1,686, 38 percent above the national average for all counties analyzed. Among these counties, 2015 fair market rent on a three-bedroom property will require 42 percent of median household income on average while buying a median-priced home requires 44 percent of household income on average. The average unemployment rate among these counties was 6.5 percent compared to an average of 5.5 percent among all counties analyzed. Median home prices increased 3 percent from a year ago in these counties on average, compared to an average 7 percent increase for all counties analyzed. Most affordable rental markets The top counties where fair market rents were most affordable as a percentage of median household income were in Columbus, Ohio, Indianapolis and Nashville. Fair market rents required less than 15 percent of median household income in parts of these markets. "Across Ohio we have experienced an increased demand with rentals due to a growing job market and affordable rental rates throughout the state," said Michael Mahon, executive vice president at HER Realtors, covering the Cincinnati, Columbus and Dayton markets. "As many consumers remain optimistic over job and income stability, many are still repairing credit issues and paying down debt incurred over recent past years economic concerns. Particular focus is on the millennial demographic whom appear to be taking advantage of renting available homes while seeking greater personal financial security by redirecting down payment funds to paying off targeted debt such as student loans." Other markets among the top 25 for most affordable fair market rents included counties in Atlanta, Cincinnati, Milwaukee, and Houston. The average 2015 fair market rent in these top 25 counties is $1,019, 17 percent above the national average for all counties analyzed. Among these counties, 2015 fair market rent on a three-bedroom property will require 26 percent of median household income on average while buying a median-priced home requires 12 percent of household income on average. The average unemployment rate among these counties was 5.8 percent compared to an average of 5.5 percent among all counties analyzed. Median home prices increased 6 percent from a year ago in these counties on average, compared to an average increase of 7 percent for all counties analyzed. Report Methodology Fair market rents for 2015 and 2014 were obtained for the U.S Department of Housing and Urban Development, which publishes the numbers each year using a methodology designed to identify the 40th percentile rent, the dollar amount below which 40 percent of the standard-quality rental housing units are rented. See full HUD methodology. In most states, the median sales price for this analysis was derived from sales deeds recorded at the county level. In some states known as non-disclosure states (AK, ID, IN, KS, LA, ME, MS, MO, MT, NM, ND, TX, UT, WY) where the median price is not consistently available from the sales deed, median list prices were used. Annual median household income data came from the U.S. Census Bureau for 2000 to 2012. Annual median household income for 2013 to 2014 was estimated based upon 2000 to 2012 numbers and then adjusted for current market conditions. In calculating average house payments, fixed 30 year mortgage rates were obtained from Freddie Mac for every month. It was assumed that the average borrower would make a 20 percent down payment, the mortgage term would be 30 years, and insurance combined with property tax would be 1.39 percent of the value of the home. Rental affordability rates for this analysis are the annualized 2015 fair market rent for a three-bedroom property divided by the annual median household income. Affordability rates for purchasing a home for this analysis are the percentage of median household income needed to make monthly house payments on a median-priced residential property in each given county based on November 2014 median sales prices. About RealtyTrac RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 129 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.

In Most Major Markets, Negative Equity Has Fallen By Half Since Peak of Crisis
SEATTLE, Dec. 17, 2014 -- The number of U.S. homeowners upside down on their mortgages has fallen by more than 40 percent since early 2012, according to the third quarter Zillow® Negative Equity Reporti. More than 7 million Americans who at one point owed more on their mortgages than their homes were worth have escaped -- either by paying down their mortgage balance, short sale and foreclosure or because their home values improved. Roughly 8.7 million homeowners remain trapped underwater on their mortgages, but the negative equity rate has halved since 2012 in the markets hit hardest by the recession. Declining negative equity will have a ripple effect in the housing market, allowing previously stuck homeowners to list their homes for sale and adding to overall for-sale inventory just as millennial buyers are expected to begin to enter the market en masse in coming months and years. This new inventory will also help slow home value appreciation, which has been fueled by high demand for homes and low supply. The negative equity rate fell to 16.9 percent of all homeowners with a mortgage in the third quarter, down from 21 percent in the third quarter of 2013. It is expectedii to fall to 15.2 percent by the end of the third quarter of 2015. The effective negative equity rate, including homeowners without enough equity to realistically afford the costs of selling and buying a new home, was 35 percent in the third quarter. "The market has made terrific strides since bottoming out in late 2011 and early 2012, with millions of underwater homeowners freed in just the past few years, and millions more set to surface in coming months and years," said Zillow Chief Economist Dr. Stan Humphries. "Looking at negative equity helps us understand so many of the currently out-of-whack dynamics in the housing market, including low inventory, rapid home value appreciation and weak sales volumes. None of these problems will be solved overnight, in large part because negative equity will likely be a part of the housing market for years, and easily into the next decade in some hard-hit areas. But we're moving in the right direction, and time will heal all wounds." Owners of less expensive homes were more likely to be underwater in the third quarter than owners of more expensive homes – in some cases, much more likely. In Detroit, for example, 49.2 percent of homes valued in the bottom price tieriii were underwater, while just 7.6 percent of the area's highest-priced homes were upside down. Similarly, in Chicago, 41.4 percent of bottom-tier homes were in negative equity, compared to 23.9 percent of middle-tier homes and 10.4 percent of top-tier homes. Nationwide, 27.4 percent of bottom-tier homes were in negative equity in the third quarter, compared to 15.7 percent of middle-tier homes and 9.3 percent of top-tier homes. About Zillow, Inc. Zillow, Inc. operates the largest home-related marketplaces on mobile and the web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his 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. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage , Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle.

