The Best Time to Sell is Here, According to Realtor.com
Homeowners have more realistic market expectations this year with only 15% expecting to get more than their asking price, down from 31% in 2023. Nearly 8 in 10 recent sellers think listing sooner would have meant entering a hotter housing market. SANTA CLARA, Calif., April 15, 2024 -- The Best Time to Sell is here, and most prospective sellers have been sitting on the sidelines for a while. According to a new survey from Realtor.com® and Censuswide, homeowners planning to sell in 2024 have been thinking about selling their homes for an average of 2 years, with 85% considering a sale for between 1-3 years. At the same time, most recent sellers (79%), feel that if they'd listed sooner, they would have been able to take advantage of a hotter housing market. "Plenty of homeowners have been eagerly waiting for mortgage rates to come down so that they can sell their current home and more affordably upgrade to a new one," said Realtor.com® Chief Economist Danielle Hale. "With mortgage rates expected to ease slowly throughout the year, some potential sellers are planning to get off the sidelines in 2024 and make a move, with the majority expecting to buy a new home at the same time that they sell their current one." Fewer seller-buyers feel locked in by rate Realtor.com's® housing forecast for 2024 estimates average mortgage rates of 6.8%, with rates edging down to reach 6.5% by the end of the year. While rates and the market will stabilize as we go through 2024, homeowners who are planning to sell are aware of ongoing affordability headwinds. 73% of homeowners who plan to sell their home this year plan to buy another at the same time, down from 85% last year. 79% of prospective sellers who plan to buy a new home say they feel locked into their current home due to a low interest rate, down from 82% in 2023. Of those who feel locked into their rate, 50% say they plan to wait until rates come down, while 29% say they need to sell soon for personal reasons. In 2023, 56% said they'd wait for rates to come down, while 25% said they needed to sell. 64% of potential sellers who also plan to buy expect the mortgage rate on their new home to be the same or higher than their existing rate. 81% of sellers who think their new rate will be higher say they're concerned that the higher rate will impact how much home they can afford. Would-be sellers have more realistic expectations for their home sale than last year While still optimistic about the market, potential sellers are approaching their sale this spring with noticeably more realistic expectations than sellers in previous years. With the market cooling in many areas, 12% expect a bidding war to take place, compared to 27% in 2023, and only 15% expect to get more than their asking price, down from 31% last year. A less frenzied market from years past means 15% expect to have an offer within a week, down from 37% in 2023, and 15% expect buyers to be willing to forgo contingencies like inspections and appraisals to make the deal, down from 35% in 2023. On average, homeowners planning to sell this year say they want to sell their home for around $462,000, with one-third saying they are hoping for between $400,000-500,000. Around 24% say they are hoping for $250,000-400,000, while 24% are looking for $500,000-$750,000. Finances top list of reasons to sell Many homeowners who are thinking of selling this year cite finances among the factors behind their decision, with 24% saying they want to make a profit and 21% saying they want to take advantage of recent price gains. Changing family needs are also driving the decision to sell. Reasons included the need to move for family (24%), the need for more space (23%), to downsize (23%) and because of life changes such as marriage, children or divorce (18%). Some sellers are looking to alternatives for their next home With timing challenges around selling and buying another home at the same time, especially in the current low inventory market, some sellers are getting creative with alternatives to buying their next home that could give them greater flexibility for buying again in the future. Of the 27% of homeowners who don't plan to buy another home when they sell theirs, 31% plan to rent, 33% say they already own another place to live, and 26% say they're planning to move in with family or friends. Homeowners thinking about entering the market this spring can visit realtor.com/sell for the information, tools and support they need to get started, including how to get proposals from multiple agents in their area, with RealChoice Selling, who can help them make the most from their sale. Survey methodology The research was conducted by Censuswide among 1,003 respondents in the U.S. who are planning to sell their home in the next year, and 1,000 respondents who sold their home in the last year. The fieldwork took place February 22 – March 4, 2024. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Zillow names this year's best markets for first-time home buyers
Top markets for first-time home buyers offer affordable options and peers living nearby SEATTLE, April 4, 2024 -- First-time home buyers in 2023 accounted for the largest share of home purchases in years. A new Zillow® analysis names this year's best markets for first-time home buyers, where their dollars go further and starter homes are relatively plentiful. First-time buyers made up half of all home buyers last year, according to Zillow's Consumer Housing Trends Report. That's the highest share in the report's history, which dates back to 2018, and up from a low of 37% in 2021. The "rate lock" effect — occurring when homeowners are financially incentivized to keep their current home because of the low rate on their current mortgage — has kept some would-be repeat buyers on the sidelines. "Affording a home is a tough hill to climb, and it's especially steep for those buying their first home. Headwinds like mortgage rates, low inventory and rising rents are still strong, but easing," said Zillow Senior Economist Orphe Divounguy. "Attractive homes are moving fast, so those looking to buy this spring should get their finances in order now, including getting pre-approved for a home loan. The increase in new listings this spring, due both to new construction and to more homeowners choosing to sell, will give buyers more options and help to ease price growth. The housing train is slowing down just enough to give more first-time buyers an opportunity to hop on board." Top 10 markets for first-time home buyers in 2024 St. Louis Detroit Minneapolis Indianapolis Austin Pittsburgh San Antonio Birmingham Kansas City Baltimore Zillow's ranking of the best markets for first-time buyers is based on rent affordability, the share of for-sale listings a typical household can comfortably afford, how stiff the competition is expected to be for those affordable listings, and how many similar-age households1 live in the area. The top two markets in Zillow's ranking, St. Louis and Detroit, score well in terms of affordability — both for rental affordability as a prospective buyer builds up savings for a down payment, and for the number of affordable homes available to buy. Austin, while not the most affordable housing market on this list, ranks first in the number of similar-age households living there with which a buyer can build a community. First-time buyer tips and tricks Zillow has gathered tools on one easy-to-navigate web page to help aspiring first-time buyers make the leap to homeownership, from getting finances in tip-top shape to hiring the right real estate agent who can help a buyer win a home. Zillow's affordability calculator can help buyers understand their price range, including some of the hidden costs of homeownership that are often overlooked. It's important for first-time buyers to understand how their credit score can impact their loan options and costs. A top loan officer can help a buyer understand all of their options, such as whether "paying points" or an adjustable rate mortgage might make sense for a buyer's specific financial situation. Renters who pay their landlords through Zillow can now help build or enhance their credit history by opting in to rent payment reporting, with on-time payments reported to a major national credit bureau. A down payment is often the biggest financial hurdle for a first-time buyer. Those without enough money saved for a 20% down payment shouldn't fret — nearly half of buyers put down less than 20%. Zillow displays down payment assistance programs a buyer may be eligible for on all for-sale listings. 1 Ages 29–43. Zillow Research shows nearly half of first-time buyers are in this age range. Methodology Zillow's 2024 list of the best markets for first-time buyers is based on four metrics: Rent affordability, as defined by the share of median household income spent on rent. The share of available for-sale inventory on Zillow that the median household can comfortably afford, spending no more than 30% of income on the estimated monthly mortgage cost, assuming 5% down and 6.94% mortgage interest rate. The ratio of affordable for-sale inventory to renter households. More inventory per renter household is an indicator of less competition for each listing. The share of households ages 29–43. More households of similar age mean a higher score in Zillow's ranking. About Zillow Group Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®.

The Typical Homebuyer's Down Payment Is $56,000, Up 24% From a Year Ago
Redfin reports over one-third of home purchases in February were made in all cash—not far from the record high SEATTLE -- The median down payment for U.S. homebuyers was $55,640 in February, according to a new report from Redfin, the technology-powered real estate brokerage. That's up 24.1% from $44,850 a year earlier—the largest annual increase in percentage terms since April 2022. The typical homebuyer's down payment last month was equal to 15% of the purchase price, up from 10% a year earlier. This is based on a Redfin analysis of county records across 40 of the most populous U.S. metropolitan areas going back through 2011. "Homebuyers are doing whatever they can to pull together a large down payment in order to lower their monthly payments moving forward," said Rachel Riva, a Redfin real estate agent in Miami. "The smallest down payment I've seen recently is 25%. I had one client who put down 40%." Home prices rose 6.6% year over year in February, which is part of the reason down payments increased; a higher home price naturally leads to a higher down payment because the down payment is a percentage of the home price. But elevated housing costs (from both high prices and high mortgage rates) are also incentivizing buyers to take out larger down payments. A bigger down payment means a smaller total loan amount, and a smaller loan amount means smaller monthly interest payments. For example, a buyer who purchases today's median-priced U.S. home ($374,500) and puts 15% down would have a monthly payment of $2,836 at the current 6.79% mortgage rate. A buyer who puts 10% down on that same home with that same rate would have a monthly payment of $2,968. That's $132 more per month, which adds up over the course of a mortgage. Mortgage rates are down from their October peak of roughly 8%, but are still more than double the all-time low hit during the pandemic. Over 1 in 3 Home Purchases Are Made With Cash—a Near Record Share Over one-third (34.5%) of U.S. home purchases in February were made with all cash, up from 33.4% a year earlier. That's just shy of the 34.8% decade-high hit in November, and isn't far below the record high of 38% hit in 2013. Redfin defines an all-cash purchase as a home purchase with no mortgage loan information on the deed. Some homebuyers are paying in cash for the same reason others are taking out large down payments: elevated mortgage interest rates. While a large down payment helps ease the sting of high rates by reducing monthly interest payments, an all-cash purchase removes the sting altogether because it means a buyer isn't paying interest at all. Most buyers, though, can't afford to pay in cash, and many can't afford a big down payment either. First-time buyers, especially, are at a disadvantage in today's market. That's because they don't have equity from the sale of a previous home to bolster their down payments, and are often competing against all-cash offers, which sellers tend to favor. Many all-cash offers come from investors, who were buying up more than one-quarter of the country's low-priced homes as of the end of last year. Overall, though, investors are purchasing far fewer homes than they were during the pandemic housing boom. "High mortgage rates are widening the wealth gap between people of different races, generations and income levels," said Redfin Economics Research Lead Chen Zhao. "They've added fuel to the fire lit by surging home prices during the pandemic, creating a reality where in many places, wealthy Americans are the only ones who can afford to buy homes. Meanwhile, people who are priced out of homeownership are missing out on a major wealth building opportunity, which could have financial implications for their children and even their children's children." FHA loans more popular than they were during pandemic because the market is less competitive Roughly one in six (15.5%) mortgaged U.S. home sales used an FHA loan in February, up from 14.9% a year earlier and just shy of the 16.3% four-year high hit a month earlier. FHA loans are more common than they were during the pandemic homebuying boom (they represented 12.1% of mortgaged sales in February 2022) because the market today is less competitive. Roughly one in 14 (7%) mortgaged home sales used a VA loan in February, down from 8% a year earlier. The share of home sales using a VA loan typically doesn't change much over time, though it fluctuated more than usual during the topsy-turvy pandemic market. Conventional loans are the most common type, representing over three-quarters (77.5%) of mortgaged home sales in February, up slightly from 77.1% a year earlier. Jumbo loans—used for higher loan amounts and popular among luxury buyers—represented 5.3% of mortgaged sales, compared with 4.7% a year earlier. Metros with biggest increases/decreases in down payment amounts In Las Vegas, the median down payment jumped 60.9% year over year—the largest increase among the metros Redfin analyzed. Next came San Diego (49.8%), Charlotte, NC (47.4%), Virginia Beach, VA (45%) and Newark, NJ (32.2%). Down payments only fell in two metros: Milwaukee (-13.9%) and Pittsburgh (-0.4%). Metros with highest/lowest down payment percentages In San Francisco, the median down payment was equal to 25% of the purchase price—the highest among the metros Redfin analyzed. It was followed by San Jose, CA (24.9%) and Anaheim, CA (21.9%). The following metros all had median down payments of 20%: Fort Lauderdale, FL, Los Angeles, Miami, Montgomery County, PA, New Brunswick, NJ, New York, Oakland, CA, Sacramento, CA, San Diego, Seattle and West Palm Beach, FL. Down payment percentages were lowest in Virginia Beach (1.8%), Detroit (5%), Pittsburgh (5%), Baltimore (5%) and Philadelphia (7.3%). While the Bay Area has among the most expensive home prices, it also has a high concentration of wealthy residents, many of whom can afford large down payments. Meanwhile, Virginia Beach is at the bottom of the list because it has a high concentration of veterans, many of whom take out VA loans, which require little to no down payment. Metros where all-cash purchases are most/least common In Jacksonville, FL, 54.4% of home purchases were made in cash—the highest share among the metros Redfin analyzed. Next came West Palm Beach (53.4%), Cleveland (48.8%), Fort Lauderdale (46.2%) and Atlanta (46.1%). These metros are popular among investors, who often pay in cash. All-cash purchases were least common in San Jose (18%), Oakland (21.6%), San Diego (21.7%), Los Angeles (23%) and Providence, RI (23.3%). Metros with biggest increases/decreases in share of all-cash purchases In Atlanta, 46.1% of home purchases were made in cash, up 12.5 percentage points from a year earlier—the largest increase among the metros Redfin analyzed. It was followed by Jacksonville (8 ppts), Oakland (6.2 ppts), Portland, OR (5.7 ppts) and New Brunswick (5.2 ppts). In Columbus, OH, 28.5% of home purchases were made in cash, down 6.1 percentage points from a year earlier—the largest decrease among the metros Redfin analyzed. Next came Cincinnati (-4.4 ppts), Philadelphia (-3.3 ppts), Chicago (-3.3 ppts) and Phoenix (-2.8 ppts). 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 run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up 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 $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

