Local Real Estate / Housing Market Statistics Updated as of November 2008
Hey all, here we are again. Here’s the November Local Real Estate Market Stats Report from The REI Brain as provided by our friends over at John Burns Real Estate Consulting. There really hasn’t been a huge change from last month to this month… but as you’ll learn again in this report… a local areas employment rates are hugely important to the success of a real estate market. Enjoy! - Trevor
Tampa: It's All About the Jobs
Tampa, Fla., was once both a place and state of big builder bliss - the availability of land combined with strong job and population growth fueled a steady rise in permits from 1991 all the way through 2005. Today, that bliss has turned to suffering as our current estimate puts Tampa's months of supply of existing homes at 16.3, based on a rolling 12-month sales rate.
Tampa's housing market is closely tied to the region's employment growth, but even when the market saw job losses during a local recession in 2001 and 2002, the pace of permit issuance continued to rise. Permit issuance peaked in 2005. Even though it has virtually ground to a halt today, the result of increased construction during the recession has resulted in a considerable oversupply of both homes and vacant lots and land in Tampa.
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Today, significant job losses in the metro area continue to put downward pressure on home prices and sales velocity. Over the last 12 months ending in September, Tampa lost nearly 23,000 jobs equating to a 1.8% decline in employment. The job losses have resulted in the unemployment rate jumping to 7.0% from a low of 3.4% in 2006.
Median existing home prices in Tampa have declined approximately 36% from the peak, but home prices in the metro area have not corrected to the extent of other major metropolitan areas in the state. The median home price Tampa was $151,000 in September, which is approximately the level of late 2005. Affordability has improved, but the housing market still remains relatively expensive based on a historical perspective. With declining employment and weak home demand, we expect Tampa's median home price to continue falling. Foreclosure activity has increased dramatically over the past few months, and this trend is likely to continue with job losses.
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Today, there is a tremendous excess of land and vacant developed lots in Tampa, and most of this land is trading for pennies on the dollar. There was some land activity late last year and in early 2008 as opportunistic investors purchased large blocks of lots, but there has been no new construction on these lots and many of these investors are now underwater. Despite the weak current environment, a few developers continue to move forward with large, masterplanned communities. These developers believe in the vitality of Tampa's housing market in the long term and want to be positioned to take advantage