In 2015, Millennials Will Be Biggest Home Buying Group and Rents Will Grow Faster Than Home Values
SEATTLE, Dec. 2, 2014 -- Zillow predicts a big year for home buyers in 2015, with more millennials entering the market amid rising rents. Zillow's annual housing predictions also identify the five best housing markets for first-time homebuyers this coming year. 2015 Predictions U.S. rents will outpace home values by the end of the year Builders will begin constructing more, less expensive homes Millennials will overtake Generation X as the largest group of homebuyers Homebuyers will have more negotiating power in 2015 2015's Best Housing Markets for First-Time Homebuyers First-time homebuyers will be a critical part of the housing market next year, and certain markets will have more favorable conditions than others for buyers looking for that perfect entry-level home1. Markets most favorable to first-time buyers are those with strong income growth among 23-34 year olds, significant growth in the number of entry-level homes on the market and home prices that won't take a big chunk out of buyers' paychecks. Zillow predicts the best markets for first-time buyers in 2015 will be: Nationwide, home values will increase by 2.5 percent while rents will grow around 3.5 percent. "Home value appreciation will continue to cool down, from roughly 6 percent now to around 2.5 percent by the end of 2015. But rents will see no such slowdown, and will continue to grow around 3.5 percent annually throughout 2015. As renters' costs keep going up, I expect the allure of fixed mortgage payments and a more stable housing market will entice many more otherwise content renters into the housing market." – Dr. Stan Humphries, Zillow chief economist Builders will begin constructing more, less expensive homes. "In recent years, home builders seem to have made a conscious decision to sell fewer, more expensive homes instead of more, cheaper homes. In 2015, that will change, especially as demand moves toward the lower end of the market as millennials begin buying en masse. New home sales volume has been stuck around the 450,000 per year mark. In order to break out and get that number above 500,000, builders are going to have to start to build cheaper homes, which will help to narrow the price gap between new and existing homes and contribute to more rapid inventory gains." – Dr. Stan Humphries, Zillow chief economist By the end of 2015, millennial buyers (under the age of 35) will become the largest group of buyers, overtaking Gen X (35-50 years old). "Roughly 42 percent of millennials say they want to buy a home in the next one to five years, compared to just 31 percent of Generation X, and by the end of 2015 millennials will become the largest home-buying age group. The lack of home-buying activity from millennials thus far is decidedly not because this generation isn't interested in homeownership, but instead because younger Americans have been delaying getting married and having children, two key drivers in the decision to buy that first home. As this generation matures, they will become a home-buying force to be reckoned with." – Dr. Stan Humphries, Zillow chief economist In general, buyers will get back more leverage in the market. "Since the recovery began in earnest in late 2012, buyers have really taken it on the chin, forced to contend with low inventory, tight credit, bidding wars and intense competition from investors and all-cash buyers. But next year we'll start to see things really turn around. More inventory will continue to come on line, putting the competitive pressure on sellers for a change. This more balanced market will be smoother sailing for everyone, both for buyers in search of a competitive advantage, and for sellers who turn around and become buyers themselves." – Dr. Stan Humphries, Zillow chief economist About Zillow Zillow, Inc. operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his 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. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgages, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle.

Pending Home Sales Slow in October but Remain Higher Than a Year Ago
  WASHINGTON (November 26, 2014)—Pending home sales declined in October but remained at a healthy level of activity and are above year-over-year levels for the second straight month, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.1 percent to 104.1 in October from an upwardly-revised 105.3 in September, but is 2.2 percent higher than October 2013 (101.9). The index is above 100—considered an average level of contract activity—for the sixth consecutive month. Lawrence Yun, NAR chief economist, says despite October's modest decline, contract signings have remained at a healthy pace now for six straight months. "In addition to low interest rates, buyers entering the market this autumn are being lured by the increase in homes for sale and less competition from investors paying in cash," he said. "Demand is holding steady but would be more robust if it weren't for lagging wage growth and tight credit conditions that continue to hamper those individuals looking for relief from rising rents." The median existing-home price for all housing types in October was $208,300, which is 5.5 percent above October 2013. Monthly median price growth has averaged 5.8 percent in 2014 (through October) after averaging 11.5 percent last year. "The increase in median prices for existing-homes has leveled off, representing a healthier pace that has kept affordability in-check for buyers in many parts of the country while giving more previously stuck homeowners with little or no equity the ability to sell," says Yun. Yun says evidence of rising home prices allowing more willing homeowners the ability to sell can be found in NAR's annual survey released earlier this month, which revealed that the typical seller over the past year was in their home for 10 years before selling—an all-time survey high for tenure of home. NAR also recently released its economic and housing forecast for 2015 and 2016. Yun is forecasting existing-home sales this year to fall slightly below 2013 (5.1 million) to 4.9 million, and then increase to 5.3 million next year and 5.4 million in 2016. Yun expects the national median existing-home price to rise 4 percent both next year and in 2016. The PHSI in the Northeast inched 0.5 percent to 87.9 in October, and is now 3.4 percent above a year ago. In the Midwest the index slightly declined 0.6 percent to 100.6 in October, and is now 3.0 percent below October 2013. Pending home sales in the South decreased 1.0 percent to an index of 118.3 in October, but is still 3.9 percent above last October. The index in the West fell 3.2 percent in October to 98.1, but remains 4.1 percent above a year ago. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