Home Affordability Improves Slightly Across U.S. During First Quarter but Remains Difficult for Average Workers
Major Home-Ownership Expenses Require Smaller Portion of Wages for Second-Straight Quarter; Historical Affordability Also Inches Upward; But Both Measures Remain Near Worst Levels in 15 Years as Home Prices Stay Close to All-Time Highs IRVINE, Calif. – Mar. 28, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released its first-quarter 2024 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the first quarter of 2024 compared to historical averages in more than 95 percent of counties around the nation with enough data to analyze. The latest trend continues a pattern, dating back to 2022, of home ownership requiring historically large portions of wages around the country. The report also shows that major expenses on median-priced homes consume 32.3 percent of the average national wage in the first quarter, several points above common lending guidelines. Both measures represent slight quarterly improvements but remain worse than a year ago and still sit at levels that have worked against home buyers for three years. That scenario has continued as increases in home values and major home-ownership expenses have outpaced gains in wages, despite a small respite from the second half of last year into the first quarter of 2024. As a result, the portion of average wages nationwide required for typical mortgage payments, property taxes and insurance remains up almost three percentage points from a year ago and 11 points from early in 2021, right before home-mortgage rates began shooting up from their lowest levels in decades. The latest expense-to-wage ratio continues to sit above the 28 percent level preferred by mortgage lenders and marks one the highest points over the past decade. "The picture for home buyers is brightening a little again as affordability measures have improved for the second quarter in a row," said Rob Barber, CEO for ATTOM. "For sure, it's not like things are coming up roses for house hunters. Affording a home remains a financial stretch, or a pipe dream, for so many households. But with mortgage rates coming down and home prices growing only by modest amounts, it's gotten a bit easier for average wage earners to afford a home so far this year. The upcoming Spring buying season will say a lot about whether home prices remain stable enough for this trend to continue." The first-quarter patterns come as the national median home price has risen less than 2 percent this quarter from the previous quarter and is still down from peaks hit last year. Further aiding buyers are mortgage rates that have dipped back down below 7 percent for a 30-year fixed loan after rising close to 8 percent in 2023. Inflation, while still running close to 4 percent, is less than half the levels hit in 2021. Those factors have helped reduce home ownership expenses following a period when they were shooting up faster than wages. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage payments, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the U.S. Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home ownership costs in 577 of the 590 counties analyzed in the first quarter of 2024 are less affordable than in the past. That number is down slightly from 584 of the same counties in the fourth quarter of last year but up from 549 in the first quarter of last year, and more than 10 times the figure from early 2021. Meanwhile, the portion of average local wages consumed by major home-ownership expenses on typical homes is considered unaffordable during the first quarter of 2024 in 425, or 72 percent, of the 590 counties in the report, based on the 28 percent guideline. Counties with the largest populations that are unaffordable in the first quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL. The most populous of the 165 counties where major expenses on median-priced homes are still affordable for average local workers in the first quarter of 2024 are Cook County (Chicago), IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA, and Oakland County, MI (outside Detroit). National median home price up quarterly but still down annually, with declines throughout nation The national median price for single-family homes and condos has grown to $336,250 in the first quarter of 2024, just $9,000 less than the all-time high of $345,000 hit several times in the past two years. The latest figure is up 1.9 percent from $330,000 in the fourth quarter of 2023 and up 5.1 percent from $319,900 in the first quarter of last year. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the first quarter of 2024. Among the 46 counties in the report with a population of at least 1 million, the biggest year-over-year increases in median prices during the first quarter of 2024 are in Orange County, CA (outside Los Angeles) (up 14.6 percent); Santa Clara County (San Jose), CA (up 10.3 percent); Palm Beach County (West Palm Beach), FL (up 9.9 percent); Nassau County, NY (outside New York City) (up 8.9 percent) and Miami-Dade County, FL (up 8.7 percent). Counties with a population of at least 1 million where median prices remain down the most from the first quarter of 2023 to the same period this year are Travis County (Austin), TX (down 8.1 percent); New York County (Manhattan), NY (down 7.9 percent); Bexar County (San Antonio), TX (down 3.8 percent); Tarrant County (Forth Worth), TX (down 3.2 percent) and Alameda County (Oakland), CA (down 2.5 percent). Prices growing faster than wages in half the U.S. With home values mostly up annually throughout the U.S., year-over-year price changes are outpacing changes in weekly annualized wages during the early months of 2024 in 358, or 60.7 percent, of the counties analyzed in the report. The current group of counties where prices are increasing more than wages annually, or decreasing less, includes Los Angeles County, CA; Cook County, (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). On the flip side, year-over-year changes in average annualized wages have bested price movements during the first quarter of 2024 in 232 of the 590 counties analyzed (39.3 percent). The latest group where wages are increasing more, or declining less, than prices include Harris County (Houston), TX; Dallas County, TX; Tarrant County (Fort Worth), TX; Bexar County (San Antonio), TX, and Alameda County (Oakland), CA. Portion of wages needed for home ownership dips quarterly but remains up annually in most of nation With mortgage rates tracking downward in recent months after rising last year, the portion of average local wages consumed by major expenses on median-priced, single-family homes and condos has decreased from the fourth of 2023 to the first quarter of 2024 in 91.5 percent of the 590 counties analyzed. However, it remains up annually in 90.3 percent of those markets. The typical $1,930 cost of mortgage payments, homeowner insurance, mortgage insurance and property taxes nationwide consumes 32.3 percent of the average annual national wage of $71,708 this quarter. That is down from 33.2 percent in the fourth quarter of 2023 as expenses commonly have dropped almost 3 percent while wages have remained flat nationwide. But the latest portion is up from 29.6 percent in the first quarter of last year and is far above the recent low point of 21.3 percent hit in the first quarter of 2021 as wage gains have lagged behind increases in expenses over that longer time period. The latest figure exceeds the 28 percent lending guideline in 425, or 72 percent, of the counties analyzed, assuming a 20 percent down payment. That is down from 78.3 percent of the same group of counties in the fourth quarter of 2023 but still up from 64.9 percent a year ago and more than twice the level in early 2021. In almost a third of the markets analyzed, major expenses currently consume at least 43 percent of average local wages – an amount considered seriously unaffordable. Home ownership on the northeast and west coasts still eats up largest chunk of wages The top 20 counties where major ownership costs require the largest percentage of average local wages are again in the Northeast or on the west coast. The leaders are Kings County (Brooklyn), NY (109.5 percent of annualized local wages needed to buy a single-family home); Marin County, CA (outside San Francisco) (102.8 percent); Maui County, HI (100.5 percent); Santa Cruz County, CA (97.3 percent) and San Luis Obispo County, CA (95.3 percent). Aside from Kings County, those with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the first quarter of 2024 include Orange County, CA (outside Los Angeles) (95.1 percent required); Queens County, NY (78.5 percent); Nassau County (outside New York City), NY (74 percent) and Riverside County, CA (71.4 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the first quarter of this year are Macon County (Decatur), IL (11.9 percent of annualized weekly wages needed to buy a home); Schuylkill County, PA (outside Allentown) (12.1 percent); Jefferson County (Birmingham), AL (12.5 percent); Cambria County, PA (east of Pittsburgh) (12.7 percent) and Peoria County, IL (12.9 percent). Counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the first quarter of 2024 include Wayne County (Detroit), MI (13.3 percent); Allegheny County (Pittsburgh), PA (17.3 percent); Cuyahoga County (Cleveland), OH (17.7 percent); Philadelphia County, PA (18.4 percent) and Harris County (Houston), TX (24.6 percent). Almost all local markets remain historically less affordable Among the 590 counties analyzed, 577, or 97.8 percent, are less affordable in the first quarter of 2024 than their historic affordability averages. That is slightly better than the 99 percent level in the fourth quarter of 2023, but worse than the 93.1 percent portion from of a year ago and more than 10 times the 7.8 percent figure from the first quarter of 2021. Historical indexes have worsened since the first quarter of last year in 90.3 percent of those counties, leaving the nationwide index at one of its lowest points over the past decade. Counties with the worst affordability indexes in the first quarter of 2024 include Linn County, IA (index of 30); Jasper County, MO (index of 55); St. Lucie County (Port St. Lucie), FL (56); Blount County, TN (outside Knoxville) (56); and Clayton County, GA (outside Atlanta) (57). Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered historically less affordable) include Mecklenburg County (Charlotte), NC (index of 65); Hillsborough County (Tampa), FL (66); Collin County (Plano), TX (67); Maricopa County (Phoenix), AZ (67) and Clark County (Las Vegas), NV (68). Among counties with a population of at least 1 million, those where the affordability indexes have worsened most from the first quarter of 2023 to the first quarter of 2024 are Orange County, CA (outside Los Angeles) (index down 16.5 percent); Philadelphia County, PA (down 13.5 percent); Santa Clara County (San Jose), CA (down 12.5 percent); Nassau County, NY (outside New York City) (down 11.8 percent) and Fulton County (Atlanta), GA (down 11.5 percent). Just 2 percent of markets are more affordable than historic averages Only 13 of the 590 counties in the report (2.2 percent) are more affordable than their historic averages in the first quarter of 2024. That is slightly more than the 1 percent level in the fourth quarter of this year, but less than 6.9 percent a year ago and far worse than the 92.2 percent portion that were historically more affordable in the first quarter of 2021. Counties that are more affordable in the first quarter of this year compared to historical averages include Jefferson County (Birmingham), AL (index of 136); Macon County (Decatur), IL (130); New York County (Manhattan), NY (115); Midland County, TX (112) and San Francisco County, CA (109). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 590 U.S. counties with a combined population of 260.8 million during the first quarter of 2024. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home-ownership expenses on median-priced homes, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, affording the nationwide median home price of $336,250 in the first quarter of 2024 requires an annual wage of $82,708. That is based on a $67,250 down payment, a $269,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning wage earners would not be spending more than 28 percent of their pay on mortgage payments, property taxes and insurance. That required income is more than the $71,708 average wage nationwide, based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications– AI-Ready Solutions.