of the potential upswing in the economy. The majority of these developers are currently surveying large tracts of land - especially in the south Tampa submarket. One large developer is even moving forward with construction of a 6,400-home, 2,350-acre community in the submarket, and expects to start delivering homes late next year. Until job losses subside, Tampa is unlikely to recover or stabilize. But, long term, the market will continue to appeal to developers and home builders. The above-average population growth, availability of land and large employment base will once again contribute to a strong demand for housing.
State Metro Area Alabama Anniston199 Oxford Auburn-Opelika 907 Birmingham 2,814 Decatur 250 Dothan 374 Florence 286 Huntsville 2,271 Mobile 1,473 Montgomery 648 Tuscaloosa 634
Employment Statistics NF Payroll 1212Total Employment Month Month Permits / 1-Yr Median S. Fam. Total Peak 1-Yr Growth Unemp Home Permits Permits Permits Growth Rate Price Rate 213 1,112 4,112 326 374 510 3,003 2,231 736 1,483 43% 51% 53% 35% 50% 65% 60% 76% 28% 57% 300 400 (500) (500) (700) 400 3,800 600 1,600 100 0.6% 0.7% (0.1%) (0.8%) (1.1%) 0.7% 1.8% 0.3% 0.9% 0.1% 5.3% 4.5% 4.8% 5.1% 4.9% 5.3% 3.9% 5.5% 5.4% 4.5% $90,504 $138,311 $160,024 $102,765 $94,773 $97,915 $127,797 $132,042 $138,473 $126,288
Permits Statistics
Affordability
Housing Costs / Income 21% 30% 29% 22% 22% 21% 21% 29% 26% 28%
Housing Cycle Barometer 0.6 0.5 1.2 1.1 0.7 0.4 0.6 4.5 2.1 0.7
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Alaska Anchorage 295 Arizona Flagstaff 311 Phoenix 14,258 Prescott 788 Tucson 2,980 Yuma 931 Arkansas Fayetteville 1,436 Fort Smith 527 Little Rock 2,031 California Bakersfield 1,997 Chico 593 El Centro 279 Fresno 2,528 Hanford 266 Los Angeles 3,968 Madera 295 Merced 260 Modesto 668 Monterey 362 Napa 259 Oakland 2,235 Orange County 1,499 Redding 349 Riverside-San 7,025 Bernardino Sacramento 4,137 San Diego 2,360 San Francisco 631 San Jose 1,170 San Luis 710 Obispo Santa Barbara 261 Santa Cruz 334 Santa Rosa 612 Stockton 969 Vallejo-Fairfield 308 Ventura 473 Visalia1,504 Porterville Yuba-Sutter 213 Colorado Boulder 242 Colorado 1,846 Springs Denver 4,595 Fort Collins 816 Grand Junction 804 Greeley 946 Pueblo 408 Connecticut Bridgeport 839
556 323 22,101 881 3,918 1,011 2,632 798 3,083 3,025 640 387 3,139 276 13,490 299 369 979 877 319 5,122 4,442 375
6% 24% 32% 20% 31% 37% 35% 61% 54% 34% 32% 18% 42% 20% 19% 13% 10% 15% 31% 32% 22% 18% 16%
1,100
0.6%
5.8% 5.1% 5.4% 5.9% 5.7% 20.5% 3.5% 4.3% 4.0% 9.3% 8.1% 24.5% 9.6% 9.3% 7.8% 8.4% 10.9% 10.5% 6.6% 5.2% 6.7% 5.7% 9.5% 9.1% 7.4% 6.4% 5.3% 6.5% 6.1% 5.6% 6.1% 5.8% 10.2% 7.3% 7.0%
$210,009 26% $229,962 $174,925 $201,601 $181,000 $166,000 44% 29% 42% 36% 38%
3.4 5.5 3.4 4.6 5.0 5.6 0.4 0.3 1.7 5.1 5.6 3.9 5.3 6.9 5.2 5.5 1.5 2.6 0.8 5.2 2.1 5.4 5.2 4.1 2.6 4.2 6.2 5.0 6.7 2.4 3.6 4.0 1.2 3.7 4.6 4.5 3.5 4.8 1.8 2.5 3.0 4.5 1.0 0.3 0.2
(1,400) (2.1%) (43,200) (2.3%) (1,600) (2.4%) (8,200) (2.1%) (1,000) (1.9%) 1,800 200 1,100 0.9% 0.2% 0.3%