NAR Annual Survey Reveals Notable Decline in First-Time Buyers
  WASHINGTON, DC, Nov 3, 2014 -- Despite an improving job market and low interest rates, the share of first-time buyers fell to its lowest point in nearly three decades and is preventing a healthier housing market from reaching its full potential, according to an annual survey released today by the National Association of Realtors®. The survey additionally found that an overwhelming majority of buyers search for homes online and then purchase their home through a real estate agent. The 2014 National Association of Realtors® Profile of Home Buyers and Sellers continues a long-running series of large national NAR surveys evaluating the demographics, preferences, motivations, plans and experiences of recent home buyers and sellers; the series dates back to 1981. Results are representative of owner-occupants and do not include investors or vacation homes. The long-term average in this survey, dating back to 1981, shows that four out of 10 purchases are from first-time home buyers. In this year's survey, the share of first-time buyers* dropped 5 percentage points from a year ago to 33 percent, representing the lowest share since 1987 (30 percent). Lawrence Yun, NAR chief economist, says there are many obstacles young adults are enduring on their path to homeownership. "Rising rents and repaying student loan debt makes saving for a downpayment more difficult, especially for young adults who've experienced limited job prospects and flat wage growth since entering the workforce," he said. "Adding more bumps in the road, is that those finally in a position to buy have had to overcome low inventory levels in their price range, competition from investors, tight credit conditions and high mortgage insurance premiums." Yun adds, "Stronger job growth should eventually support higher wages, but nearly half (47 percent) of first-time buyers in this year's survey (43 percent in 2013) said the mortgage application and approval process was much more or somewhat more difficult than expected. Less stringent credit standards and mortgage insurance premiums commensurate with current buyer risk profiles are needed to boost first-time buyer participation, especially with interest rates likely rising in upcoming years." The household composition of buyers responding to the survey was mostly unchanged from a year ago. Sixty-five percent of buyers were married couples, 16 percent single women, 9 percent single men and 8 percent unmarried couples. In 2009, 60 percent of buyers were married, 21 percent were single women, 10 percent single men and 8 percent unmarried couples. Thirteen percent of survey respondents were multi-generational households, including adult children, parents and/or grandparents. The median age of first-time buyers was 31, unchanged from the last two years, and the median income was $68,300 ($67,400 in 2013). The typical first-time buyer purchased a 1,570 square-foot home costing $169,000, while the typical repeat buyer was 53 years old and earned $95,000. Repeat buyers purchased a median 2,030-square foot home costing $240,000. When asked about the primary reason for purchasing, 53 percent of first-time buyers cited a desire to own a home of their own. For repeat buyers, 12 percent had a job-related move, 11 percent wanted a home in a better area, and another 10 percent said they wanted a larger home. Responses for other reasons were in the single digits. According to the survey, 79 percent of recent buyers said their home is a good investment, and 40 percent believe it's better than stocks. Financing the Purchase Nearly nine out of 10 buyers (88 percent) financed their purchase. Younger buyers were more likely to finance (97 percent) compared to buyers aged 65 years and older (64 percent). The median downpayment ranged from 6 percent for first-time buyers to 13 percent for repeat buyers. Among 23 percent of first-time buyers who said saving for a downpayment was difficult, more than half (57 percent) said student loans delayed saving, up from 54 percent a year ago. In addition to tapping into their own savings (81 percent), first-time buyers used a variety of outside resources for their loan downpayment. Twenty-six percent received a gift from a friend or relative -- most likely their parents -- and 6 percent received a loan from a relative or friend. Ten percent of buyers sold stocks or bonds and tapped into a 401(k) fund. Ninety-three percent of entry-level buyers chose a fixed-rate mortgage, with 35 percent financing their purchase with a low-downpayment Federal Housing Administration-backed mortgage (39 percent in 2013), and 9 percent using the Veterans Affairs loan program with no downpayment requirements. "FHA premiums are too high in relation to default rates and have likely dissuaded some prospective first-time buyers from entering the market," says Yun. "To put it in perspective, 56 percent of first-time buyers used a FHA loan in 2010. The current high mortgage insurance added to their monthly payment is likely causing some young adults to forgo taking out a loan." Searching for and Buying a Home Buyers used a wide variety of resources in searching for a home, with the Internet (92 percent) and real estate agents (87 percent) leading the way. Other noteworthy results included mobile or tablet applications (50 percent), mobile or tablet search engines (48 percent), yard signs (48 percent) and open houses (44 percent). According to NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, although more buyers used the Internet as the first step of their search than any other option (43 percent), the Internet hasn't replaced the real estate agent's role in a transaction. "Ninety percent of home buyers who searched for homes online ended up purchasing their home through an agent," he said. "In fact, buyers who used the Internet were more likely to purchase their home through an agent than those who didn't (67 percent). Realtors® are not only the source of online real estate data, they also use their unparalleled local market knowledge and resources to close the deal for buyers and sellers." When buyers were asked where they first learned about the home they purchased, 43 percent said the Internet (unchanged from last year, but up from 36 percent in 2009); 33 percent from a real estate agent; 9 percent a yard sign or open house; 6 percent from a friend, neighbor or relative; 5 percent from home builders; 3 percent directly from the seller; and 1 percent a print or newspaper ad. Likely highlighting the low inventory levels seen earlier in 2014, buyers visited 10 homes and typically found the one they eventually purchased two weeks quicker than last year (10 weeks compared to 12 in 2013). Overall, 89 percent were satisfied with the buying process. First-time buyers plan to stay in their home for 10 years and repeat buyers plan to hold their property for 15 years; sellers in this year's survey had been in their previous home for a median of 10 years. The biggest factors influencing neighborhood choice were quality of the neighborhood (69 percent), convenience to jobs (52 percent), overall affordability of homes (47 percent), and convenience to family and friends (43 percent). Other factors with relatively high responses included convenience to shopping (31 percent), quality of the school district (30 percent), neighborhood design (28 percent) and convenience to entertainment or leisure activities (25 percent). This year's survey also highlighted the significant role transportation costs and "green" features have in the purchase decision process. Seventy percent of buyers said transportation costs were important, while 86 percent said heating and cooling costs were important. Over two-thirds said energy efficient appliances and lighting were important (68 and 66 percent, respectively). Seventy-nine percent of respondents purchased a detached single-family home, 8 percent a townhouse or row house, 8 percent a condo and 6 percent some other kind of housing. First-time home buyers were slightly more likely (10 percent) to purchase a townhouse or a condo than repeat buyers (7 percent). The typical home had three bedrooms and two bathrooms. The majority of buyers surveyed purchased in a suburb or subdivision (50 percent). The remaining bought in a small town (20 percent), urban area (16 percent), rural area (11 percent) or resort/recreation area (3 percent). Buyers' median distance from their previous residence was 12 miles. Characteristics of Sellers The typical seller over the past year was 54 years old (53 in 2013; 46 in 2009), was married (74 percent), had a household income of $96,700, and was in their home for 10 years before selling -- a new high for tenure in home. Seventeen percent of sellers wanted to sell earlier but were stalled because their home had been worth less than their mortgage (13 percent in 2013). Yun attributes the increase in seller's age and tenure in home to rebounding home prices. "Faster price appreciation this past year finally allowed more previously stuck homeowners with little or no equity the ability to sell after waiting the last few years," he said. Sellers realized a median equity gain of $30,100 ($25,000 in 2013) -- a 17 percent increase (13 percent last year) over the original purchase price. Sellers who owned a home for one year to five years typically reported higher gains than those who owned a home for six to 10 years, underlining the price swings since the recession. The median time on the market for recently sold homes dropped to four weeks in this year's report compared to five weeks last year, indicating tight inventory in many local markets. Sellers moved a median distance of 20 miles and approximately 71 percent moved to a larger or comparably sized home. A combined 60 percent of responding sellers found a real estate agent through a referral by a friend, neighbor or relative, or used their agent from a previous transaction. Eighty-three percent are likely to use the agent again or recommend to others. For the past three years, 88 percent of sellers have sold with the assistance of an agent and only nine percent of sales have been for-sale-by-owner, or FSBO sales. For-sale-by-owner transactions accounted for 9 percent of sales, unchanged from a year ago and matching the record lows set in 2010 and 2012; the record high was 20 percent in 1987. The share of homes sold without professional representation has trended lower since reaching a cyclical peak of 18 percent in 1997. Factoring out private sales between parties who knew each other in advance, the actual number of homes sold on the open market without professional assistance was 5 percent. The most difficult tasks reported by FSBOs are getting the right price, selling within the length of time planned, preparing or fixing up the home for sale, and understanding and completing paperwork. NAR mailed a 127-question survey in July 2014 using a random sample weighted to be representative of sales on a geographic basis. A total of 6,572 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 9.4 percent. The recent home buyers had to have purchased a home between July of 2013 and June of 2014. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent. All information is characteristic of the 12-month period ending in June 2014 with the exception of income data, which are for 2013. The 2014 NAR Profile of Home Buyers and Sellers can be ordered by calling 800-874-6500, or online at www.realtor.org/prodser.nsf/Research. The study costs $19.95 for NAR members and $249.95 for non-members. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. *Survey results represent owner-occupants and differ from separately reported monthly findings from NAR's Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in this annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes. Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website. Some statistical data in this release, as well as other tables and surveys, are posted in the "Research and Statistics" tab.