It's Almost Here: The Best Time to Sell is April 14-20, Realtor.com Finds
Nationally, the week of April 14 will have the best mix of market conditions for sellers, who could get $34,000 more for their home than at the start of the year SANTA CLARA, Calif., March 21, 2024 -- Those looking to sell their home this year should start to get ready now, as the best week to sell a home is April 14-20, 2024, according to a new analysis from Realtor.com®. Nationwide, sellers listing during that week are likely to see the best conditions for listing prices, buyer demand and sales pace, as well as lower chances of price reductions and competition from other sellers. A recent survey from Realtor.com® found that the majority (53%) of home sellers took one month or less to get their home ready to list, so the time to start prepping is now. "Spring is generally the high season for home sales, and buyers tend to be more plentiful earlier in the year," said Realtor.com® Chief Economist Danielle Hale. "Because listing a home is a process, sellers should start preparing now so they can list their home at a time when conditions are likely to be most favorable, giving them the best chance of selling their home quickly and at a competitive price." Why is April 14-20 the best time to sell in 2024? While some home buyers are waiting for mortgage rates to fall further before entering the housing market, it's still a good time for homeowners to sell as buyers continue to be in need of more for-sale options, with inventory still almost 40% below pre-pandemic levels. Those looking to take advantage of seasonal market trends should consider getting ready to list April 14-20 for the best mix of market conditions for sellers, including: Above-average prices – The prices of homes listed during this week have historically been 1.1% higher than the average week, and are typically 10.4% higher than at the start of the year. If 2024 follows last year's seasonal trend, the national median listing price could be $7,400 higher than the average week, and $34,000 more than at the start of the year. Above-average buyer demand – The more buyers looking at homes, the better it is for offers and sales. Historically, this week saw 18.4% more views per listing than the typical week, but in 2023 this week got 22.8% more views per listing than the average week during the year. Demand will in part depend on mortgage rates – falling rates may increase spring demand, while steady or rising rates may prompt some buyers to hold off. Faster market pace – Thanks to above-average demand, homes tend to sell more quickly during this week. Historically, homes actively for sale during the week of April 14 sold 17%, or about 9 days, faster than in the average week. In 2023, this week typically saw homes on the market for 46 days on average, 6 days faster than the year's average. With inventory levels remaining low, sales may happen more quickly as buyers compete for fewer properties. Less competition from other sellers – With past seasonal trends likely to persist, there would be 13.7% fewer sellers in the market this week compared to the average week during the year. Active inventory was 14.8% higher in February versus last February, but still 39.7% lower than pre-pandemic levels. This gap means there will continue to be opportunities for sellers entering the market this spring. Below-average price reductions – Price reductions tend to be lowest in late winter and early spring as buyer activity ramps up. Historically, about 24.6% fewer homes have had a price decrease this week compared to the average week of the year. In 2023, this week saw about 8,000 fewer listings with price reductions compared to the average week of the year. Key factors for the 2024 housing market and tips for getting ready The 2024 housing market is expected to behave according to typical seasonality, but will likely offer slightly better conditions than in 2023. According to Realtor.com®'s survey, it took most recent sellers (72%) between 2 weeks and 3 months to prepare their home for sale, with the sweet spot being between two weeks and a month (37%). For almost half (48%), it took less time than expected to list their home, while 11% said it took more time than they expected. Here are some market and other factors for sellers and buyers to keep an eye on as they navigate the spring housing market and beyond: Prices tend to peak later in the year – but so will competition. By the end of June, prices have historically reached near-peak levels (+13.8%) compared to the beginning of the year, while the number of new sellers increased by even more (+49.3%). By entering the market earlier, sellers can head off that competition, increasing the odds of a successful close and favorable terms. Working with an experienced agent can help sellers prepare for and navigate their local market dynamics. Realtor.com® RealChoice Selling lets sellers get proposals from multiple agents in their area to compare and pick the right professional who can help with their sale, and all without a commitment. Mortgage rates will determine the level of market activity. Mortgage rates are expected to ease to the mid-6% range later in the year, and once rates decline, we'll likely see an increase in potential buyers based on a recent Realtor.com® survey of Americans looking to buy this year, welcome news for those on the fence about selling. Homeowners wondering about whether they can get a good price if they sell this spring can use the Realtor.com® RealEstimate tool to see their home's value over time, as well as the tool's Proceeds Calculator to see how much money they could make selling. Sellers still stand to see favorable buyer attention. Demand tends to cool in the late summer and early fall, while by mid-August, the number of sellers with actively-listed homes typically increases 29% compared to the beginning of the year, increasing competition from other sellers. To help sellers keep a pulse on buyer interest in their area, the Realtor.com® My Home dashboard gives sellers real-time insights into demand signals from users searching on Realtor.com® for similar homes with a price range matching the home's RealEstimate. Consumers looking to prepare for and maximize their home sale can find helpful Realtor.com® seller tools and resources in the app by clicking on My Home and at realtor.com/sell. Methodology Listing metrics (e.g. list prices) from 2018-2019 and 2021-2023 were measured on a weekly basis, with each week compared against a benchmark from the first full week of the year. Due to the onset of the pandemic, 2020 was an uncharacteristic year and has therefore been excluded from the analysis. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

U.S. Housing Supply Short 7.2 Million Homes
Household formations outpaced single-family home construction by 7.2 million homes in 2023; including multi-family home construction reduces the gap to 2.5 million homes SANTA CLARA, Calif., Feb. 27, 2024 -- While the number of homes for sale has been recovering from pandemic-era lows thanks to a surge of new construction, a new Realtor.com® analysis found that the market is still missing up to 7.2 million homes, the result of more than a decade of underbuilding relative to population growth. "The U.S. is in a long-term housing shortage with the construction of new homes failing to keep pace with a growing population. While a recent uptick in new construction has the potential to alleviate the historically low level of homes for sale on the market today, it's going to take some time to close the gap," said Danielle Hale, Chief Economist at Realtor.com®. "That said, the elevated level of both single- and multi-family construction coming to market this year is likely to put downward pressure on rent prices in many markets, welcome news for renters. It also means that the higher than usual share of new homes for sale is likely to continue, giving home shoppers willing to consider new homes more options." Household formation outpaces single-family home construction, despite uptick In 2023, an additional 1.7 million households formed, resulting in a total of 17.2 million new households between 2012 and 2023. Homebuilders started construction on 947,200 single-family homes and 472,700 multi-family homes in 2023, bringing the 2012 to 2023 overall housing starts total to 14.7 million homes, roughly 10 million of which were single-family. The gap between single-family housing starts and household formations grew from 6.5 million at the end of 2022 to 7.2 million at the end of 2023 as household formations remained steady and single-family home construction waned. Though the gap widened, it was the third smallest single-year gap between households and housing starts since 2016. As household formations outpaced housing starts in 2023, the overall gap between household formations and total housing starts, including single- and multi-family homes, widened from 2.3 million housing units between 2012 and 2022 to 2.5 million units at the end of 2023. Affordable new for-sale inventory starts to recover, sunbelt metros grow faster In 2022, just 38% of new homes were sold for less than $400,000, however, in 2023, this share increased to 43%, indicating a shift toward more affordability in the new construction space. Many builders offered price cuts and other incentives in 2023 to prompt home sales and also focused on smaller units, which likely led to this progress in affordability. At the metro-level, some areas have seen outsized household growth relative to permitting activity. Looking at just the gap between single-family permits and household formations reveals that permitting activity has lagged household growth in 73 of the top 100 metros in the U.S. The metros with the largest single-family gap include San Antonio-New Braunfels, Texas; Austin-Round Rock, Texas; and Deltona-Daytona Beach-Ormond Beach, Fla. The top 10 list of metros by size of gap relative to population includes three Texas metros, five Florida metros, and two Washington metros. Many of these areas have seen significant population growth because of their affordable cost of living and overall desirability. Who are today's new construction buyers? Realtor.com® is also releasing a New Construction Consumer Report today, a survey of recent new home buyers that looked into their motivations and buying behaviors. According to that report, the typical new construction buyer today skews younger, wealthier and more pet friendly compared to non-new home buyers. While new construction buyers were previously more likely to be Boomers, today it's Millennials; among respondents who bought new construction in the past 12 months, nearly half (48%) were Millennials. Despite skewing younger, most surveyed new construction buyers are experienced home purchasers, and 75% had previously owned a home. New home buyers are also more likely to be higher income earners, with more making between $100,000–200,000 versus non-new home buyers (30% compared to 22%). Newness, customizability and location top draws for new home buyers When it comes to the appeal of new homes, buyers purchased first for its newness, followed by customizability and resale value. Price is a top concern for new home shoppers, but location matters most; 28% of new construction respondents placed location above price (24%) as their prime initial consideration factor. When choosing a builder, their reputation rounded out the top three most important factors, and mattered to potential buyers almost as much as price and location. In fact, early half of surveyed buyers (48%) said they considered a builder's reputation and ratings as part of their selection criteria, scoring higher than the ability to customize and the timing/availability of the home. Repeat customers are top future customers too; 91% of recent buyers say they'd purchase a new construction home again. Realtor.com® is helping educate homeshoppers about the benefits of new construction with a newly launched consumer campaign at www.realtor.com/newconstructioneducation. Methodologies To view the full reports and methodologies, please visit the U.S. Housing Supply Gap Report and the New Construction Consumer Report pages. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Realtor.com Avail Survey Finds Despite Cooling Rental Prices, Homeownership Remains Out of Reach for Many
Fewer independent landlords are planning to raise rents this year, but tenants paying persistently higher rents say it's likely to impact their home purchasing plans this year SANTA CLARA, Calif., Feb. 8, 2024 -- Over the past few years it's become more expensive than ever to rent, and with rental affordability a pressing national concern, landlords and tenants alike say it's impacting their future plans, according to a new Realtor.com® Avail Landlord & Renter Survey released today. Fewer surveyed independent landlords are planning to raise rents this year, but with more tenants paying persistently higher rents in recent years, many renters say it's likely to impact their home purchase plans this year. "The once-hot rental market has been stabilizing and softening year-over-year since May 2023, mostly from a surge in new rental options coming to the market that gave renters more to choose from. But the surge in rents and the sheer number of renters, many of whom have held off on buying in recent years, continue to minimize any potential price impacts that increased rental inventory could have on the market," said Danielle Hale, Chief Economist, Realtor.com®. "The median asking rent in 2024 is expected to drop only slightly below its 2023 level (-0.2%), but with wages rising 4.5% in January and anticipated to continue growing, even the modest decline in rent is giving households a real break, reducing the share of each paycheck going toward rent." Fewer landlords raising rents this year According to the survey, while six in 10 landlords (60%) plan to raise rent in the next 12 months, that percentage declined in recent quarters, down from 65% in Q1 2023. The majority of surveyed landlords (69%) noted they raise rent differently for renewals versus new leases, with the most opting for 0-5% increases for renewals and 0-10% increases for new leases. Among landlords who don't raise rents differently for renewal versus new tenants, the majority (50%) plan to increase rent between 0-5%. Planned rent increases are inline with higher costs across the board for many Americans, including landlords who are passing those costs on to their tenants. The majority of landlords (60%) stated that their ownership costs increased upwards of 10% in the past 12 months. Among landlords not planning to raise rents this year, 72% cite their unit already being priced at or above local market value. Persistently high prices squeeze renters The average responding renter pays between $1,000 and $1,500 monthly, but the survey found more renters are paying rents upwards of $1000–$2000 than in previous surveys, indicating continued rent increases for many across the country. In fact, 71% of surveyed renters noted a rent increase when renewing their most recent lease. And relief from high housing costs isn't in sight, with 35% of surveyed renters anticipating future rent increases and 38% unsure if they will see one, leading nearly two thirds (63%) to explore other housing options besides renewing their current lease. Common reasons for those not renewing leases included that the current rent was too expensive (43%) and unaffordable rent increases (23%). For some, staying put when a lease is up and negotiating rent increases may help save money; the percentage of renters attempting to negotiate rent increases when renewing their lease increased from 28% in Q1 2023 to 34% in Q4 2023. This may be especially true in 2024 as higher rental vacancy rates may mean landlords are more interested in securing renewals. Budget constraints put home buying plans on pause Rising interest rates and inflation are impacting home purchasing plans for many renters looking at buying in the year ahead, with 82% of surveyed renters noting the economy has had an impact on their housing plans. Among renters who are not considering a home purchase this year (71%), the majority cited not having enough for a down payment (61%) and that interest rates are too high (42%). The proportion of renters considering purchasing a home in the next 12 months decreased slightly from 30% in Q1 2023 to 29% in Q4 2023, with concerns about a lack of savings and their ability to qualify for a mortgage increasing. That's not surprising, given that two thirds of renters (68%) reported saving less each month than they were 12 months ago. Rental owners staying put on their properties Higher home prices and mortgage rates are also impacting landlords' plans for investing in more rental properties in the year ahead. Only 22% of surveyed landlords reported plans to buy one or more rental properties in the next 12 months, not unexpected given that approximately 7 in 10 surveyed landlords already have a mortgage on at least one rental property, and would likely finance another purchase with a mortgage. The majority of landlords have no plans to exit the market either: 73% stated they don't plan to sell any units in their portfolio over the next 12 months. Methodology Avail's quarterly survey of landlords and renters was conducted online in the U.S. between Dec. 6-15, 2023. Approximately 2,419 landlords and 2,241 renters were surveyed. The margin of error for landlords is estimated at ±2.62% and ±2.72% for renters. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Renting a Home Still More Affordable Than Owning Across U.S. Even as Both Remain Financial Stretch