$117,397 20% $79,556 16% $131,797 21% $165,000 $225,500 $153,500 $179,000 $187,500 $360,000 $168,000 $135,000 $175,000 $271,000 $400,000 $335,000 $480,000 $201,750 34% 49% 36% 37% 38% 61% 38% 29% 32% 43% 53% 42% 59% 41%
2,700 1.1% 200 0.3% 400 0.9% (600) (0.2%) 900 2.5% (23,600) (0.6%) 100 0.3% 900 1.5% (1,500) (0.9%) 1,300 1.0% (700) (1.1%) (21,400) (2.0%) (29,600) (2.0%) (600) (0.9%) (19,700) (1.6%) (11,000) (1.2%) (5,100) (0.4%) 4,900 0.5% 700 0.1% (1,300) (1.3%) (300) 400 (700) (1,200) (2,400) (7,000) (0.2%) 0.4% (0.4%) (0.6%) (1.9%) (2.4%)
10,380 18% 5,741 6,139 3,327 2,724 985 301 461 815 1,183 612 1,235 1,654 279 542 2,259 10,182 1,525 900 1,062 447 1,651 24% 14% 49% 27% 27% 11% 33% 14% 17% 10% 16% 46% 9% 11% 21% 36% 42% 44% 24% 31% 31%
$215,000 35% $221,000 $360,000 $725,000 $525,000 34% 53% 87% 57%
$432,500 76% $290,000 $460,000 $355,000 $187,750 $260,000 $411,000 48% 64% 51% 32% 37% 50%
(2,300) (2.0%) (2,800) (6.6%) 2,100 300 11,000 700 2,700 1,500 500 3,000 1.3% 0.1% 0.9% 0.5% 4.2% 1.8% 0.9% 0.7%
10.6% $158,750 33% 11.2% $172,500 35% 4.2% 5.8% 5.2% 4.1% 3.8% 5.1% 6.2% 5.5% $315,450 38% $190,000 26% $210,000 $217,500 $177,399 $167,000 $95,158 28% 30% 31% 24% 19%
$410,429 44%
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Hartford 1,307 New Haven 672 Delaware Dover 942 Wilmington 1,028 District of Columbia Washington 7,702 D.C. Florida Daytona Beach 1,031 Fort Lauderdale1,036 Fort Myers 1,274 Fort Walton 427 Beach Gainesville 526 Jacksonville 5,354 Lakeland 2,565 Melbourne 1,295 Miami 1,415 Naples 682 Ocala 1,433 Orlando 6,150 Panama City 447 Pensacola 1,209 Port St. Lucie 1,158 Sarasota 1,722 Tallahassee 1,299 Tampa 5,717 West Palm 1,534 Beach Georgia Albany 307 Athens 639 Atlanta 15,823 Augusta 1,957 Columbus 826 Dalton 283 Gainesville 529 Macon 657 Savannah 1,692 Valdosta 774 Warner Robins 729 Hawaii Honolulu 826 Idaho Boise City 2,752 Coeur D'Alene 715 Illinois Bloomington 355 Champaign426 Urbana Chicago 7,281 Decatur 127 Lake-Kenosha 1,205 Peoria 871
2,179 1,027 1,086 1,809
20% 14% 50% 28%
7,500 (700) (600) 200
1.3% (0.3%) (0.9%) 0.1%
6.0% 6.2% 4.6% 5.1% 4.1% 7.2% 6.1% 9.2% 4.8% 4.6% 6.3% 7.9% 7.2% 6.0% 8.4% 8.5% 6.4% 5.6% 6.0% 9.3% 7.5% 5.0% 7.0% 7.3% 6.9% 5.6% 6.5% 6.5% 6.9% 7.5% 5.8% 6.8% 5.7% 6.1% 5.5% 4.2% 4.8% 4.5% 5.1% 5.7% 6.4% 7.4% 6.3% 5.7%
$238,045 32% $259,470 38% $193,794 35% $218,539 33% $328,617 35% $150,000 32% $240,000 41% $136,700 24% $194,881 31% $179,643 $178,950 $137,250 $140,000 $261,000 $265,500 $135,000 $200,000 $194,282 $149,241 $140,000 $194,500 $164,337 $151,000 43% 31% 29% 26% 54% 41% 29% 35% 37% 28% 26% 36% 35% 30%
2.8 4.1 6.3 5.7 5.1 5.1 5.7 1.0 5.0 5.8 5.8 5.3 4.8 7.0 4.6 5.5 6.1 6.1 4.4 3.3 5.8 5.0 5.1 5.4 1.1 1.3 2.6 1.3 0.8 2.2 4.1 0.7 5.2 3.2 0.8 5.3 4.2 5.0 0.8 4.4 5.0 0.8 3.2 5.4
13,185 35% 1,439 2,702 1,706 868 1,180 7,624 3,598 2,035 3,812 1,134 1,478 12,394 977 1,591 1,610 2,184 2,064 10,088 2,530 366 819 24,146 2,368 1,148 396 538 990 2,255 983 934 1,627 3,399 859 554 850 17,168 139 1,367 1,075 18% 14% 6% 23% 36% 30% 27% 21% 15% 14% 20% 34% 18% 25% 15% 15% 48% 27% 11% 29% 35% 33% 43% 51% 36% 21% 53% 46% 67% 44% 33% 29% 32% 33% 39% 39% 23% 21% 56%