Fastest Moving Markets Are Home to High Populations of Engineers and Baby Boomers
SAN JOSE, CA, October 20, 2014 -- As real estate enters the seasonally slower fall, properties in 12 major metro areas are still selling quickly, less than two months on the market, according to the realtor.com® September National Housing Trend Report released today. These markets also demonstrate strength in standard economic indicators and share unexpected commonalities, including large populations of engineers and baby boomers. The 12 markets include: Oakland, CA San Jose, CA San Francisco, CA Denver, CO Washington, DC-MD-VA-WV(DC) Seattle-Bellevue-Everett, WA Houston, TX Los Angeles-Long Beach, CA Austin-San Marcos, TX Omaha, NE-IA(NE) San Diego, CA Melbourne-Titusville-Palm Bay, FL "When we see homes moving quickly in a particular market, we expect the trend to be supported by signs of local health like growth in economic production and employment," said Jonathan Smoke, chief economist for realtor.com®. "This month, we also observed more out of the ordinary trends including high proportions of math and science professionals, as well as baby boomers in each of the fast moving markets. As the technology industry grows and aging baby boomers decide to make housing moves to support their retirement, we'll continue to see strong housing demand associated with these factors." Markets with the Fastest Median Age of Inventory Income and occupation: Each market can be considered a land of opportunity with higher median incomes and larger proportions of six-figure salaries when compared to national averages. When examining local occupation distributions, these markets have more architects and engineers as well as professionals in the computer and mathematical industries. These fields represent 4.3 percent of occupations across the U.S., but in these markets account for 7.4 percent of careers. Age demographics: The U.S. population of 65 years and older is forecasted to grow by 18 percent by 2019, which will have significant impact on the real estate market as baby boomers make retirement-related housing decisions. In these markets the population over 65 is expected to see growth between 19 to 35 percent – well above the national average – in the next five years. The Palm Bay market is the only exception with projected growth of 15 percent. Gross domestic product (GDP): These fast moving markets are in full economic recovery or expansion mode when considering local estimated GDP, employment growth and declines in unemployment. The Washington, D.C. market is the weakest of the 12 markets, but likely due to the impact of sequestration. The Denver, Austin, and Houston areas top the list with the largest gains in GDP and employment. Population and household formation: All markets showed substantial growth from a population and household formation perspective. With the exception of the Palm Bay market, the population in every market grew faster than the national population between 2010 and 2014. Additionally, when reviewing Nielsen's five-year population growth forecast, all of the markets have a higher projected population growth than the U.S. overall. National Housing Indicators for September 2014 On a national level, median age of inventory is lower than last year with a reduced number of homes on the market. In September, homes spent approximately 90 days on the market, which is three days less compared to this time last year. Median listing prices held steady for the fourth consecutive month, maintaining a 7.7 percent gain year-over-year. According to the National Association of REALTORS®, inventory continued to demonstrate persistently low months' supply at five and a half months as compared with normal levels of six to seven months. New homes months' supply was even lower at nearly five months in August. "To truly relieve the inventory shortage on a sustained basis, new home construction needs to rise by at least 50 percent from the current levels," said Lawrence Yun, chief economist for the National Association of REALTORS®. For the complete realtor.com® September National Housing Trend Report, please visit: http://www.realtor.com/data-portal/realestatestatistics How Data Is Collected Realtor.com® regularly tracks real estate data and develops monthly reports featuring the number of listings, median age of inventory, and median list price across the U.S. and in specific markets, as well as provides year-over-year and month-over-month changes. These reports are the only ones pulled directly from the realtor.com® database, where 90 percent of listings are updated every 15 minutes from more than 800 multiple listing services (MLS). We regularly review and update historical data to provide the most accurate and comprehensive market information. As a result, some markets may be subject to periodic adjustments in data. For more information about Move, visit www.move.com or one of its many online real estate properties including realtor.com®. Supporting Resources Read more about realtor.com® Follow @realtordotcom on Twitter Like realtor.com® on Facebook Download realtor.com® mobile apps About Move, Inc. and realtor.com® Move, Inc. (NASDAQ: MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move's network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsightSM, SocialBiosSM, Moving.com™, SeniorHousingNetSM, homefairSM and Relocation.com. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.

High Negative Equity Among Gen X Homeowners Causing Housing Market Gridlock
SEATTLE, August 26, 2014 -- Generation X homeowners are far more likely to be underwater on their mortgage than millennial and Baby Boomer homeowners, a generational block that could limit the market for years, according to the second quarter Zillow® Negative Equity Report. The overall national negative equity rate fell to 17 percent in the second quarter, with more than 8.7 million homeowners with a mortgage owing more than their home was worth. Approximately 42.6 percent of Generation X homeowners (those aged from 35 to 49) are underwater on their mortgage, compared to 15.3 percent of millennial homeowners (20-34 years old) and 31.1 percent of Baby Boomers (50-64 years old). Because it is very difficult for an underwater homeowner to list their home for sale, the wide disparities among generations stand to have ripple effects throughout the housing market. Baby Boomers may not be able to find move-up buyers for their homes as Gen X remains stuck, and millennials can't move into the more affordable starter homes currently occupied by Gen X. In general, the least expensive homes most likely to be sought by millennial and first-time buyers are more likely to be underwater than middle and top-tier homes. Among all homes with a mortgage nationwide, 28.2 percent valued within the bottom third of home values were underwater in the second quarter, compared to 15.8 percent of homes in the middle tier and 9.2 percent in the top tierii. Nationwide, more than one-third of homeowners with a mortgage (34.8 percent) are effectively underwater, unable to sell their homes for enough profit to comfortably meet expenses related to selling a home and afford a down payment on a new one. "On the surface, the housing recession did not overtly impact millennials' housing wealth to the degree it did Generation X and the Baby Boomers, as most millennials were likely too young to have purchased a home during the bubble years," said Zillow Chief Economist Dr. Stan Humphries. "But as this huge generation begins to consider buying homes, they're entering a market still very much in recovery and far from anyone's definition of normal. Because so many homes are stuck in negative equity or are effectively underwater, the inventory of homes for sale is severely constrained, leading to more competition for those that are available. And millennials likely don't have the resources to compete with cash offers or engage in bidding wars. The reality is, negative equity is part of the new normal, and finding creative solutions to keeping homes affordable, available and accessible to this generation will be critical going forward." The national negative equity rate fell from 23.8 percent in the second quarter of last year and 18.8 percent in the first quarter. Negative equity will continue to recede as home values keep growing, though at a slower pace because the rate of home value growth is slowing and expected to continue to slow. Looking ahead, the national negative equity rate is expected to fall to 14.9 percent of all homeowners with a mortgage by the end of the second quarter of 2015, according to the Zillow Negative Equity Forecast. About Zillow, Inc. Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his 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. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage , Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle.