Home rental and ownership still difficult in 2024 for average workers in most of nation, but renting less of a burden in nearly 90 percent of local markets trend continues despite rents growing faster than home prices IRVINE, Calif. – Jan. 18, 2024 — ATTOM, a leading curator of land, property and real estate data, today released its 2024 Rental Affordability Report, which shows that median three-bedroom rents in the U.S. are more affordable than owning a similarly-sized home in nearly 90 percent of local markets around the nation. The report shows that both renting and owning a three-bedroom home continue to pose significant financial burdens for average workers, consuming more than one-third of their wages in the vast majority of county-level housing markets. But median rental rates still require a smaller portion of average wages than major home-ownership expenses on three-bedroom properties in 296, or 88 percent, of the 338 U.S. counties with enough data to analyze. That gap extends trends from 2023 even as rents have commonly risen faster than home prices over the past year around the U.S. The analysis for this report incorporated 2024 rental prices and 2023 home prices, collected from ATTOM's nationwide property database, as well as publicly recorded sales deed data licensed by ATTOM (see full methodology below). Those two data sources were combined with average wage figures from the Bureau of Labor Statistics (see full methodology below). "Finding an affordable home remains a daunting prospect around the country for average workers, regardless of whether they want to buy or rent. Continuously increasing home prices contribute to the escalation of rental costs, making both buying and renting properties a challenging endeavor across most of the United States.," said Rob Barber, CEO at ATTOM. "But the latest data shows that even as rents are growing faster, they remain more affordable than owning." The current situation favoring renting over buying reflects a combination of housing market trends that offer limited straightforward options for home seekers but ultimately lean towards the advantage of rentals. Over the past year, both rental rates and home prices have continued to rise in most of the country. Rental rates have climbed even faster in a majority of counties with enough data to analyze. That has happened as elevated home prices have become further and further out of reach for average workers, preventing those with marginal finances from obtaining mortgages and leaving them with few options other than renting. Home prices kept going up in 2023 despite rising mortgage rates, in part because of a tight supply of homes for sale. Still, despite renting and ownership consuming more than a third of average wages in most local markets, rents haven't escalated enough to keep them from being the more affordable option for average workers. That trend has held throughout the country but remains most pronounced in the most populous urban and suburban markets. Changes in rents outpacing home price trends in nearly two-thirds of U.S Median rents for three-bedroom homes have increased more over the past year, or declined less, than median prices for single-family homes in 210, or 62 percent, of the 338 counties analyzed in this report. Counties were included in the report if they had a population of 100,000 or more, at least 100 sales from January through November of 2023 and sufficient data showing changes in three-bedroom rents from 2023 to 2024. Changes in three-bedroom rents commonly have ranged from 3 percent decreases to 15 percent increases while changes in median sale prices for single-family homes last year typically ranged from 3 percent losses to 7 percent gains. Most populous counties have widest affordability gaps between renting and owning Renting a three-bedroom home, while still difficult for average workers, is most affordable in 2024 compared to owning a median-priced single-family home in the nation's largest counties. In almost three-quarters of markets with populations of at least 1 million, the portion of average local wages consumed by renting is at least 10 percentage points lower than the portion required for typical major home ownership expenses. (Comparisons assume a home-purchase mortgage based on a 20 percent down payment. Major ownership expenses include mortgage payments, property taxes and insurance). Among 45 counties with a population of at least 1 million included in the report, the biggest gaps are in Honolulu, HI (median three-bedroom rents consume 67 percent of average local wages while typical single-home affordability consume 134 percent); Kings County (Brooklyn), NY (72 percent for renting versus 136 percent for owning); Alameda County (Oakland), CA (51 percent for renting versus 108 percent for owning); Santa Clara County (San Jose), CA (29 percent for renting versus 83 percent for owning) and Orange County, CA (outside Los Angeles) (88 percent for renting versus 136 percent for owning). The only two counties with a population of more than 1 million where it is more affordable to buy than rent in 2024 are Riverside County, CA (median rents consume 101 percent of average local wages while typical home ownership costs consume 91 percent) and Wayne County (Detroit), MI (22 percent for renting versus 19 percent for owning). Renting three-bedroom homes stretches budgets but remains most affordable in South and Midwest The report shows that the median three-bedroom rent requires more than one-third of the average local wage in 274 of the 338 counties analyzed for the report (81 percent). Among the 64 markets where median three-bedroom rents require less than one-third of average local wages, 59 are in the Midwest and South. The most affordable for renting are Jefferson County (Birmingham), AL (22 percent of average local wages needed to rent); Wayne County (Detroit), MI (22 percent); Ingham County (Lansing), MI (22 percent); Genesee County (Flint), MI (23 percent) and Caddo Parish (Shreveport), LA (23 percent). Aside from Wayne County, the most affordable counties for renting among those with a population of at least 1 million are Cuyahoga County (Cleveland), OH (24 percent of average local wages needed to rent); St. Louis County, MO (24 percent); Allegheny County (Pittsburgh), PA (26 percent) and Philadelphia County, PA (28 percent). The least affordable counties for renting are spread mostly through the South and West, including Collier County (Fort Myers), FL (153 percent of average local wages needed to rent); Santa Barbara County, CA (131 percent); Monterey County, CA (outside San Francisco) (107 percent); Indian River County (Vero Beach), FL (102 percent) and Riverside County CA (101 percent). Aside from Riverside County, the least affordable for renting among counties with a population of at least 1 million are Orange County, CA (outside Los Angeles) (88 percent of average local wages needed to rent); Los Angeles County, CA (83 percent); Kings County (Brooklyn), NY (72 percent) and Palm Beach County (West Palm Beach), FL (70 percent). Most-affordable home ownership markets still in South and Midwest; least affordable in West and Northeast The report shows that major expenses on a median-priced single-family homes require more than one-third of average local wages (assuming a 20 percent down payment) in 296 of the 338 counties analyzed for the report (88 percent). The most affordable markets for owning are Wayne County (Detroit), MI (19 percent of average local wages needed to own); Montgomery County, AL (21 percent); St. Louis City/County, MO (23 percent); Bibb County (Macon), GA (23 percent) and Caddo Parish (Shreveport), LA (23 percent). Aside from Wayne County, the most affordable for owning among counties with a population of at least 1 million are Allegheny County (Pittsburgh), PA; (27 percent of average local wages needed to own) Cuyahoga County (Cleveland), OH (27 percent); St. Louis County, MO (30 percent) and Harris County (Houston), TX (35 percent). The least affordable markets for owning among those analyzed are Marin County, CA (outside San Francisco) (164 percent of average local wages needed to own); Santa Cruz County, CA (160 percent); Orange County, CA (outside Los Angeles) (136 percent); Kings County (Brooklyn), NY (136 percent) and Honolulu County, HI (134 percent). Aside from Orange, Kings and Honolulu counties, the least affordable counties among those with a population of at least 1 million are Alameda County (Oakland), CA (108 percent of average local wages needed to own) and Queens County, NY (105 percent). Rents growing faster than wages in majority of markets Median three-bedroom rents are increasing more than average local wages in 197 of the 338 counties analyzed in the report (58 percent). They include Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average local wages are growing faster than average rents in 141 of the counties in the report (42 percent), including Cook County (Chicago), IL; Kings County (Brooklyn), NY; Miami-Dade County, FL; Queens County, NY, and San Bernardino County, CA. Wages growing faster than home prices in nearly 60 percent of nation Average weekly wages are rising faster than median home prices in 197 of the 338 counties in the report (58 percent), reversing a pattern seen in 2023. They include Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Median home prices are rising faster than average weekly wages in 141 of the counties analyzed in the report (42 percent), including Orange County, CA (outside Los Angeles); Kings County (Brooklyn), NY; Miami-Dade County, FL; Broward County (Fort Lauderdale), FL, and Middlesex County, MA (outside Boston). Methodology For this report, ATTOM looked at January-November (YTD) 2023 single-family home price data from ATTOM's publicly recorded sales deed data, as well as 3-bedroom median rental data for 2024, collected and licensed by ATTOM. This data was then analyzed for U.S. counties with a population of 100,000 or more and sufficient home price and rental rate data. The analysis also incorporated second-quarter 2023 average weekly wage data from the Bureau of Labor Statistics (most recent available). Rental affordability represents the median rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home-buying affordability represents the monthly house payment for a single-family median-priced home (including mortgage, based on a 20 percent down payment, plus property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Realtor.com Forecasts the 10 Best Markets for First-Time Homebuyers in 2024
Small and Mid-Size Towns Prove to Be the Hottest Options for Buyers Starting Their Home Ownership Journey SANTA CLARA, Calif., Jan. 11, 2024 -- First-time homebuyers are optimistic when it comes to buying a home in 2024 with 61% indicating that now is a good time to buy, per a recent Realtor.com® survey. And, when it comes to investing in their first home, they may find the best luck in some unexpected places. In its most recent report, Realtor.com® unveiled the Best Markets for First-Time Homebuyers in 2024. This year's ranking includes Irondequoit, N.Y.; Benton, Ark.; Winterset, Iowa; Newington, Conn.; Council Bluffs, Iowa; Cheektowaga, N.Y.; Grand Rapids, Mich.; Moore, Okla.; Mattydale, N.Y. and Riviera Beach, Md. "Buying a first home can be a daunting task. Couple high interest rates with historically low inventory of homes available for sale in 2023 and hopeful buyers have faced a particularly challenging market," said Danielle Hale, Chief Economist, Realtor.com®. "While affordability will remain an issue in 2024, a recent Realtor.com® survey showed that 95% of prospective first-time homebuyers overwhelmingly feel that they'll be able to afford a home within their lifetime, with 40% saying they'll be able to afford it within the next year." The Realtor.com® analysis of Best Markets for First-Time Homebuyers uncovers a collection of small to mid-size towns and cities that are hidden gems of opportunity where affordability meets healthy inventory, culture and liveliness, lower than average commute times, forecasted price growth, and good company of similar-aged peers. Affordability - As one of the biggest purchases consumers will make in their lives, affordability is a major decision driver. In its analysis, Realtor.com® looked at listing prices compared to gross household incomes of 25- to 34-year-olds in a city for the past 12 months to understand home affordability. A lower ratio indicates a more affordable place to live. The top markets in this year's list had an average 2023 listing price to income ratio of 3.1 compared to the national rate of 5.4. Additionally, homes in these towns/cities had an average median listing price that is 42% lower than the national median of $382,000. Within the top 10 list, Mattydale, N.Y., was the most affordable market relative to local incomes for 25–34-year-olds. Investing in growth - Buying a home is not only a large investment up front, it's a commitment for the duration of ownership, which means investing in the ongoing upkeep and maintenance of the home. Naturally, first-time home buyers are looking for homes that fit everything they want, but also provide opportunities for their investment to grow. The top markets are located within metro areas that have an average forecasted 2024 home price growth rate of 6.1%, which is considerably higher than the national expected decline of -1.7%. Irondequoit, N.Y., is located in the metro area with the highest expected median sale price growth rate (10.4%). Options to buy - At a time marked by chronically low inventory levels, the top markets had an average count of 40.2 active listings per 1,000 existing households in 2023, and one area in particular, Riviera Beach, Md., had the most active listings per household (59.3 per 1,000) across the list of top 10. Things to do - It's not only about the house but what surrounds it, and first-time buyers are keen on finding areas that have plenty of things to do. The top places on this year's list have great options for restaurants, cafes, bars, shopping, and entertainment businesses such as theaters, comedy clubs, and arts classes per point of interest data provided by Yelp. As a group, the top cities and towns have 16.6 of these businesses per 1,000 households, slightly higher than the overall city/town average of 15.6. However, Cheektowaga, N.Y.; Grand Rapids, Mich.; and Newington, Conn. particularly shine, with a ratio