35,400 1.5% (2,900) (1.7%) (12,500) (1.6%) (7,600) (3.4%) (1,700) (2.0%) 1,300 1.0% (4,800) (0.8%) (5,700) (2.7%) (2,200) (1.0%) (14,100) (1.3%) (3,800) (3.0%) (1,900) (1.8%) (3,300) (0.3%) (1,900) (2.5%) (1,500) (0.9%) 100 0.1% (8,100) (2.8%) (2,200) (1.2%) (22,700) (1.8%) (5,800) (1.0%) (1,000) (1.5%) 500 0.6% (33,600) (1.4%) (1,500) (0.7%) (800) (0.7%) (2,700) (3.5%) 0 0.0% (300) (0.3%) (1,300) (0.8%) (1,000) (1.8%) (700) (1.2%) (2,100) (0.5%) (3,500) (1.3%) 300 0.5% 600 (300) (2,700) (100) 900 2,000 0.7% (0.3%) (0.1%) (0.2%) 0.2% 1.1%
$246,000 40% $91,917 $138,375 $154,815 $115,944 $108,318 $110,267 $145,820 $99,053 $148,813 $110,404 $102,351 22% 31% 23% 22% 23% 23% 27% 21% 29% 27% 18%
$582,820 74% $179,624 27% $182,771 33% $149,705 25% $140,464 28% $233,500 $75,648 $253,456 $122,500 35% 16% 31% 22%
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Rockford 446 Springfield 319 Indiana Bloomington 318 Elkhart-Goshen 398 Evansville 629 Fort Wayne 781 Gary 1,468 Indianapolis 5,009 Lafayette 532 Muncie 84 South Bend 508 Terre Haute 156 Iowa Cedar Rapids 777 Davenport 490 Des Moines 2,058 Dubuque 224 Iowa City 656 Sioux City 202 Waterloo 373 Kansas Topeka 506 Wichita 1,953 Kentucky Bowling Green 399 Lexington 1,633 Louisville 2,884 Louisiana Alexandria 504 Baton Rouge 2,796 Houma 637 Lafayette 938 Lake Charles 753 Monroe 272 New Orleans 3,265 Shreveport 1,105 Maine Bangor 310 Portland 1,382 Maryland Baltimore 3,359 Bethesda 1,660 Hagerstown 1,180 Salisbury 333 Massachusetts Barnstable 535 Town Boston 1,373 Cambridge 1,384 Michigan Ann Arbor 342 Battle Creek 76 Detroit 631 Flint 216
603 557 650 590 966 1,001 1,994 7,203 549 88 1,048 235 983 639 2,799 257 746 217 392 762 2,631 492 2,658 3,991 520 4,082 884 1,236 847 350 5,368 1,660 546 1,555 5,798 2,676 1,480 488 706 4,085 2,546 408 101 973 258
23% 36% 53% 36% 44% 27% 43% 42% 30% 15% 53% 34% 48% 42% 44% 30% 44% 18% 47% 55% 58% 36% 52% 45% 55% 45% 74% 24% 56% 29% 40% 54% 55% 27% 30% 22% 36% 38% 14% 39% 34% 14% 16% 15% 8%
(800) 700 (600) (5,300) (400) (600) 1,300 1,800 (300) (800) (3,500) (1,300) 1,500 1,100 700 (500) (900) (1,200) 300
(0.5%) 0.6% (0.7%) (4.1%) (0.2%) (0.3%) 0.5% 0.2% (0.3%) (1.5%) (2.4%) (1.7%) 1.1% 0.6% 0.2% (0.9%) (1.0%) (1.6%) 0.3%
8.8% 6.1% 4.5% 9.3% 5.1% 5.7% 5.5% 5.1% 4.7% 6.6% 6.8% 6.3% 3.9% 5.1% 3.7% 3.7% 2.8% 3.5% 3.7% 5.5% 4.7% 5.5% 5.4% 7.0% 4.5% 5.4% 5.6% 3.3% 4.4% 5.2% 5.3% 5.2% 5.1% 4.0% 4.7% 3.4% 5.0% 5.4% 5.0% 4.8% 5.0% 6.5% 8.2% 9.6% 10.8%
$115,355 21% $109,551 20% $125,051 $113,602 $95,600 $92,228 $130,932 $114,491 $109,517 $75,369 $86,265 $79,485 $132,040 $82,118 $155,224 $116,621 $150,863 $88,798 $112,092 27% 20% 19% 17% 22% 19% 23% 18% 17% 18% 24% 15% 24% 21% 28% 17% 21%
5.6 1.2 1.3 2.3 1.5 0.7 2.9 0.7 0.7 0.5 0.7 1.0 4.9 0.2 4.8 1.3 0.9 1.0 5.6 3.1 4.0 1.0 4.5 5.2 0.5 4.1 0.5 0.7 0.5 0.4 1.8 4.3 3.3 3.2 8.1 7.2 3.5 3.9 1.8 4.6 2.9 0.5 1.5 0.3 1.4