As Millennials Delay First-Time Home Purchases, National Homeownership Rate will Continue to Fall
SEATTLE, August, 1, 2014 -- The national homeownership rate fell in the second quarter, and a majority of experts said they expect it to fall further in coming years as the Millennial generation delays home purchases and the age of typical first-time homebuyers rises, according to the latest Zillow® Home Price Expectations Survey. The panel also said they expect U.S. median home values to end 2014 up 4.6 percent, on average, and to exceed their 2007 peak levels by the end of 2017, roughly a decade after the housing bust and ensuing recession began. The survey of 104 economists, real estate experts and investment and market strategists asked panelists to predict the path of the U.S. Zillow Home Value Index through 2018, and solicited opinions on the age of homeowners, the homeownership rate and the impact of rising mortgage interest rates on home sales volume. The survey was sponsored by leading real estate information marketplace Zillow, Inc. and is conducted quarterly by Pulsenomics LLC. In 2013, the typical first-time homebuyer was 31 years old, according to the National Association of Realtorsi. Panelists were asked for their expectations regarding the median first-time homebuyer age over the next decade as Millennials reach their prime home-buying years. Among those expressing an opinion, 61 percent said they thought the median first-time homebuyer age would rise marginally, to 32 or 33, with another 24 percent saying they expected the median age would rise to 34 or older. "Because of its huge size and great diversity of housing preferences and opinions, the Millennial generation will have enormous influence in coming years, especially as they hold off on getting married and having children, the two biggest reasons for first-time home purchases," said Zillow Chief Economist Dr. Stan Humphries. "A lower homeownership rate because of these demographic shifts will have a ripple effect, keeping rents high and potentially impacting the broader economy if substantially fewer people pay property taxes and buy fewer home goods. But while the age of first-time homebuyers may rise, it is dangerous to assume Millennials don't want to buy at all. Recent Zillow research concluded that millions of current renters do want to buy soon, despite headwinds that may end up delaying their purchase. And when they do, policymakers, planners and developers will need to ensure that housing is accessible, affordable and desirable to this new generation of homeowners." Panelists were asked what they thought the homeownership rate would be in five years. Among those expressing an opinion, 57 percent said they thought the rate would be lower than the first quarter 2014 seasonally adjusted rate of 64.8 percent. After the survey was completed, the U.S. Census Bureau reported that the seasonally adjusted U.S. homeownership rate fell to 64.7 percent in the second quarter, the lowest rate since the second quarter of 1995ii. Impact of Rising Mortgage Rates Panelists were also asked what impact rising mortgage rates would have on home sales volume over the next two years, as higher rates impact mobility and home affordability. Among those with an opinion, 62 percent said they expected rising rates to have a somewhat negative or significantly negative impactiii on the number of sales going forward. On average, panelists said they expected interest rates on a 30-year, fixed-rate mortgage to reach 5.28 percent by July 2016. Panelists predicted the U.S. Zillow Home Value Indexiv would rise 4.6 percent year-over-year by the end of 2014, to $177,895, and expected the pace to slow in each of the next four years. The most optimistic groupv of panelists predicted a 5.6 percent annual increase in home values this year, on average, while the most pessimisticvi predicted an average increase of 3.7 percent. "The dispersion of the experts' home value projections has diminished to the lowest level in the history of this survey, and for the second consecutive quarter, the expected five-year average annual growth rate in U.S. home values is the same as that experienced during the pre-bubble era," said Terry Loebs, founder of Pulsenomics. "Although one would expect to observe trends like this in a calming housing market, it's way too soon to conclude that the market has healed and returned to the old normal." About Zillow Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his 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. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle. Zillow.com, Zillow, Postlets, Mortech, Diverse Solutions, StreetEasy, Agentfolio and Digs are registered trademarks of Zillow, Inc. HotPads and Retsly are trademarks of Zillow, Inc. About Pulsenomics Pulsenomics LLC is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health. Pulsenomics LLC is the author of The Home Price Expectations Survey™, The U.S. Housing Confidence Survey, and The U.S. Housing Confidence Index. Pulsenomics®, The Housing Confidence Index™, and The Housing Confidence Survey™ are trademarks of Pulsenomics LLC.

Rent.com releases Top 10 Cities for Singles powered by Onboard Informatics
Throughout the past few weeks, Rent.com's Top 10 Cities for Singles has been published on 58 media outlets including The Huffington Post, Business Insider, and Examiner.com. Celebrating singles nationwide, Rent.com utilized Onboard Informatics' community, school, amenity and lifestyle content to discover some of the hippest, trendiest, and 20's-populated cities in the nation, making these areas perfect for singles. The list, which generated 133,519,788 impressions as of 6/25/2014, was narrowed down by Rent.com who focused only on cities with a high concentration of young adults, singles, nightlife, dining, and coffee shops. The best city for singles is San Francisco and the four runner ups are as follows: San Fransisco, CA New York, NY Washington, D.C. Boston, MA Seattle, WA Since 2011, Onboard has provided Rent.com with community, school, amenity, and lifestyle data. Here is a further breakdown on the methodology Rent.com implemented using Onboard Informatics' data: The Top 10 Cities for Singles is based on cities with more than 50,000 rental dwellings, a high concentration of single adults (20 years and older) and an overall population greater than 100,000. Single-friendly criteria that were considered included safety, nightlife activity, variety of dining, dining frequency and coffee shop density. These factors were ranked based on individual indices on a scale from 1-1,000. Cities with a safety index less than 500 were removed from the ranking. Rental data and median rental rates based on Rent.com data. To view the original article, visit the Onboard Informatics blog.

Pending Home Sales Increase in March
  WASHINGTON, D.C., April 28, 2014 – After months of stagnant activity, pending home sales rose in March, marking the first gain in the past nine months, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 3.4 percent to 97.4 from an upwardly revised 94.2 in February, but is 7.9 percent below March 2013 when it was 105.7. Lawrence Yun, NAR chief economist, said a gain was inevitable. "After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers," he said. "Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy." The PHSI in the Northeast increased 1.4 percent to 78.8 in March, but is 5.9 percent below a year ago. In the Midwest the index slipped 0.8 percent to 94.5 in March, and is 10.1 percent below March 2013. Pending home sales in the South rose 5.6 percent to an index of 112.7 in March, but are 5.3 percent below a year ago. The index in the West increased 5.7 percent in March to 91.0, but is 11.1 percent below March 2013. Although home sales are expected to trend up over the course of the year and into 2015, this year began on a weak note and total sales are unlikely to match the 2013 level. Existing-home sales are expected to total just over 4.9 million this year, below the nearly 5.1 million in 2013. However, with ongoing inventory shortages in much of the U.S., the national median existing-home price is expected to grow between 6 and 7 percent in 2014. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

More than Half of For-Sale Homes in Seven Major Markets are Currently Unaffordable for Typical Buyers
  SEATTLE, April 4, 2014  -- More than half the homes currently on the market in seven major American metros are currently unaffordable for local residents, according to a Zillow® analysis of Q4 2013 income, mortgage and home value data. Additionally, homebuyers looking for affordable properties may increasingly be forced to search on the perimeter of the country's largest metro markets, as downtown properties become out of reach for buyers of typical means. Zillow determined affordability by analyzing the current percentage of an area's median income needed to afford the monthly mortgage payment on a median-priced home[i], and comparing it to the share of income needed to afford a median-priced home in the pre-bubble years between 1985 and 2000. If the share of monthly income currently needed to afford the median-priced home is greater than it was during the pre-bubble years, that home is considered unaffordable for typical buyers. Among the 35 largest metros nationwide, more than half of homes currently listed for sale[ii] in Miami (62.4 percent), Los Angeles (57.2 percent), San Diego (55.3 percent), San Francisco (55.2 percent), Denver (52.8 percent), San Jose (50.9 percent) and Portland, Ore. (50.3 percent) are unaffordable by historical standards. Nationwide, just one-third of homes (33.6 percent) are currently unaffordable, and in many metro areas, the majority of homes remain more affordable now than they have been historically for buyers making the area's median income. But as mortgage interest rates rise along with home values, affordability will worsen, and buyers will need to spend ever-larger shares of their incomes to buy increasingly expensive homes. Home buyers making the median income in Los Angeles, San Francisco and San Jose should already expect to pay a larger share of their income today toward a mortgage than during the pre-bubble years. Zillow expects mortgage rates on a 30-year, fixed-rate mortgage to reach or exceed 5 percent by the first quarter of 2015. Assuming rates at that level and another year of forecasted home value growth, home buyers in San Diego; Riverside, Calif.; Portland, Ore.; Sacramento; and Miami will also soon be paying a larger share of their incomes to their mortgage than they were during the pre-bubble years. "As affordability worsens, we're already beginning to see more of the kinds of worrisome trends we saw en masse during the years leading up to the housing crash. These include a greater reliance on non-traditional home financing, smaller down payments and a greater pressure to move further away from urban job centers in order to find affordable housing options," said Zillow Chief Economist Dr. Stan Humphries. "We're not in a bubble yet, but we're beginning to see the early signs of one in some areas."   About Zillow Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his 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. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™ and StreetEasy®. The company is headquartered in Seattle.