higher than 19 per 1,000 households. Shorter commutes - The time it takes getting to and from work is a major consideration for home buyers, especially as return to office becomes more prevalent. With an average expected 2024 commute time of 24 minutes for the top cities on this year's list, they clock in at less than the city/town average of 30 minutes and the national rate of 29 minutes – saving commuters about 50 hours per year for a 5-day commuter. Mattydale, N.Y., has the lowest average commute time to work, at 20 minutes. Youthful towns - Along with having things to do, first-time buyers may want to be close to people in similar life stages and around the same ages. The share of homeowners between the ages of 25 and 34 in this year's top markets is 8.1%, well above the national average of 5.4%. Among the top 10 cities and towns, Riviera Beach, Md., is expected to have the largest share of young adult homeowners (10.9%), which may prove to be a hot spot for the next generation of first-time home buyers. Realtor.com® Best Markets for First-Time Homebuyers Ranked Complete details of the report can be found on Realtor.com®, along with a First-Time Home Buyers Resource Center, multiple guides on mortgages and tools like a RealCost™ Buying Power Tool to help prospective buyers understand how much house they can afford. Methodology This year, the candidate list of places was filtered to only expose areas with an expected 2024 population of at least 5,000. The inventory of homes for sale and local median listing prices are from Realtor.com® December 2022 to November 2023 listing data and are reported at the city/place level. The cities and places are defined as postal codes mapped to Census Designated places and reflect approximate but not precise city or place boundaries. The population, household count, household income, and average commute time data were sourced from 2023 and 2024 Claritas estimates based on Census Bureau data. Population and household count numbers are at the city/place level but are also composed of mapped zip code data while household incomes and average commute times at the city/place level. The stated forecasted unemployment rates are Moody's Analytics projections of U.S. Bureau of Labor Statistics Local Area Unemployment Statistics for each city/place's surrounding metro area. Counts of culture and lifestyle businesses were aggregated from Yelp's November 2023 point of interest data and are aggregated at the city/place level. The 2024 sales and price forecasts are Realtor.com® projections for each city/place's surrounding metro area as detailed in our 2024 Housing Forecast and Top Housing Markets for 2024 reports. Additional data sourced from an October 2023 survey of 5,012 U.S. respondents aged 18+, conducted by Realtor.com® and Censuswide, with data weighted to be nationally representative. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Zillow predicts more homes for sale, improved affordability in 2024
Home buying will remain expensive, so expect a competitive market for homes that need some work and for single-family rentals SEATTLE, Nov. 30, 2023 -- The housing market's headline news this year has been the affordability challenge brought on by mortgage rates reaching 20-year highs. Looking ahead to 2024, Zillow® predicts home buyers will have a bit more breathing room — but only a bit. Buying a home will remain expensive, keeping pressure on the rental market to cater to families that will be renting for longer than previous generations. Many who buy will turn to homes that need some work, according to Zillow's predictions, and do-it-yourself upgrades and repairs will keep new homeowners busy. "I expect the beginning of a long healing process to kick off in the housing market next year," said Skylar Olsen, Zillow chief economist. "We know there are a huge number of households in prime home-buying ages waiting for the winds to turn in their favor. While still presenting challenges, the market will be better for buyers, with more homes to choose from and improved affordability. Many will continue to look toward rentals, and given renter demographics single-family rental demand in particular will be strong. Recent deliveries should keep rent growth down, and concessions high in that market, too. This is our breather year." More homes will hit the market as homeowners accept that current mortgage rates are sticking around "Higher for longer" is the key refrain regarding mortgage rates as Zillow economists look ahead to the next year in housing. It's becoming clear that high mortgage rates have some staying power. Zillow economists expect more homeowners who locked in long-term payments when rates were near all-time lows to list their homes for sale, as they grow weary of waiting for the historically low rates of 2021 to return. A very small pool of homes for sale has kept competition fairly stiff for most of this year, even with high costs limiting the number of shoppers. With mortgage rates rising over the past two years, homeowners have been reluctant to sell, opting instead to hold onto the ultralow interest rate on their current mortgage. Many of those homeowners will have their eye on a home with a bigger backyard, an extra bedroom or in their preferred neighborhood across town, and Zillow predicts more of these homeowners will end their holdout for lower rates and go ahead with those moves. More homes on the market would be good news for buyers, spreading demand and slowing price growth. Home-buying costs will level off, giving hopeful buyers a chance to catch up A typical home buyer in October would have spent more than 40% of their earnings on their mortgage payment — an all-time high according to Zillow data, which stretches back to the 1990s. While affordability will undoubtedly remain the top concern for potential home buyers in 2024, there is reason to expect those challenges to ease just a bit. Zillow's latest forecast calls for home values to hold steady in 2024. Predicting how mortgage rates will move is a nearly impossible task, but recent inflation news gives the impression that rates are likely to hold fairly steady as well in the coming months. The cost of buying a home looks likely to level off next year, with the possibility of costs falling if mortgage rates do. That would give time for wages and buyers' savings to grow — welcome news after the rapid rise in housing costs over the past two years. The new starter home will be a single-family rental Though Zillow expects some improvement in home-buying affordability in 2024, many households will still be priced out. The median renter is now 41 years old, up from 37 in 2000, and the types of rentals they're interested in has likely shifted. Zillow predicts demand — and prices — for single-family rentals will continue to increase next year as families look for a more affordable option for enjoying amenities like a private backyard or a home that doesn't share walls with neighbors. One possible path to more single-family rentals could lie in homeowners deciding to turn their home into an investment property and rent it out, rather than selling it when they move. The ultralow mortgage rates held by many existing homeowners make it more likely that this option would pencil out. Zillow Rental Manager offers a suite of tools — including free listings, pricing suggestions, background checks, online applications and state-specific lease generation — designed to provide comprehensive support for those seeking rental income from their homes. More markets will follow New York City's lead, with rental demand surging near downtowns Throughout much of the pandemic, and even before, suburban rent prices were growing faster than rents in urban neighborhoods. While the gap has narrowed, suburban rents continue to outpace urban rents in most major markets, specifically, 33 of the 50 largest metro areas. In New York City, data from StreetEasy, Zillow Group's New York City real estate marketplace, shows demand is surging for rentals in commutable areas with easy access to Downtown or Midtown Manhattan, while areas farther from these office-laden neighborhoods are seeing relatively less demand. StreetEasy experts predict a strong year for Manhattan demand in 2024, and Zillow foresees more markets following suit, with rental demand surging near downtown centers. Renters looking for a place near downtown will likely have more options with this year's multifamily-construction boom, which means a huge number of new homes have hit the market. More choices for renters looking for a new place means landlords who are trying to attract tenants have more reason to compete with each other on price. That's a key reason more rental listings are offering concessions. Traditional home buyers will compete with flippers for homes that need a little TLC Typically the target of home flippers, homes that need a little work before they qualify for "dream home" status will see increased interest from buyers looking to move in. Inventory has been far below normal for a while, and though Zillow economists predict more homes will hit the market in 2024, inventory will remain much lower than pre-pandemic norms. Faced with limited choices, buyers will be willing to overlook small flaws, such as an outdated bathroom or kitchen. The higher cost of buying a home today makes a flip harder to pencil out, so buyers may face less competition from flippers than they might have in previous years. Even with less chance of being subject to a bidding war, these homes won't come cheap, so expect buyers to frequent their local hardware stores as they work on DIY home improvements. If Zillow's 2024 home trends to watch are any indication, expect brutalist-inspired features and sensory gardens to be on home improvement to-do lists, but not "cloffices" or Tuscan kitchen designs. Artificial intelligence will enhance the home search experience Since 2006, Zillow has been leveraging AI and machine learning to power the Zestimate. Generative AI made waves this year, and Zillow expects AI advancements to streamline the home-shopping and home-selling journey in 2024, improving the experience of buyers, sellers and their agents. Zillow tech experts expect a variety of new tools and technologies designed for real estate agents next year, allowing them more time to connect with more clients and prioritize face-to-face interactions. Agents have been using AI to assist with writing listing descriptions and to create 3D content for their listings. Next year's advancements are expected to focus on visual and multimodal capabilities, including more rich media content. Expect home shoppers to benefit from generative-AI-powered experiences to glean valuable insights and guidance on home financing. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.

Interest in 'house hacking' explodes among Millennial and Gen Z home buyers seeking extra income
More than half of young home buyers consider renting out all or a portion of their home to produce additional income. SEATTLE, Nov. 16, 2023 -- Young home buyers, who more often struggle to afford a down payment and mortgage, are leading a popularity surge in house hacking – renting out part or all of a home for extra cash. A recent Zillow® survey shows most Millennial (55%) and Gen Z (51%) buyers find it very or extremely important to have the opportunity to rent out part of their home for extra income while living in it. That's compared to 39% of all homebuyers, which is up eight percentage points in the past two years. Zillow's 2023 Consumer Housing Trends Report (CHTR) also shows that more than half of Millennial (59%) and Gen Z (54%) buyers say it's highly important to be able to rent out the entire home in the future, compared to 43% of all buyers. "Younger homebuyers — mostly Gen Z and Millennials — are especially into the idea of rental income as a key factor in their home buying decisions," said Zillow senior population scientist Manny Garcia. "For those first-time buyers navigating the 'side hustle culture,' where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help with mortgage qualification and smoothing out those monthly payments." Zillow's survey also further illustrates the disproportionate impact of the affordability crisis on households of color, while reinforcing that people maintain an unwavering desire to own a home regardless of market conditions. Latinx homebuyers prioritize the potential for rental income at a higher rate than other racial groups. Among Latinx buyers, 51% expressed interest in renting a portion of the home for additional income while residing in it, followed by 46% of Black buyers and 40% of white buyers. To empower homeowners looking to generate income, Zillow developed a suite of tools, available through Zillow Rental Manager, including free listings, pricing suggestions, background checks, online applications, and state-specific lease generation. These resources provide comprehensive support for those seeking rental income from their single-family or multi-unit properties. Successful Buyers: High Importance of Rental Income from Home Purchase by Generation (based on 2023 CHTR data) Successful Buyers: High Importance of Rental Income from Home Purchase by Race (based on 2023 CHTR data) Prospective Buyers: High Importance of Rental Income from Home Purchase among Home Shoppers (based on 2023 CHTR data) About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.

RPR Integrates with Risk Factor to Provide Property-Specific Climate Risk Assessments
Chicago, IL (October 25, 2023) – Realtors Property Resource® (RPR®), the nation's largest real estate property database exclusively for REALTORS®, proudly announces its integration with First Street Foundation's Risk Factor™, an advanced online tool offering property-level climate risk assessments. This integration empowers REALTORS® to provide environmental risk data tied to their client's properties, fostering informed decision-making. The new integration is featured within RPR's "Additional Resources" section and offers REALTORS® a seamless way to view a risk analysis for any property. This detailed information allows agents and their clients to understand associated environmental risk scores, including potential hazards such as flooding, hurricane wind, wildfires and extreme heat exposure. Jeff Young, Chief Operating Officer and General Manager of RPR says, "Our integration with Risk Factor equips REALTORS® with an efficient access point to property-specific environmental risk data. This detailed information helps them deliver these insights to their clients, enabling informed real estate decisions based on clear, data-driven risk assessments." "This new integration allows us to reach a broader audience with our risk assessment data models," adds Matthew Eby, founder and CEO of First Street Foundation. "Having this information accessible to REALTORS® significantly empowers them in advising clients about potential hazards tied to certain properties and thereby allowing consumers to make well-informed decisions." About RPR® (Realtors Property Resource®) Realtors Property Resource®, LLC (RPR®), a wholly-owned subsidiary of the NATIONAL ASSOCIATION OF REALTORS®, is a NAR member benefit that helps REALTORS® "wow" their clients and close more deals. This exclusive online real estate database covers more than 160 million residential and commercial U.S. properties, and 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. About First Street Foundation First Street Foundation is a non-profit 501(c)(3) research and technology group dedicated to making climate risk accessible, easy to understand and actionable for individuals, governments, and industry. Using world class modeling techniques based on the most up-to-date science available they inform Americans of their risk today and into the future through their numerous peer-reviewed publications and reports along with Risk Factor (riskfactor.com), their publicly facing property-specific climate risk assessment tool. To learn more about First Street Foundation, visit FirstStreet.org.