400 0.4% (1,300) (0.4%) 600 1.0% 600 0.2% (4,300) (0.7%) (600) (300) (1,100) 1,700 (100) (1,100) 8,400 1,900 100 800 8,400 5,300 800 200 (600) (0.9%) (0.1%) (1.1%) 1.1% (0.1%) (1.4%) 1.6% 1.1% 0.2% 0.4% 0.6% 0.9% 0.8% 0.4% (0.6%)
$107,096 19% $118,760 21% $109,916 23% $141,239 28% $133,129 26% $94,670 $162,697 $113,791 $130,213 $106,337 $94,502 $162,192 $135,113 20% 28% 19% 24% 19% 20% 27% 28%
$129,815 26% $224,025 35% $264,314 $430,000 $183,462 $150,739 37% 44% 29% 30%
$336,053 48% $350,477 46% $372,962 42% $172,827 $89,759 $89,430 $92,477 26% 18% 18% 19%
18,700 1.1% 19,300 0.8% (3,300) (1.6%) (1,000) (1.7%) (33,800) (4.3%) (8,200) (5.5%)
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Grand Rapids Holland Jackson Kalamazoo Lansing Muskegon Niles Saginaw Warren Minnesota Duluth Minneapolis Rochester St. Cloud Mississippi Gulfport-Biloxi Hattiesburg Jackson Pascagoula Missouri Columbia Jefferson City Joplin Kansas City Springfield St. Joseph St. Louis Montana Billings Missoula Nebraska Lincoln Omaha Nevada Las Vegas Reno New Hampshire Manchester New Jersey Atlantic City Camden Edison Newark-Union Trenton Vineland New Mexico Albuquerque Las Cruces Santa Fe New York Albany Binghamton Buffalo Glens Falls Ithaca
1,181 433 141 564 324 193 215 176 1,624 600 4,799 480 416 1,949 172 2,294 528 607 165 212 3,442 1,190 104 5,381 593 368 783 3,248 7,409 1,145 471 745 1,904 3,104 2,076 295 365 2,249 935 160 1,278 266 1,187 369 146
1,318 721 285 796 382 203 225 229 2,009 772 6,680 589 567 3,526 962 2,352 1,722 719 178 284 6,420 2,478 126 6,688 618 489 982 5,312
26% 26% 28% 32% 12% 21% 28% 24% 10% 45% 24% 29% 28% 64% 85% 52% 100% 31% 16% 38% 35% 48% 29% 37% 42% 43% 36% 80%
(300) (0.1%) (2,200) (1.9%) (900) (1.5%) (1,700) (1.1%) (4,800) (2.1%) (500) (0.8%) (100) (0.1%) (2,400) (2.7%) (24,000) (2.0%) (700) (0.5%) (12,800) (0.7%) 400 0.4% (600) (0.6%) (1,200) (2,000) (1,600) 800 (1.1%) (3.2%) (0.6%) 1.4%
7.4% 7.2% 9.3% 7.2% 7.1% 9.2% 8.4% 8.9% 7.3% 6.2% 5.7% 4.7% 5.6% 6.1% 6.4% 6.2% 7.0% 4.5% 5.1% 5.4% 6.1% 5.3% 5.3% 6.8% 3.1% 3.8% 3.0% 3.5% 7.4% 6.9% 4.0% 6.8% 5.7% 5.1% 5.6% 5.1% 8.0% 4.1% 3.8% 3.3% 5.2% 5.7% 6.1% 5.4% 4.5%
$104,484 $144,263 $101,676 $114,192 $94,509 $92,149 $123,419 $61,779 $153,412 $113,391 $215,000 $134,226 $136,612 $133,408 $99,204 $123,561 $111,161 $129,086 $109,396 $85,876 $144,147 $120,635 $89,259 $171,363
19% 22% 21% 23% 17% 20% 25% 14% 22% 23% 29% 19% 24% 27% 24% 25% 22% 27% 21% 22% 23% 27% 19% 30%
0.8 1.8 4.5 2.2 0.4 1.6 5.9 0.6 0.4 6.5 4.5 1.0 4.2 3.2 0.8 1.5 3.6 2.7 3.8 3.3 1.0 4.0 1.6 5.7 1.3 4.9 3.1 3.8 3.1 5.0 0.4 6.9 5.7 9.6 7.2 6.6 6.1 4.0 0.7 2.6 5.3 4.9 2.1 4.1 4.6
500 0.5% (100) (0.1%) 900 1.1% (5,200) (0.5%) 1,200 0.6% 100 0.2% (12,300) (0.9%) 1,400 (200) 1,700 2,400 1.7% (0.3%) 1.0% 0.5%
$137,865 24% $199,007 40% $131,811 22% $136,320 22% $196,000 31% $235,000 37% $200,787 22% $249,103 $218,041 $359,058 $399,874 $304,777 $157,677 45% 32% 47% 55% 44% 32%