Monthly House Payments for Homebuyers Increase an Average 21 Percent From a Year Ago in 325 U.S. Counties
IRVINE, CA--(Feb 20, 2014) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released a housing affordability analysis showing that the estimated monthly house payment for a median-priced three-bedroom home purchased in the fourth quarter of 2013 -- including mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit -- increased an average of 21 percent from a year ago in the 325 U.S. counties included in the analysis. The rise in monthly housing payments came as the result of an average 10 percent rise in median prices across the 325 counties combined with a 33 percent increase in the average interest rate for a 30-year fixed rate mortgage as reported by Freddie Mac in its Primary Mortgage Market Survey. "A potent combination of rapidly rising home prices and the often-overlooked but significant uptick in interest rates in the second half of 2013 caused the monthly cost of owning a home using traditional financing to jump substantially in many markets over the last year," said Daren Blomquist, vice president at RealtyTrac. "The monthly cost of owning a home is still less than renting in the majority of markets, but the cost of financed homeownership is becoming dangerously disconnected with still-stagnant median incomes, driven not by shoddy underwriting practices this time around but by investors and other cash buyers who are not tethered to the typical affordability constraints. "One simply needs to look at the minimum income needed to qualify for a median-priced home in some markets to realize the extent of the disconnect between prices and incomes," Blomquist continued. "For example, in Los Angeles County, the minimum qualifying income needed to purchase a median-priced home is at more than $95,000, up from about $68,000 just a year ago." "Home price appreciation continues to climb in the Oklahoma housing market. Regrettably in some instances this escalation in price, compounded with the new qualified mortgage rules, restricts people from purchasing their dream home," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty covering the Oklahoma City and Tulsa, Okla., markets. "The American dream of owning a home still stands though, so potential homeowners will have to buy a lower priced home." "Utah's real estate market is based upon strong economic growth with a projected unemployment rate of 4.2 percent in 2014," said Steve Roney, CEO of Prudential Utah Real Estate covering the Salt Lake City, Utah market. "Affordability of homeownership appears to remain a positive factor in our Salt Lake Valley markets with a projected home price increase of 5 to 7 percent during 2014." Despite the increase in costs to buy with financing, the analysis shows that the estimated monthly house payment for a median-priced three bedroom home in the fourth quarter of 2013 was lower than average fair market rent for a three bedroom home -- set by the U.S. Department of Housing and Urban Development for 2014 -- in 91 percent of the counties analyzed (296 out of 325). But the 29 counties where estimated monthly house payments were higher than fair market rents accounted for 20 percent of the population for all 325 counties analyzed. These 29 counties included the California counties of Los Angeles, Orange, Santa Clara, Alameda, Ventura and San Francisco, along with King County, Wash. (Seattle), Suffolk County and Westchester counties in the New York City region, Will County in the Chicago metro area, and Denver County, Colo. Among the 15 most populated counties analyzed the estimated monthly house payment increased an average of 34 percent from a year ago, making the house payments higher than the average fair market rent for a three-bedroom home in six of those 15 largest counties. A year ago only one of those 15 counties -- Santa Clara County in the San Jose area of Northern California -- had an estimated monthly house payment above the average fair market rent. Other high-level findings from the report: Based on a 30-year fixed rate mortgage with an interest rate of 4.46 percent and a 20 percent down payment, the average monthly house payment across all counties for three-bedroom homes purchased in the fourth quarter of 2013 was $865, up from $714 for homes purchased in the fourth quarter of 2012 -- based on a 3.35 percent interest rate a year ago. Counties with some of the biggest increases in estimated monthly house payments included Contra Costa and Sacramento counties in California (both up more than 50 percent), Wayne and Oakland counties in Michigan (both up more than 45 percent), and Clark County, Nev. (up 43 percent). Across all 325 counties, the average minimum household income needed to qualify for a median-priced home in the fourth quarter of 2013 was $41,544, up from an average minimum income of $34,262 in the fourth quarter of 2012. The minimum qualifying income was based on no more than 25 percent of household income going to the monthly house payment. Counties with the highest minimum qualifying incomes were San Francisco County, Calif. ($228,569), Marin County, Calif., ($177,922), San Mateo County, Calif. ($170,284), Arlington County, Va. ($158,474), Santa Clara County, Calif. ($149,389), and Hudson County, N.J. ($142,684). The average minimum qualifying income to rent a three-bedroom home at fair market rents for 2014 was $43,892 across all 325 counties, up from $43,527 at fair market rents for 2013. The minimum qualifying income for rents was calculated by multiplying the annual cost of rent by three. Counties with the biggest jumps in fair market rents on three-bedroom homes included Sumter County, S.C. (up 23 percent), Kenosha County, Wis. (up 21 percent), Alameda County, Calif. (up 16 percent), Contra Costa County, Calif. (up 16 percent), and Missoula County, Mont. (up 15 percent). About RealtyTrac Inc. RealtyTrac is the nation's leading source of comprehensive housing data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.

