ResiClub

Among the 50 largest metro housing markets, 13 have active inventory ABOVE pre-pandemic levels Austin, TX Memphis, TN Orlando, FL Denver, CO San Antonio, TX Phoenix, AZ Nashville, TN New Orleans, LA Tampa, FL Jacksonville, FL Dallas, TX Oklahoma City, OK San Francisco, CA Generally speaking, housing markets where inventory (i.e., active listings) has returned to pre-pandemic levels have?experienced weaker home price growth?(or outright declines) over the past 24 months. Conversely, housing markets where inventory remains far below pre-pandemic levels have, generally speaking,?experienced stronger home price growth?over the past 24 months. ResiClub PRO members can access our full November inventory report: https://lnkd.in/gvr-iyQi

HOMEOWNER EQUITY HITS NEW RECORD $48.2 trillion —> Aggregate value of U.S. owner-occupied residential real estate $13.1 trillion —> Aggregate total of U.S. mortgage debt $35.1 trillion —> Aggregate U.S. homeowner equity ResiClub PRO members can access our latest deep dive on homeowner equity here: https://lnkd.in/g7mQEy7V

Forecast for the average 30-year fixed mortgage rate by the end of 2025 5.90% <- Mortgage Bankers Association 5.70% <- Fannie Mae 5.55% <- Wells Fargo 5.50% <- Moody's / Mark Zandi (As always, there's no guarantee these forecasts will come to fruition). https://lnkd.in/gzXHswZk

Housing markets where homes sell the most above list—and the most below list A sale-to-list ratio above 1.0 means the typical home in that metro sold for more than the list price, while a ratio below 1.0 means the typical home sold for less than the list price. Among the 250 largest metro area housing markets, these 5 markets had the?HIGHEST?sale-to-list ratio: Rochester, NY —>?1.19 Buffalo, NY —>?1.08 San Jose, CA —>?1.07 Syracuse, NY —>?1.06 Hartford, CT —>?1.06 Among the 250 largest metro area housing markets, these 5 markets had the?LOWEST?sale-to-list ratio: Naples, FL —>?0.95 Cape Coral, FL —>?0.95 Punta Gorda, FL —>?0.95 Panama City, FL —>?0.95 Macon, GA —>?0.96 Full story: https://lnkd.in/dagVHdrC

Active U.S. housing inventory for sale, by August 2017 -> 1,325,358 2018 -> 1,285,666 2019 -> 1,235,257 2020 -> 779,558 2021 -> 574,638 2022 -> 726,779 2023 -> 669,750 2024 -> 909,344

In Las Vegas, publicly traded homebuilders control a staggering 87% of the new home market Nationally, publicly traded homebuilders have 51% market share—up from 25% in 2005, according to Zonda https://lnkd.in/g_i5Hnr9

Families are less likely to own their home in housing markets with more land regulations Markets with stricter land use rules tend to experience a slower supply response to improving economic conditions and are relatively less affordable" Zillow senior economist Orphe Divounguy tells ResiClub's Meghan Malas. These are the 5 metro areas with the?highest?share of families that?do not?own their homes: 56.1% —> Los Angeles, CA 51.5% —> New York, NY 50.9% —> San Diego, CA 50.3% —> San Francisco, CA 50.2% —> San Jose, CA These five metros also have some of the highest levels of regulatory constraint on residential development, according to the Wharton Residential Land Use Regulatory Index. Full ResiClub PRO report: https://lnkd.in/ggJjefe4

Florida condo market remains in correction mode Among Florida's 25 major metro housing markets... 6 have falling year-over-year single-family home prices 18 have falling year-over-year condo home prices Following the Surfside condo collapse in June 2021, which killed 98 people, Florida passed new structural safety rules, requiring more inspections and additional funds for repairs to be set aside by the end of 2024. That has led to Florida HOAs issuing sky-high special assessments and monthly HOA fee increases to cover these costs. That additional affordability squeeze, following a period of home price overheating and a mortgage rate shock, has pushed much of Florida’s coastal condo market—especially older buildings—into what ResiClub calls ‘correction mode.’ Our deep dive for ResiClub PRO members looking at changes in condo and single-family homes prices across the entire country: https://lnkd.in/gqA8JWYu

"The numbers support that the larger builders are [taking market share]—we're taking share from two sources. One is smaller builders that are having difficulty with financing. Banks are very conservative right now on what they'll lend a small builder to go develop lots. But, you're also taking share from resale because of the limited resale inventory" - KB Home CEO Jeffrey Mezger tells ResiClub https://lnkd.in/gMahPVs7

Map: 50 largest housing markets for single-family new construction, according to Zonda 13 of the 50 largest new-home markets are in Florida. Full story: https://lnkd.in/gB3PWDc8