Redfin Reports That Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home -- About $40,000 More Than the Typical American Household Earns
Sky-high mortgage rates and still-rising home prices have made it harder than ever to afford a home, especially for first-time buyers SEATTLE -- A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic, according to a new report from Redfin, the technology-powered real estate brokerage. That's the highest annual income necessary to afford a home on record. "In a homebuyer's ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments. But that's not what's happening now: Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates—and that's propping up prices," said Redfin Economics Research Lead Chen Zhao. "Buyers—particularly first-timers who are committed to getting into a home now—should think outside the box. Consider a condo or townhouse, which are less expensive than a single-family home, and/or consider moving to a more affordable part of the country, or a more affordable suburb." Housing costs are higher than ever because of the one-two punch of sky-high mortgage rates and rising home prices. The average rate on a 30-year fixed mortgage was 7.07% in August. Mortgage rates have climbed even higher since then, hitting 7.57% during the week ending October 12—their highest level in over two decades. But even though soaring mortgage rates have dampened demand, low inventory is causing home prices to increase. The typical U.S. home sold for about $420,000 in August, up 3% year over year and just about $12,000 shy of the all-time high hit in mid-2022. The typical U.S. homebuyer's monthly mortgage payment is $2,866, an all-time high. That's up 20% from $2,395 a year earlier, and by that time payments had already increased substantially from the beginning of the pandemic, a time of ultra-low mortgage rates and yet-to-skyrocket home prices. In August 2020, for instance, the typical monthly payment was $1,581, based on that month's average mortgage rate of 2.94% and median home price of $329,000. At that time, a homebuyer would have needed to earn $75,000 per year to afford the typical home. The typical American household earns about $40,000 less than the income needed to buy a median-priced home. The median household income was roughly $75,000 in 2022, the most recent year for which annual income data is available. Hourly wages have risen in 2023, but not nearly as fast as the income necessary to afford a home is rising: The average U.S. hourly wage has increased by about 5% over the last year. Affordability is less of a problem for all-cash and move-up buyers. Buyers who can afford to pay cash aren't impacted by high mortgage rates, and they likely earn more than the income necessary to purchase a home, anyway. Buyers who are selling a home to buy another one are in a better boat than first-timers because they have likely built up equity in their current home, which takes a bit of the sting out of soaring monthly payments. The caveat to the caveat is those who bought at the height of the pandemic-era market with an ultra-low mortgage rate and need to sell now: Not only are they giving up a low rate, they also may have lost money on their home. Metro-level highlights: Income needed to buy a home has risen in all major metros, with biggest uptick in Miami and smallest in Austin August 2023, analysis includes 100 most populous U.S. metros for which sufficient data is available Metros where necessary income has increased most: In both Miami and Newark, NJ, homebuyers must earn 33% more than a year ago to afford the typical home—the biggest percent increase of the major U.S. metros. Homebuyers in Miami need to earn $143,000 annually to afford the area's typical monthly mortgage payment of $3,580, and Newark buyers need to earn roughly $160,000 to afford that area's $3,989 payment. Other metros where necessary income has increased by over 30%: The income necessary to afford a median-priced home has increased by over 30% in four other metros, all in the eastern half of the country: Bridgeport, CT ($183,000); Dayton, OH ($60,000); Rochester, NY ($66,000); and Hartford, CT ($95,000). Buyers need to earn more in every major metro: Skyrocketing mortgage rates have caused the income necessary to buy a home to increase in every major metro, even the places where prices have declined over the last year. Necessary income has increased least in pandemic homebuying hotspots: Austin, TX homebuyers must earn $126,000 to afford the median-priced home, 8% more than a year ago—the smallest increase of all the major U.S. metros. That's despite Austin home prices falling 7% year over year in August after they skyrocketed during the pandemic, with remote workers flocking in. Boise, ID, another pandemic homebuying hotspot where demand has since dropped, experienced the next-smallest increase: up 9% to $127,000. Salt Lake City, Fort Worth, TX and Lakeland, FL come next, with year-over-year increases of about 13% each. Home prices are down from a year ago in all those metros. Homebuyers must earn six figures to buy a home in half the major metros in the country: In 50 of the 100 metros in this analysis, buyers must earn at least $100,000 to afford the median-priced home in their area. Buyers must earn at least $50,000 everywhere in the country. Bay Area buyers must earn $400,000: Buyers in the most expensive markets in the country—San Francisco and San Jose, CA—must earn more than $400,000 to afford the median-priced home in their area, both up nearly 25% year over year. The next five metros are all in California: Anaheim ($300,000), Oakland ($250,000), San Diego ($241,000), Los Angeles ($237,000) and Oxnard ($233,000). Rust Belt buyers need the least income—but it's still up from a year ago: Detroit homebuyers must earn about $52,000 to afford the area's median-priced home, up 19% from a year ago. That's the lowest income required to afford a home in the U.S. Next come three Ohio metros (Akron, Dayton and Cleveland) and Little Rock, AR, all of which require roughly $60,000 in annual income to buy a home. View the full report, including a chart, a metro-level breakdown and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with 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.

Realtor.com 2023 Hottest ZIP Codes in America Reveal Demand for Closer Commutes is Back
Affordability isn't the only priority for U.S. homebuyers, according to Realtor.com®'s ninth annual Hottest ZIP Codes report; Proximity to cities is key as many companies call workers back to the office SANTA CLARA, Calif., Aug. 24, 2023 -- For the first time in five years, the suburbs of five major metropolitan areas – Boston, New York, Chicago, Detroit and St. Louis – are represented on the annual Realtor.com® Hottest ZIP Codes Report released today, marking a renewed interest in commutable homes as much of the country's workforce returns to in-person work. Americans who have been shopping for a home in 2023, despite limited inventory and high mortgage rates that remain in the 6-7% range, are flocking to areas that are more affordable relative to the rest of the country, less expensive than their nearby metro area, or provide better value, offering more space at a lower price. Located exclusively in the Midwest and the Northeast, each of this year's top 10 Hottest ZIP codes in America is attracting buyers with homes that are either priced at or below the U.S. median, or are larger in size than the U.S. average. Additionally, homes listed within the Hottest ZIPs received an average of 3.6 more views per listing than in the rest of the country, and sold one month faster than average in 2023. The 2023 Hottest ZIP Codes in America, in rank order, are: 43230, Gahanna, Ohio 06489, Southington, Conn. 07450, Ridgewood, N.J. 01810, Andover, Mass. 18064, Nazareth, Pa. 46322, Highland, Ind. 48183, Trenton, Mich. 06851, Norwalk, Conn. 14534, Pittsford, N.Y. 63021, Ballwin, Mo. "As many companies continue to call employees back to the office, we're seeing a surge in home shoppers who are seeking a desirable combination of cost and convenience within commuting distance of major metropolitan areas," said Danielle Hale, Chief Economist for Realtor.com®. "In addition to affordable markets, this year's list also features some higher priced areas close to large urban cores, which will likely appeal to buyers who are concerned with finding the right mix of size and amenities within reach of a nearby city center." No. 1 Hottest ZIP: Gahanna, Ohio This year's Hottest ZIP Code is Gahanna, Ohio (43230), which continues the legacy of Columbus, Ohio markets appearing on the Hottest ZIP codes list. The greater Columbus area offers home buyers the amenities and quality-of-life advantages of a larger town, but at a lower price. It's home to The Ohio State University, the Short North Arts District as well as a captivating food scene. Homes in this ZIP code were priced 12.7% below the national median in June – and with more than a quarter of its population aged 25-34, it's favorable for young renters and buyers alike. Suburban space, closer commutes draw home shoppers Looking more closely at this year's hottest ZIPs, No. 3 on the list, Ridgewood, N.J. (07450), is a high-priced suburb of New York City that offers an idyllic setting with typical listings that are more than double the size of those in the NYC metro and is just a one-hour commute from Manhattan. Shoppers are willing to pay up for these amenities, and homes in the area have a price-per-square-foot that is 7.9% higher than the metro's average. Residents of this year's No. 4 ZIP on the list, Andover, Mass. (01810), a suburb of Boston, can commute to the city in under an hour, and the area also boasts larger homes priced 25% lower per square foot than Boston listings. The typical home in No. 9, Pittsford, N.Y. (14534), was 29.3% larger than the median-sized home in the surrounding Rochester metro, less than 30 minutes from the city center by car, and despite the premium to live in this desirable village, listing viewership was more than 30% higher than the surrounding metro. Finally, Ballwin, Mo. (63021), at No. 10 on the list, is similar to these Northeast locales in that listing prices in the area tend to be higher than the metro average, but homes for sale were upwards of 30% larger than the metro's median home size. Big-city dwellers are driving demand Six of this year's Hottest ZIP codes – generally those found near big-cities – drew the majority of their property views from within their metro area, suggesting that in many areas, buyers are looking to move around locally. Additionally, those areas seeing significant interest from other locations are typically seeing it come from big-city shoppers. Reflecting this trend, No. 1 ranked Gahanna, Ohio (43230) captured the largest share of out-of-metro viewership among the Midwest metros, drawing 13.1% of its viewership from the New York City area in the second quarter of 2023. In fact, New York City was the top out-of-market viewer for seven of the 10 hottest zips. Size matters: nearly all Hottest ZIPs feature more space In seven out of 10 of this year's Hottest ZIP codes, the typical home is larger than the average home in the surrounding metro area. Among the more expensive locations on the list, the typical household size is also larger, indicating that home shoppers in places such as Ridgewood, N.J. (07450), Andover, Mass. (01810) and Pittsford, N.Y. (14534) may be shopping for more space to accommodate a larger family. This is particularly true in Ridgewood, N.J. (07450), the most expensive ZIP on this year's list, where the typical household is 19.7% larger than the U.S. average of two-and-a-half people per household. Homebuyers want affordability Recent near-record high mortgage rates and still-inflated listing prices continue to create affordability challenges for homebuyers, resulting in buyer demand in areas that boast affordability. Seven of the top 10 Hottest ZIP codes offer home prices that are similar or lower than the U.S. median listing price or the prices in their surrounding metropolitan area. Notably, the Midwest saw a post-pandemic boom, as traditionally popular metros became unaffordable and many home buyers looked for value in new locations. Four major Midwest markets on this year's list are close to city centers, including Columbus, Ohio (43230 No. 1 Gahanna), Chicago, Ill. (46322 No. 6 Highland, Indiana), Detroit, Mich. (48183 No. 7 Trenton, Michigan) and St. Louis, Mo. (63021 No. 10 Ballwin, Missouri). These markets offer homebuyers prices that are 24.7% lower than the U.S. median, as well as a strong local economy and employment rates below the national average. From hot to not: West, South left out Only the Northeast and Midwest are represented in this year's ranking, the first time in the list's history that only two regions are included. The South and West regions are not represented among this year's rankings, leaving out regions of the country that have typically contributed several markets to the list. Back in 2017 the South and West accounted for more than half of the Hottest ZIPs, and in both 2018 and 2019, these regions accounted for at least half of the top 10. High prices in the West and high price growth during the pandemic in the South are likely contributing to the shift. Among the top 10, buyers need to be prepared and move fast Despite the overall housing market starting to cool, with the average home in the U.S. spending about 45 days on the market, homes in this year's Hottest ZIP codes spent just 10 to 25 days on the market and saw three times more visitors per property on Realtor.com® in June. With inventory falling 22.4% in these ZIP codes compared to a 7.1% increase nationally, those looking to buy in these markets are facing tough competition. "Shoppers in this year's Hottest ZIP codes should cope by being prepared – pre-approved and zeroed in on their budget and down payment – and really focused on must haves versus nice-to-haves so they can be ready to act quickly when they see the right home hit the market," said Realtor.com® Economic Research Analyst Hannah Jones. The high price of financing a home purchase this year and still-steep competition meant successful buyers in the hottest markets also came with exceptional qualifications, with an average credit score of 754, surpassing the U.S. average of 740. Additionally, they made higher than average down payments, reaching 17.2% compared to the national average of 12.3% in the first half of 2023. One way to stay ahead of the competition in America's hottest ZIPs is to set a price alert on Realtor.com®. Simply enter your search criteria and save the search to get real-time or daily notifications when homes matching your search criteria hit the market. Additionally, if you are searching for homes in other hot areas, be on the lookout for Realtor.com® Hot Market badges on neighborhoods and home listings for insights about how fast homes are selling and how many more views they get compared to others in the area and in the U.S. 2023 Hottest ZIP Codes in America – Top 50 Housing Metrics Methodology Realtor.com®'s Hottest ZIP Code rankings are based on an algorithm that takes into account two aspects of the housing market: 1) market demand, as measured by unique viewers per property on Realtor.com®, and 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com®. The hottest areas are those that have high demand from buyers, in other words, lots of unique viewers per each property, and fast-selling homes, an indicator of limited supply. Market Hotness rankings based on Realtor.com® listing data from January to June 2023. The list of top ZIP codes is limited to one ZIP code per metropolitan area. Descriptive statistics in this write-up refer to June 2023 data unless otherwise noted. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

CoreLogic Unveils an Insightful Look Back at Barbie Dreamhouse Prices from 1962 to 2023
The Original Malibu, Calif. location Jumps from $77K to $2.8M IRVINE, CA, July 24, 2023 – CoreLogic®, a leading global provider of property data and analytics, has done an estimated home price analysis of the iconic Barbie Dreamhouse prices in 1962 compared to 2023. The Dreamhouse debuted in 1962 and while the iconic toy underwent renovations over the years, this price comparison is for the pink palace we know today. The research sheds light on the notable changes in the real estate market across several major cities in the United States over the past six decades—particularly for multi-level pink houses outfitted with elevators. In 1962, the dream house in its original location, Malibu, Calif., was estimated to be $77,537 in 1962, jumping to $2,807,328 in today's prices. In San Francisco, the dream house was estimated at $109,499 in 1962, skyrocketing to an astonishing $4,980,866 in 2023. The east coast saw similar trends, with the Dreamhouse jumping from $109,258 in 1962 to $2,249,182 in 2023, in Southampton, New York. "The Barbie Dreamhouse helps tell the story of the U.S. real estate market over the past six decades, showing significant appreciation. Barbie can add astute real estate investor to her list of accomplishments," said Selma Hepp, Chief Economist for CoreLogic. Methodology This analysis was based off a Barbie Dreamhouse that includes: 3 stories, a single car garage, elevator, 3 bedrooms, 2 full bathrooms, living room, kitchen, and patio/outdoor space with a pool. Artistic license was taken in neighborhood selection. About CoreLogic CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences, that build better relationships, strengthen businesses, and ultimately create a more resilient society. For more information, please visit www.corelogic.com.