Realtor.com® Home Crush Survey: Women More Likely than Men to Crush on Out of League Homes
SAN JOSE, Calif., Feb. 10, 2014 -- Realtor.com®, the leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), today released the results of its Home Crush Survey, which revealed that men and women are notably different when it comes to developing a crush on a home. In this survey, a home crush is defined as a home a consumer likes and is drawn back to looking at more than once online or in person. The survey ran on realtor.com® from Jan. 9-20 and found that more than 1,000 respondents reported having a home crush. "We conducted the survey to see how searching for 'the one' in real estate correlates to searching for 'the one' in love and we found that they are very similar. Buyers have to evaluate crushes based on turn ons and offs and whether the home is in their league, so they often find themselves spending a good amount of time checking out their crush online," said Barbara O'Connor, chief marketing officer at realtor.com®. Majority of all surveyed consumers report having a home crush: 69 percent of those surveyed reported that they have had a house crush 31 percent revealed that they have not had a crush on a house "According to our data, another similarity between romance and real estate love is that men and women prioritize differently. Men are more likely to move from one crush to another on a weekly basis and consider a garage as an important home feature. Women tend to find a new home crush on a monthly basis and swoon for updated appliances and fixtures. However, the survey found that women and men share some common ground in that outdoor living spaces topped the list as the attribute most likely to make them fall in real estate love," said Leslie Piper, consumer housing specialist at realtor.com®. "Whether it's love or real estate, having a short list of deal breakers is critical for finding 'the one' to help buyers weed through the crushes to find the home of their dreams." Of the survey respondents who have had a home crush: Women are more likely to cultivate crushes on homes that are out of their league financially: Of the women included in the survey... 41 percent revealed that their home crush is out of their price range 59 percent reported that their home crush is in their price range Of the men included in the survey... 30 percent indicated their home crush is out of their price range 70 percent shared that their home crush is in their price range How often men and women establish a new crush on a home: Of the women included in the survey... 29 percent indicated they cultivate a new house crush weekly 26 percent believe they develop a new house crush monthly 17 percent reported that they develop a new crush on a house quarterly Of the men included in the survey... 36 percent indicated they find a new house crush weekly 19 percent shared that they establish a new house crush monthly 15 percent revealed that they develop a new crush on a house quarterly Top attributes that make consumers fall in real estate love: Of the women included in the survey... 54 percent reported that outdoor living spaces make them fall in real estate love 42 percent shared open floor plans 29 percent swoon for curb appeal 29 percent revealed updated appliances and fixtures Of the men included in the survey... 46 percent indicated outdoor living spaces make them fall in real estate love 40 percentage swoon for garages 35 percent reported curb appeal 30 percent revealed open floor plans For full list of survey results, please contact Lexie Puckett at [email protected] ABOUT realtor.com® Operated by Move, Inc., (NASDAQ: MOVE), realtor.com® helps connect people with the content, tools and expertise they need to find their perfect home. As the official website of the National Association of REALTORS®, realtor.com® empowers consumers to make the smartest decisions when it comes to finding a home by leveraging direct connections with more than 800 MLSs to deliver the most accurate and up-to-date listing information in neighborhoods across the country, and by making timely and meaningful connections between consumers and REALTORS®. Whether through desktop, mobile, or tablet versions, realtor.com® is where home happens. ABOUT MOVE, INC. Move, Inc. (NASDAQ:MOVE), the leader in online real estate, operates: realtor.com®, the official website of the National Association of REALTORS®; Move.com, a leading destination for new homes and rental listings, moving, home and garden, and home finance; ListHub™, the leading syndicator of real estate listings; Moving.com™; SeniorHousingNet; SocialBios; Doorsteps®; TigerLead® Top Producer® Systems and FiveStreet. Move, Inc. is based in San Jose, California.

Ontarians Optimistic About 2014 Real Estate Market and Economy
TORONTO, ONTARIO--(Dec. 30, 2013) - Ontarians seem hopeful about the provincial real estate market, according to new research conducted by Ipsos Reid on behalf of the Ontario Real Estate Association (OREA). A third of Ontarians say the market will strengthen rather than weaken (21%) in 2014. Looking even further ahead - ten-year's time - significantly more Ontarians believe the Ontario real estate market will strengthen (50%) rather than worsen (20%), speaking to the long-term investment value of owning a home. "The research comes on the heels of an optimistic forecast by the Canadian Real Estate Association," says Sean Simpson, vice president, Ipsos Public Affairs. "Consumers seem to be echoing a similar sentiment for the 2014 real estate market. Prospective buyers and sellers in particular are also more likely to believe the overall economy is strong, which may be why they're considering buying or selling their home in the next two years." Two in three (65%) Ontarians who are at least somewhat likely to buy a home in the next two years believe the economy is in good shape, compared to just 53% of Ontarians overall who think the economy is 'good'. Six in ten (59%) Ontarians looking to sell in the next two years believe the economy is 'good'. The study, the first of its kind for OREA, examined public opinion in Ontario on a variety of matters pertaining to consumer sentiment of the Ontario real estate market. The findings include: Six in ten (59%) Ontarians believe the current real estate market in Ontario is 'favourable'. Two in ten (18%) Ontarians believe the market is 'not favourable'. Two thirds (67%) of homeowners believe the market is 'favourable', compared to 47% who currently don't own a home. Ontarians who said they are somewhat likely to buy or sell a home in the next two years are even more likely to believe the market is favourable (70% and 77%, respectively). Homeowners are more likely to believe the market has improved in the last year (31% stronger vs. 21% weaker), looking ahead to the next year (34% stronger vs. 16% weaker), and in the next ten years (55% stronger vs. 18% weaker). Prospective buyers and sellers are most optimistic with a majority saying the market will be stronger in the next year (54% and 50%). Regional Survey Highlights Residents in the 905 area of the GTA are most likely to say their market is favourable (71%), followed by those living in Toronto proper (61%), Eastern (58%), Southwestern (54%), Northern (47%) and Central (45%) Ontario. When looking at their local economies, the GTA (63%) and Eastern Ontario (54%) have the most positive outlooks, while Central (37%) and Northern Ontarians (42%) are most pessimistic. GTA residents are most 'likely' to buy (16%) and sell (17%) a home in the next two years. Residents in Northern Ontario are least likely (4%) to buy a home in the next two years, while Central Ontarians are least likely to sell (5%) a home in the next two years. To read a copy of the full Ipsos Reid factum, visit http://ipsos-na.com/news-polls/pressrelease.aspx?id=6362. Methodology: These are some of the findings of an Ipsos Reid poll conducted between November 4 and 7 on behalf of the Ontario Real Estate Association. For this survey, a sample of 1,517 Ontarians was interviewed via Ipsos' online panel. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/-2.9 percentage points had all adults living in Ontario been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error. About the Ontario Real Estate Association The Ontario Real Estate Association represents over 56,000 brokers and salespeople who are members of the 40 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services.

U.S. Homes Gain $1.9 Trillion in Value in 2013; Largest Gain Since 2005
SEATTLE, Dec. 19, 2013 -- Homes nationwide are expected to gain almost $1.9 trillion in cumulative value in 2013, the second consecutive annual gain and the largest since 2005, according to an analysis of Zillow® Real Estate Market Reports. Gains were calculated by measuring the difference between cumulative home values as of the end of 2012 and anticipated cumulative home values at the end of 2013. The overall value of all homes in the U.S. at the end of 2013 is expected to be approximately $25.7 trillion, up 7.9 percent from the end of 2012. Last year, cumulative home values rose 3.9 percent from 2011. The gain in cumulative home values is the second annual gain in a row, after home values fell every year from 2007 through 2011. Between 2007 and 2011, the total value of the U.S. housing stock fell by $6.3 trillion. Over the past two years, U.S. homes have gained back $2.8 trillion, or about 44% of the total value lost during the recession. "In 2013, the housing market continued to build on the positive momentum that began in 2012, after the housing market bottomed. Low mortgage rates and an improving economy helped bring buyers into the market, boosting demand and driving prices up," said Zillow Chief Economist Stan Humphries. "We expect these gains to continue into next year, though at a slower pace. The housing market is transitioning away from the robust bounce off the bottom we've been seeing, toward a more sustainable, healthier market. This will result in annual appreciation closer to historic norms of between 3 percent and 5 percent." Almost 90 percent of the 485 total metro areas analyzed nationwide experienced home value gains in 2013. Of the 30 largest metros, those with the largest gains in overall value as measured by total dollar volume include Los Angeles ($323.1 billion), San Francisco ($159.2 billion), New York ($123.1 billion), Miami ($83.3 billion) and San Diego ($71.5 billion). About Zillow Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 350 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. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Agentfolio™, Mortech®, HotPads™ and StreetEasy®. The company is headquartered in Seattle. Zillow.com, Zillow, Postlets, Mortech, Diverse Solutions and StreetEasy are registered trademarks of Zillow, Inc. HotPads, Zillow Digs and Agentfolio are trademarks of Zillow, Inc.