18,267 47% 1,426 23% 837 863 2,715 5,425 4,750 582 375 2,859 980 160 2,150 308 1,372 430 276 12% 22% 32% 22% 52% 16% 51% 32% 39% 12% 40% 23% 30% 27% 42%
700 0.1% (4,800) (2.1%) 300 1,000 (700) (4,700) (2,500) (400) (1,400) (700) 1,400 (600) 400 (400) 2,100 100 200 0.3% 0.7% (0.1%) (0.4%) (0.2%) (0.2%) (2.3%) (0.2%) 2.0% (0.9%) 0.1% (0.3%) 0.4% 0.2% 0.3%
$200,625 35% $122,599 27% $260,635 39% $199,882 $118,520 $102,468 $151,621 $158,796 34% 24% 21% 31% 33%
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Kingston 246 Nassau 2,305 New York 2,414 Poughkeepsie 988 Rochester 1,499 Syracuse 944 Utica-Rome 362 North Carolina Asheville 2,193 Burlington 836 Charlotte 9,181 Durham 2,055 Fayetteville 1,640 Greensboro 2,421 Greenville 794 Hickory 1,041 Raleigh-Cary 8,196 Rocky Mount 557 Wilmington 4,145 Winston-Salem 2,413 North Dakota Bismarck 665 Fargo 954 Grand Forks 203 Ohio Akron 999 Canton 377 Cincinnati 3,642 Cleveland 2,511 Columbus 2,995 Dayton 1,203 Lima 123 Mansfield 99 Springfield 102 Toledo 798 Youngstown 438 Oklahoma Oklahoma City 4,046 Tulsa 3,320 Oregon Bend 819 Eugene 701 Medford 472 Portland 4,926 Salem 800 Pennsylvania Allentown 1,855 Altoona 66 Erie 368 Harrisburg 1,873 Johnstown 123 Lancaster 1,179 Philadelphia 4,504 Pittsburgh 3,220 Reading 630
449 3,531 48,327 1,494 1,723 1,117 410 2,915 888 14,448 2,429 2,449 3,598 1,808 1,086 13,091 566 4,868 2,425 936 1,602 317 1,198 503 5,012 2,858 4,822 1,441 130 151 216 1,348 517 4,685 4,100 937 945 533 9,170 1,016 1,983 220 514 1,987 139 1,462 6,471 3,735 852
32% 31% 100% 29% 33% 33% 31% 68% 44% 57% 37% 57% 56% 70% 45% 74% 55% 53% 55% 86% 57% 47% 30% 32% 32% 36% 28% 35% 26% 25% 32% 33% 27% 22% 34% 21% 34% 25% 46% 30% 37% 44% 51% 53% 37% 41% 36% 53% 39%
(200) 3,700 23,700 400 (5,300) 300 400 1,000 (200) 13,500 2,700 1,700 2,200 700 (1,700) 9,700 (100) 1,700 5,400 1,300 900 900 (1,400) (500) (3,600) (7,800) 6,900 (4,900) 0 (600) (800) (7,700) 1,700
(0.3%) 0.3% 0.5% 0.2% (1.0%) 0.1% 0.3% 0.6% (0.3%) 1.6% 0.9% 1.3% 0.6% 0.9% (1.0%) 1.9% (0.2%) 1.1% 2.5% 2.2% 0.7% 1.6% (0.4%) (0.3%) (0.3%) (0.7%) 0.7% (1.2%) 0.0% (1.1%) (1.5%) (2.3%) 0.7%
5.8% 5.2% 5.7% 5.7% 5.9% 5.9% 5.6% 5.2% 7.1% 6.8% 5.2% 6.7% 6.9% 7.0% 8.1% 5.3% 9.6% 6.0% 6.3% 2.5% 2.8% 3.4% 6.6% 7.2% 6.3% 6.9% 6.1% 7.5% 7.8% 8.1% 7.1% 7.8% 7.5% 3.5% 3.6% 6.8% 6.7% 6.7% 5.6% 5.5% 5.5% 5.0% 5.2% 4.6% 5.8% 4.2% 5.6% 4.9% 5.4%
$242,406 $448,173 $471,029 $249,450 $117,864 $118,599 $105,508 $180,113 $113,329 $168,000 $179,113 $108,058 $149,394 $110,068 $109,171 $189,250 $96,321 $205,621 $124,783
41% 48% 78% 34% 22% 24% 24% 37% 23% 27% 32% 21% 29% 24% 23% 27% 21% 39% 23%
5.2 8.2 6.8 3.8 3.8 4.1 3.5 5.1 0.4 3.9 5.0 0.6 1.8 0.4 0.8 2.5 0.7 5.2 0.5 1.8 1.3 2.9 2.7 0.4 2.8 0.2 1.3 0.6 0.4 0.8 0.5 0.3 0.3 3.4 0.6 5.5 6.9 5.2 7.0 5.9 7.9 1.8 2.1 4.8 4.0 4.2 6.6 2.8 4.9
$134,503 20% $138,222 23% $123,934 24% $123,550 $94,778 $152,700 $106,944 $136,900 $106,573 $91,770 $92,271 $97,956 $93,188 $68,457 22% 18% 24% 18% 21% 19% 17% 19% 18% 16% 14%