Affordability crisis: United States needs 4.3 million more homes
Gap between families and available homes widens and likely continues to grow SEATTLE, June 22, 2023 -- A significant shortage of affordable housing options is fueling America's affordability crisis, particularly for those looking to move out on their own for the first time, a new Zillow analysis shows. This huge housing deficit underscores the need for policies and investments that can boost construction. This lack of housing — especially affordable options — has left millions of households "missing." These missing households consist mainly of individuals and families living in another family's owned or rented home. Across the country in 20211, there were nearly 8 million missing households, compared to just 3.7 million housing units available for rent or sale, a deficit of 4.3 million homes. "The U.S. housing market is like a high-stakes version of the game musical chairs," said Orphe Divounguy, senior economist at Zillow. "There are simply not enough homes for millions of people. Unless we address the shortage of smaller, more-affordable, starter-type homes, we risk leaving families without a seat — and it will only get worse over time." For each of the 3.7 million housing units available for rent or sale across the country in 2021, there were more than two potential households — families likely in need of their own homes. This means even if every missing household was willing and able to move into their own home, 4.3 million households would have been left without a place to move to. The bulk of families doubling up have consistently lower incomes, highlighting the need for smaller, more affordable housing. Of the families that are doubling up, 68% had an annual income of $35,000 or less. The mismatch between potential housing needs and available homes across the country is playing out in dramatic fashion in the most expensive coastal housing markets, such as Los Angeles, San Francisco, San Jose, San Diego and Boston but also in places like Boise. What consumers need to know Zillow has a number of tools and partnerships to help consumers overcome these challenges. Zillow's affordability calculator and monthly payment filter can help shoppers better understand how much they can afford and how best to find an affordable mortgage payment. Working with a trusted real estate partner is also critical to helping find an affordable home for new buyers. All home listings on Zillow display available programs that help eligible shoppers with a down payment — the biggest barrier to homeownership for most. This first-of-its-kind tool was used by more than 1 million customers in just its first year, with the average recipient qualifying for $17,000 towards a down payment. And for renters, Zillow offers a single, flat-fee rental application tool that helps would-be-tenants avoid paying hundreds of dollars in application fees, which can quickly become a financial hardship for low-income families. What policymakers can do Construction productivity has been declining relative to the rest of the U.S. economy since the late 1960s, with land-use restrictions, building approval delays, and stunted construction sector growth all contributing to the lack of new home construction across the country. Policymakers should explore ways to boost production and overall growth of the construction sector to ensure housing supply can catch up to demand. Additionally, experts are near unanimous that loosening restrictive zoning laws is critical to creating more supply and easing housing costs. According to public polling conducted by Zillow, four out of five adults support allowing more, smaller home types to be built in their own neighborhoods. Researchers also suggest that speeding up building permitting, eliminating parking requirements, tax incentives to rehabilitate underutilized housing stock, and expanding affordable housing trust funds could all help ease the shortfall in new construction. *Ordered by market size **Mortgage and rent burdens show the share of a median household's income needed for the typical monthly mortgage or rent payment in each metro area  Sources and Methodology This study uses the American Community Survey to provide a simple count of the number of families living in other families' housing units. The number of families that do not currently own a home is estimated from IPUMS USA by counting each family in each household using the FAMUNIT variable and the appropriate weights. There can be multiple families either living in rented households or living in owner-occupied homes. To estimate the housing unit deficit, we compare families that were living in another family's home with the number of units for sale or for rent across the country in the same time period. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®.

The Wall Street Journal and Realtor.com Release Spring 2023 Emerging Housing Markets Index Report
Lafayette-West Lafayette, Ind., remains the No. 1 emerging market in America NEW YORK and SANTA CLARA, Calif., April 26, 2023 -- The Wall Street Journal and Realtor.com® today released the WSJ/Realtor.com® Spring 2023 Emerging Housing Markets Index, which revealed Lafayette-West Lafayette, Ind. remains the No. 1 emerging market in America. The index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation. The Top 20 Emerging Markets for Spring 2023 are: Lafayette-West Lafayette, Ind. Bloomington, Ill. Elkhart-Goshen, Ind. Lebanon, Penn. Fort Wayne, Ind. Topeka, Kan. Sioux City, Iowa-Neb.-S.D. Omaha-Council Bluffs, Neb.-Iowa Springfield, Ill. Manchester-Nashua, N.H. Janesville-Beloit, Wisc. Columbus, Ohio La Crosse-Onalaska, Wisc.-Minn. Johnson City, Tenn. Springfield, Ohio Hickory-Lenoir-Morganton, N.C. Burlington, N.C. Columbia, Mo. Waterloo-Cedar Falls, Ind. Knoxville, Tenn. Key Trends Among the Spring 2023 Top 20 Emerging Housing Markets: Emerging Markets Offer Relief from High Costs With home prices still elevated and inflation easing but still well above the target level, this quarter's emerging markets lean further into affordability relative to previous quarters. Home list prices in all but two of the top 20 markets are lower than the median-priced U.S. home for sale, which was $424,000 in March. The lowest priced locale on the list, Springfield, Ill., offered 66% savings on the median priced home relative to the national level in March. Demand for Affordability Drives High Price Growth The median price of the typical home for sale is still higher on a year-over-year basis nationwide and this is even truer among the top markets. The average increase in listing price was 29% among the top 20 markets compared to 12% nationally for the 12 months ending in March 2023. All of the top markets saw price growth exceed the national rate. Each market saw double-digit price growth except Springfield, Ohio. Although 17 of the top 20 emerging markets saw an increase in time on market, homes sold on average 12 days faster than the average across the 300 markets ranked for the index (36 vs. 40 days). Additionally, all 20 markets outperformed this national average. Much Smaller Markets with Healthy Economies and Easy Commutes Only one of the top 20 markets has more than a million residents: Columbus, Ohio, although Omaha-Council Bluffs, Neb.-Iowa, comes close and Knoxville, Tenn., isn't too far behind. Just two of the top 20 markets had an unemployment rate above the 300-market average (3.6%) and on average unemployment in the top 20 emerging markets was just 3.0%. Even though these areas have few out-of-work job seekers, commutes are relatively easy, clocking in at just over 21 minutes compared to nearly 24 minutes on average across all markets reviewed in the index. Typical wages lagged behind the U.S. with an average weekly wage of $1,106 among the top markets compared to $1,174 among the broader market average. But this roughly 6% gap in wages is made up for in the cost of living differential. Prices in the top emerging markets on average are less than 92% of the national price level, and only one market has prices that are slightly higher than the national average. A Lower, but Growing Share of Out of Market Shopping Interest While some markets like Manchester-Nashua, N.H., and fall 2022 No. 1 market Johnson City, Tenn., attract an outsized share of shoppers from elsewhere, others including Columbus, Ohio, and Omaha-Council Bluffs, Neb.-Iowa, rely more on local housing demand. Reflecting the broad trend of willingness to relocate among home shoppers, both the top emerging markets and broader index markets have seen the share of out-of-market shoppers grow more than seven percentage points compared to one year ago with the top emerging markets seeing a somewhat greater increase in out of market shopping share. City Spotlight: Bloomington, Ill. This list's highest-ranked emerging market is Lafayette-West Lafayette, Ind., the same as last quarter in our winter 2023 index. Located just a couple hours west is the No. 2 market of Bloomington, Ill. Home to the corporate headquarters of State Farm Insurance Co., other major Bloomington-Normal employers include Illinois State University and Rivian, a maker of electric trucks that has been ramping up employment in its production facility in the area. The typical home for sale in Bloomington was listed for $339,000, a 20% discount compared to the national median for March. More than half of views to properties in Bloomington come from outside of the metro, with particularly sizable out-of-metro attention from the Chicago area. Returning Markets There are many familiar places on the list of the top 20 emerging markets: 13 members of the winter 2022 list, most notably No. 1, Lafayette-West Lafayette, Ind. This is the second quarter that this market has held the top spot. Among the markets that have remained on our list are the ever-popular southern locales Burlington, N.C., Johnson City, Tenn., and Knoxville, Tenn., as well as the midwestern hotspot of Columbus, Ohio, and various small- to mid-sized midwestern cities that offer affordable housing and low costs of living. Markets Falling Out of the Top 20 Of the seven markets that did not remain on the list from the winter into the spring, five tumbled a bit but remained in the top 50. The two biggest movers, Savannah, Ga., and South Bend, Ind., which fell 61 spots and 102 spots, respectively, remained in the top half of areas studied, ranking 69th and 117th this quarter. The markets that departed the top 20 in our index included two Southern markets of Savannah, Ga., and Kingsport-Bristol, Tenn., as well as Portland-South Portland, Maine, and the midwestern markets of Springfield, Mo., Rapid City, S.D., Milwaukee, Wisc., and South Bend, Ind. As economic conditions have changed since earlier in the year, with mortgage rates rising sharply, these largely affordable markets fell out of favor in exchange for even lower-priced areas. Methodology The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average pageviews per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as per capita “everyday splurge” stores in an area; commute (6.25%); and estimated effective real estate taxes (6.25%). About the Wall Street Journal The Wall Street Journal is a global news organization that provides leading news, information, commentary and analysis. The Wall Street Journal engages readers across print, digital, mobile, social, podcast and video. Building on its heritage as the preeminent source of global business and financial news, the Journal includes coverage of U.S. & world news, politics, arts, culture, lifestyle, sports, and health. It holds 38 Pulitzer Prizes for outstanding journalism. The Wall Street Journal is published by Dow Jones, a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV). About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Total Property Taxes on Single-Family Homes Up 4% Across U.S. in 2022, to $340 Billion