Zillow Predicts Home Values to Rise 3% in 2014; Mortgages Will Be Easier to Get
SEATTLE, Dec. 5, 2013 -- Zillow is making four, bold housing predictions for 2014, and has determined which housing markets will be the hottest this coming year. 2014 Predictions U.S. home values will increase by 3 percent. Mortgage rates will reach 5 percent by the end of the year. It will be easier for borrowers to get a mortgage in 2014. Homeownership rates will fall to their lowest point in nearly two decades. 2014's Hottest Housing Markets To determine which markets will be the hottest in 2014, Zillow combined data on unemployment rates, population growth and the Zillow® Home Value Forecast.1 The list is intended to give an early view into housing markets that are likely to experience heavy demand for homes, as well as increasing home values. About the 2014 Predictions Nationwide, home values will increase by 3 percent. "In 2013, home values rose rapidly – about 5 percent nationwide and more than 20 percent in some local markets. These gains, while beneficial in many ways, were also unsustainable and well above historic norms for healthy, balanced markets. This year, home value gains will slow down significantly because of higher mortgage rates, more expensive home prices, and more supply created by fewer underwater homeowners and more new construction. For buyers, this is welcome news, especially for those in markets where bidding wars were becoming the norm and bubble-like conditions were starting to emerge." – Dr. Stan Humphries, Zillow chief economist The 30-year fixed mortgage rate will reach 5 percent by the end of the year."As the economy improves and Federal Reserve policies change, mortgage interest rates will rise throughout 2014, likely hitting 5 percent for the first time since early 2010. While this will make homes more expensive to finance – the monthly payment on a $200,000 loan will rise by roughly $160 – it's important to remember that mortgage rates in the 5 percent range are still very low. Because affordability is still high in most areas relative to historical norms, rising rates won't derail the housing recovery. Unfortunately, this isn't true in all areas – affordability is starting to become an issue for some markets, particularly some of the booming California markets." – Erin Lantz, Zillow director of mortgages It will be easier for borrowers to get a mortgage than it was in 2013."The silver lining to rising interest rates is that getting a loan will be easier. Rising rates means lenders' refinance business will dwindle, forcing them to compete for buyers by potentially loosening their lending standards." – Erin Lantz, Zillow director of mortgages Homeownership rates will fall below 65 percent for the first time since 1995."The housing bubble was fueled by easy lending standards and irrational expectations of home value appreciation, but it put a historically high number of American households – seven out of ten – in a home, if only temporarily. That homeownership level proved unsustainable and during the housing recession and recovery the homeownership rate has floated back down to a more normal level, and we expect it to break 65% for the first time since the mid-1990s." – Dr. Stan Humphries, Zillow chief economist See hashtag #HousingTrends2014 to follow the conversation on Twitter. About Zillow Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 350 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. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Agentfolio™, Mortech®, HotPads™ and StreetEasy®. The company is headquartered in Seattle.

Foreclosure Auction Sales and Bank-Owned Sales Increase from Year Ago in October even as Short Sales Decline
IRVINE, Calif. – Nov. 25, 2013 — RealtyTrac®, the nation's leading source for comprehensive housing data, today released its October 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annualized pace of 5,649,965, a 2 percent increase from the previous month and up 13 percent from October 2012. Despite the nationwide increase, home sales continued to decrease on an annual basis for the third consecutive month in three bellwether western states: California (down 15 from a year ago), Arizona (down 13 percent), and Nevada (down 5 percent). The national median sales price of all residential properties — including both distressed and non-distressed sales — was $170,000, unchanged from September but up 6 percent from October 2012, the 18th consecutive month median home prices have increased on an annualized basis. The median price of a distressed residential property — in foreclosure or bank owned — was $110,000 in October, 41 percent below the median price of $185,000 for a non-distressed property. "After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales," said Daren Blomquist,vice president at RealtyTrac. "The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home — means short sales are becoming less favorable for lenders." Other high-level findings from the report: Short sales represented 5.3 percent of all sales, down from 6.3 percent in the previous month and down from 11.2 percent in October 2012 (see important note below on changes to short sale methodology). States with the highest percentage of short sales in October included Nevada (14.2 percent), Florida (13.6 percent), Maryland (8.2 percent), Michigan (6.7 percent), and Illinois (6.2 percent). Foreclosure auction sales to third parties — a new category separated out in the report for the first time in October— represented 2.5 percent of all sales, down from 2.8 percent in the previous month but nearly twice the 1.3 percent in October 2012. Markets with the highest percentage of foreclosure auction sales included Orlando (8.6 percent), Jacksonville, Fla., (8.6 percent), Columbia, S.C. (8.1 percent), Las Vegas (6.6 percent), Charlotte (6.1 percent), Miami (6.0 percent), and Tampa (5.7 percent). REO sales accounted for 9.6 percent of all sales, up from 8.9 percent in September and up from 9.4 percent in October 2012. Markets with highest percentage of REO sales included Stockton, Calif., (24.4 percent), Las Vegas (23.8 percent), Cleveland (22.3 percent), Riverside-San Bernardino, Calif., (20.1 percent), Detroit (18.8 percent) and Phoenix (18.0 percent). Cash sales represented 44.2 percent of all residential sales in October, down from a revised 45.0 percent in September but up from 33.9 percent in October 2012. States with percentage of cash sales above the national average included Florida (65.6 percent), Nevada (55.5 percent), Georgia (55.4 percent), South Carolina (53.9 percent), North Carolina (49.9 percent), Michigan (49.5 percent) and Ohio (49.2 percent). Institutional investor purchases represented 6.8 percent of all sales in October, a sharp drop from a revised 12.1 percent in September and down from 9.7 percent a year ago. Markets with the highest percentage of institutional investor purchases included Memphis (25.4 percent), Atlanta (23.0 percent), Jacksonville, Fla., (22.2 percent), Charlotte (14.5 percent), and Milwaukee (12.0 percent). Markets with biggest increase in median home price included Detroit (up 38 percent), San Francisco (up 32 percent), Sacramento (up 30 percent), Atlanta (up 30 percent), and Jacksonville, Fla. (up 29 percent). About RealtyTrac Inc. RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate. To view the full report, visit RealtyTrac.