8,600 1.5% (2,100) (0.5%) 0 (1,000) (1,200) (700) 0 (900) (400) (200) (400) (600) 1,400 (800) 7,000 (1,300) 0.0% (0.6%) (1.4%) (0.1%) 0.0% (0.3%) (0.6%) (0.1%) (0.1%) (1.0%) 0.6% 0.0% 0.6% (0.7%)
$128,680 22% $125,527 21% $228,688 $220,538 $202,488 $254,950 $185,000 $242,279 $96,041 $105,714 $152,453 $84,793 $170,132 $226,846 $120,861 $151,108 36% 42% 40% 39% 33% 40% 20% 23% 25% 21% 27% 34% 23% 25%
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Scranton 949 State College 475 Williamsport 108 York 1,250 Rhode Island Providence 1,463 South Carolina Anderson 682 Charleston 3,953 Columbia 3,777 Florence 613 Greenville 2,789 Myrtle Beach 2,289 Spartanburg 1,174 South Dakota Rapid City 571 Sioux Falls 1,061 Tennessee Chattanooga 1,414 Clarksville 1,125 Jackson 333 Johnson City 696 Kingsport 815 Knoxville 2,601 Memphis 2,938 Nashville 6,616 Texas Abilene 222 Amarillo 479 Austin 9,127 Beaumont 795 Brownsville 1,203 College Station 782 Corpus Christi 1,356 Dallas 13,628 El Paso 3,036 Fort Worth 7,933 Houston 31,411 Killeen 2,143 Laredo 774 Longview 238 Lubbock 1,028 McAllen 3,548 Midland 521 Odessa 276 San Antonio 6,546 Texarkana 111 Tyler 252 Waco 651 Wichita Falls 162 Utah Ogden1,687 Clearfield Provo-Orem 1,339 Salt Lake City 2,060
1,064 530 117 1,375 1,800 757 5,020 4,890 991 3,968 3,736 1,174 584 1,941 1,966 1,644 337 1,134 1,009 3,050 4,396 8,564 234 808 15,708 1,500 1,453 2,278 1,711 30,987 4,186 11,664 48,685 2,892 999 307 1,677 4,359 521 738 11,049 216 331 1,085 353 2,120 1,779 3,823
49% 48% 22% 44% 15% 39% 46% 60% 76% 72% 32% 43% 43% 77% 51% 51% 30% 79% 66% 47% 40% 47% 11% 22% 59% 53% 37% 64% 28% 42% 65% 30% 65% 63% 42% 19% 40% 47% 14% 35% 50% 26% 11% 36% 39% 41% 27% 31%
(400) 100 (100) (500)
(0.2%) 0.1% (0.2%) (0.3%)
5.9% 4.1% 5.5% 4.7% 8.0% 7.1% 6.1% 6.4% 8.1% 6.3% 6.9% 7.3% 2.9% 2.5% 6.0% 7.4% 7.1% 6.4% 5.9% 5.6% 7.3% 6.1% 4.2% 3.9% 4.7% 7.1% 7.5% 4.2% 5.2% 5.4% 6.6% 5.1% 5.1% 5.4% 5.6% 4.4% 4.0% 7.9% 3.2% 3.8% 5.0% 4.9% 5.1% 4.8% 5.2% 3.5% 3.0% 3.2%
$127,662 $160,384 $115,101 $166,316
27% 33% 25% 27%
5.2 4.4 3.1 4.5 4.8 0.6 2.7 4.2 0.5 5.2 3.6 5.0 3.4 0.7 3.7 1.1 0.7 1.8 3.4 4.0 0.6 5.0 5.0 5.3 5.0 5.7 4.2 3.9 5.5 2.4 5.4 4.0 5.1 3.0 0.8 5.3 4.0 4.2 5.0 5.3 5.1 0.4 3.8 2.6 3.0 4.1 4.8 6.0
(12,100) (2.1%) (1,300) (1,900) (4,800) 0 1,600 (1,500) 2,600 800 2,500 (500) (400) (100) 100 500 (1,000) (8,300) (1,700) 900 1,100 14,600 800 2,400 2,300 2,400 39,200 6,000 15,100 55,700 2,600 3,200 2,200 300 6,900 1,200 1,800 17,400 1,200 1,200 1,600 400 (2.0%) (0.6%) (1.3%) 0.0% 0.5% (1.2%) 2.1% 1.3% 1.9% (0.2%) (0.5%) (0.2%) 0.1% 0.4% (0.3%) (1.3%) (0.2%) 1.4% 1.0% 1.9% 0.5% 2.0% 2.5% 1.4% 1.9% 2.2% 1.7% 2.2% 2.1% 3.7% 2.3% 0.2% 3.3% 1.8% 3.0% 2.1% 2.1% 1.3% 1.5% 0.6%
$259,015 42% $104,952 $185,000 $138,250 $99,549 $136,500 $183,500 $128,005 20% 32% 24% 20% 26% 35% 25%
$123,776 22% $136,513 21% $128,307 $100,674 $89,961 $114,590 $111,236 $149,161 $109,771 $152,500 $106,000 $132,700 $183,300 $135,500 $87,900 $141,300 $137,500 $153,300 $134,300 $116,000 $156,600 $112,185 $92,238 $133,100 $113,200 $117,100 $123,001 $145,200 $145,100 $79,245 $129,200 $112,100 $90,000 27% 21% 22% 29% 27% 30% 22% 27% 22% 26% 29% 27% 25% 32% 30% 24% 34% 19% 26% 22% 24% 28% 25% 33% 22% 30% 27% 17% 26% 26% 20%
(1,000) (0.5%) (1,800) (0.9%) 2,500 0.4%
$165,672 26% $188,787 33% $223,580 37%
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St. George 796 839 22% (1,800) (3.3%) 4.7% $194,195 38% 4.0 Virginia Charlottesville 884 983 37% (500) (0.5%) 3.4% $225,731 36% 4.9 Harrisonburg 757 1,336 100% 1,100 1.7% 3.5% $183,295 36% 5.3 Lynchburg 1,154 1,172 64% 2,400 2.2% 4.3% $141,087 29% 4.5 Richmond 4,423 5,334 47% 1,600 0.3% 4.6% $205,000 34% 5.2 Roanoke 807 882 46% 900 0.6% 4.0% $146,456 28% 4.8 Virginia Beach 3,703 5,541 23% 17,000 2.2% 4.4% $232,422 39% 6.7 Winchester 531 543 31% 1,000 1.7% 4.3% $173,598 30% 2.3 Washington Bellingham 523 718 28% 1,300 1.5% 5.2% $248,707 44% 5.6 Bremerton 790 982 38% (100) (0.1%) 5.3% $260,518 36% 5.9 Kennewick 983 1,055 32% 2,000 2.2% 4.9% $161,679 26% 4.3 Olympia 1,239 1,555 49% 1,900 1.9% 5.2% $239,950 34% 6.6 Seattle 5,583 15,321 55% 29,700 2.0% 4.7% $375,000 47% 7.0 Spokane 1,374 1,765 40% (1,400) (0.6%) 5.5% $165,000 30% 5.4 Tacoma 2,100 2,947 43% 4,200 1.5% 5.9% $239,950 34% 5.6 Yakima 731 824 67% 600 0.8% 5.7% $161,720 31% 5.0 West Virginia Charleston 354 573 68% 100 0.1% 3.2% $124,889 24% 1.0 Huntington 156 210 33% (300) (0.2%) 5.0% $87,918 20% 0.5 Morgantown 33 298 100% 2,200 3.5% 2.6% $126,210 26% 0.5 Parkersburg 179 235 54% (900) (1.2%) 4.9% $88,492 17% 0.3 Wheeling 44 46 16% 1,700 2.5% 5.0% $82,558 17% 0.7 Wisconsin Appleton 524 620 29% (400) (0.3%) 4.0% $121,143 20% 4.3 Eau Claire 387 498 35% (400) (0.5%) 3.8% $118,275 23% 5.1 Green Bay 901 1,137 37% (300) (0.2%) 4.3% $142,332 25% 5.1 Janesville 272 303 24% (2,100) (3.0%) 6.4% $122,170 23% 5.5 La Crosse 323 441 52% (900) (1.2%) 3.9% $120,309 23% 4.6 Madison 1,030 2,295 38% (1,300) (0.4%) 3.4% $226,091 35% 5.9 Milwaukee 1,479 3,167 37% (10,300) (1.2%) 4.9% $210,273 37% 6.4 Oshkosh418 595 41% (700) (0.7%) 4.1% $118,797 21% 4.2 Neenah Racine 333 351 28% (1,400) (1.7%) 5.4% $150,584 26% 5.7 Sheboygan 145 227 31% (900) (1.4%) 4.1% $132,785 25% 5.6 Wausau 264 502 36% (1,000) (1.4%) 4.1% $123,393 22% 5.2 Wyoming Cheyenne 200 218 25% 300 0.7% 3.6% $133,300 22% 0.5 Total Permits includes both single-family and multifamily residential permits. Total Permits/Peak Permits is the current 12-month total permit activity divided by the perak 12-month period since 1982. The Housing Costs/Income ratio assumes a 20% down payment paid over 7 years, and the remaining 80% amortized over 30 years at the current fixed rate.
This local real estate statistics report is from our friends at John Burns Real Estate Consulting. Be sure to join our newsletter at http://www.thereibrain.com/newsletter to make sure you get our twice monthly real estate stats report so you can stay up to date on how your market is doing in today’s real estate market. - The REI Brain dot Com
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