Total Single-Family Taxes Levied Nationwide in 2022 Rose Twice as Fast as in 2021; Average Property Tax Amount Up 3 percent, to $3,901, While Effective Rate Dips Slightly; Highest Effective Tax Rates in New Jersey, Illinois, Connecticut, Vermont and Nebraska IRVINE, Calif. – April 6, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its 2022 property tax analysis for 87 million U.S. single family homes, which shows that $339.8 billion in property taxes were levied on single-family homes in 2022, up 3.6 percent from $328 billion in 2021. The increase was more than double the 1.6 percent growth in 2021, although smaller than the 5.4 percent increase the prior year. The report also shows that the average tax on single-family homes in the U.S. increased 3 percent in 2022, to $3,901, after rising 1.8 percent the previous year. The latest average tax resulted in an effective tax rate nationwide of 0.83 percent. That was down slightly from 0.86 percent in 2021 to the lowest point since at least 2016. The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels, along with estimated market values of single-family homes calculated using an automated valuation model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area. In 2022, effective rates continued to decline even as total taxes rose because home values went up faster than taxes yet again around the country last year. Despite a stall in the nation's decade-long housing market boom in 2022, the average single-family home estimated value still rose 7.9 percent over the year. That surpassed the average tax increase, resulting in the small dip in effective rates. The downward trend in effective rates could easily reverse if a drop in home values that began in the second half of last year and continues in 2023. Prices have started to decline amid mortgage rates that have doubled, high consumer price inflation and other forces that have cut into what home seekers can afford. "Property taxes continued their never-ending climb last year, with wide disparities continuing from one area of the country to another, connected to varying costs, services, and tax bases. But, on balance, the latest increase nationwide again was modest," said Rob Barber, chief executive officer at ATTOM. "This year, local governments and school systems will face even greater challenges keeping taxes in check, given rising inflation rates and a growing number of commercial properties that could be eligible for tax reductions after suffering a surge of vacancies during the pandemic." Highest effective property tax rates in New Jersey, Illinois, Connecticut, Vermont and Nebraska States with the highest effective property tax rates in 2022 were New Jersey (1.79 percent), Illinois (1.78 percent), Connecticut (1.57 percent), Vermont (1.43 percent) and Nebraska (1.36 percent). Other states in the top 10 for highest effective property tax rates were Pennsylvania (1.29 percent), New Hampshire (1.28 percent), Ohio (1.27 percent), New York (1.26 percent) and Iowa (1.25 percent). Hawaii, Alabama, Arizona, Colorado and Tennessee have lowest effective rates The lowest effective tax rates in 2022 were in Hawaii (0.30 percent), Alabama (0.37 percent), Arizona (0.39 percent), Colorado (0.40 percent) and Tennessee (0.42 percent). Other states in the top 10 for lowest effective property tax rates last year were Utah (0.44 percent), Nevada (0.44 percent), Idaho (0.46 percent), South Carolina (0.46 percent) and West Virginia (0.47 percent). Highest-tax states in Northeast, with averages up to 10 times higher than elsewhere States in the Northeast region had seven of the 10 highest average property taxes in the U.S. in 2022. They were led by New Jersey, where the average single-family-home property tax of $9,527 in 2022 was more than 10 times the average of $928 in West Virginia, which had the nation's smallest average levy. Others states in the top five last year were Connecticut ($7,671), Massachusetts ($7,044), New Hampshire ($6,855) and New York ($6,673). The 10 states with the lowest average tax in 2022 were all in the South. Aside from West Virginia ($928), the lowest were in Alabama ($1,022), Arkansas ($1,228), Louisiana ($1,296) and Mississippi ($1,311). The top and bottom five states were the same in both 2021 and 2022. "Huge gaps in average tax bills around the U.S. remain in place," Barber said. "Those disparities are heavily connected to differences in local government and school services, public employee wages, economies of scale between large and smaller towns and the amount of commercial properties that help shoulder the local tax burden. Depending on what prospective buyers want in a community and its school system, the gaps can have a big impact on how easy or hard it is to sell a home." Northeastern and midwestern metro areas have highest effective rates Among 223 metropolitan statistical areas around the country with a population of at least 200,000 in 2022, 19 of the 20 highest effective tax rates were in the Northeast and Midwest. Nine of the top 10 were in New York, New Jersey, Connecticut and Illinois. Metro areas with the highest effective property tax rates in 2022 were Rochester, NY (2.52 percent); Trenton, NJ (2.24 percent); Rockford, IL (2.07 percent); Peoria, IL (1.96 percent) and Atlantic City, NJ (1.96 percent). Aside from Rochester, the highest rates among metro areas with a population of at least 1 million in 2022 were in Hartford, CT (1.85 percent); Chicago, IL (1.75 percent); Cleveland, OH (1.57 percent) and New York, NY (1.39 percent). The lowest effective rates in 2022 were in Honolulu, HI (0.28 percent); Daphne-Fairhope, AL (0.29 percent); Montgomery, AL (0.30 percent); Tuscaloosa, AL (0.32 percent) and Knoxville, TN (0.32 percent). Aside from Honolulu, the lowest rates among metro areas with a population of at least 1 million in 2022 were in Phoenix, AZ (0.36 percent); Nashville TN (0.40 percent); Las Vegas, NV (0.43 percent) and Salt Lake City, UT (0.47 percent). Property taxes increase faster than national average in two-thirds of U.S. Average property taxes rose by more than the national 3 percent increase last year in 144, or 65 percent, of the 223 metro areas analyzed in the report. The majority of those areas were in the South and West regions, where the average tax across all metros increased 5.8 percent and 5.5 percent, respectively. The average increased just 0.7 percent in the Northeast and 2.7 percent in the Midwest. Metro areas with a population of at least 1 million that had the largest increases in average property taxes from 2021 to 2022 were Pittsburgh, PA (up 59.6 percent); Rochester, NY (up 23.2 percent); Honolulu, HI (up 15.3 percent); Salt Lake City, UT (up 14.3 percent) and Miami, FL (up 12.6 percent). Major markets with the largest decreases in average property taxes last year included Philadelphia, PA (down 9 percent); Grand Rapids, MI (down 8.1 percent); Buffalo, NY (down 5.4 percent); Phoenix, AZ (down 2.6 percent) and Tucson, AZ (down 1.4 percent). Average annual property tax tops $10,000 in 24 counties Among 1,761 U.S. counties with at least 10,000 single-family homes in 2022, 24 had an average single-family-home property tax of more than $10,000. Of those, 13 were in the New York City metro area. The top five average taxes in metros with at least 100,000 housing units were in New York County (Manhattan), NY ($42,627); Marin County, CA (outside San Francisco) ($14,415); Essex County, NJ (outside New York City) ($13,168); Bergen County, NJ (outside New York City) ($13,115) and Nassau County (outside New York City), NY ($12,890). Methodology The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metropolitan, and county levels along with estimated market values of single-family homes calculated using an automated valuation model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Homeownership Slightly More Affordable in U.S. During First Quarter of 2023 as Housing Market Remains Stalled
Portion of Average Wages Consumed by Major Home-Ownership Costs Ticks Down to 30 Percent; Affordability Improves as Nationwide Median Home Price Stays Flat; But Historic Affordability Still Weak Throughout U.S. IRVINE, Calif. – Mar. 30, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its first-quarter 2023 U.S. Home Affordability Report showing that median-priced single-family homes and condos are less affordable in the first quarter of 2023 compared to historical averages in 94 percent of counties across the nation with enough data to analyze – far above the 62 percent of counties that were historically less affordable in the first quarter of 2022. However, the report also shows that buying conditions for house hunters may be improving as the portion of average wages nationwide required for typical major home-ownership expenses has fallen slightly to 30 percent this quarter. The latest percentage is still considered unaffordable by common lending standards, which call for a 28 percent debt- to-income ratio. It also remains well above the 25 percent level in the first quarter of 2022. But the portion has inched downward from 31 percent in the final months of last year. The mixed picture facing home buyers – prices that remain a financial stretch but are getting a bit more affordable – reflects a softening of the U.S. housing market combined with rising wages at a time when home-mortgage rates have stabilized following a year of increases. The nationwide median single-family home and condo price is up less than 1 percent from the fourth quarter of 2022 to the first quarter of 2023 – now sitting at $320,000 – while three quarters of local markets continue to see prices slip this year. Those trends have followed an 8 percent decrease in the nationwide median during the second half of 2022. The drop-off has come as rising interest rates, high consumer-price inflation and stock market declines have cut into what home seekers can afford or the resources they have for down payments. At the same time, wages have risen 6 percent nationwide over the past year, with increases continuing into the second half of 2022 in most of country. "The soaring housing market has finally come back down in much of the U.S., at least for now, while worker pay is growing. That's produced some benefits for home seekers in the form of slightly better affordability, especially as lending rates have flattened out," said Rob Barber, chief executive office for ATTOM. "Things certainly haven't swung way back into friendly territory. Price drops and wage gains haven't yet translated into equal improvements in affordability. And the trend could go back the other way if interest rates go up again, as expected. But the scenario is becoming more favorable for buyers." With multiple uncertain economic forces at work, the market could continue sliding or turn back upward this Spring and Summer. That, along with the path of wages, will dictate whether home ownership continues to grow more affordable after a gradual path the other way over the past few years. ATTOM's latest report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home and condo, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 537 of the 572 counties analyzed in the first quarter of 2023 are less affordable than in the past. The latest number is down from 565 of the same group of counties in the fourth quarter of 2022. But it remains far more than 356 in the first quarter of 2022 and just 91, or less than one-fifth, that were less affordable historically two years ago. Meanwhile, major home-ownership expenses on typical homes are considered unaffordable to average local wage earners during the first quarter of 2023 in 373, or about two-thirds, of the 572 counties in the report, based on the 28 percent guideline. Counties with the largest populations that are unaffordable in the first quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. The most populous of the 199 counties where major expenses on median-priced homes remain affordable for average local workers in the first quarter of 2023 are Cook County (Chicago), IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA, and Franklin County (Columbus), OH. Home prices up slightly nationwide, but down in three-quarters of local markets The recent slowdown in the U.S. housing market after 10 years of increases has flattened the national median single-family home and condo value, while pushing prices down in most counties so far this year. Nationwide, the median single-family home, and condo value of $320,000 in the first quarter of 2023 is virtually the same as the typical $318,000 price in the fourth quarter of 2022 and is up just 1.3 percent from $316,000 in the first quarter of last year. At the local level, median home prices in the first quarter of 2023 remain up from the first quarter of last year in 371, or 65 percent, of those counties. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the first quarter of 2023. Among the 46 counties in the report with a population of at least 1 million, the biggest year-over-year increase in median sale prices during the first quarter of 2023 are in St. Louis County, MO (up 38 percent); Palm Beach County (West Palm Beach), FL (up 11 percent); Collin County (Plano), TX (up 10 percent); Franklin County (Columbus), OH (up 7 percent) and Miami-Dade County, FL (up 6 percent). Counties with a population of at least 1 million where median prices have dropped most from the first quarter of 2022 to the same period this year are Alameda County (Oakland), CA (down 16 percent); Santa Clara County (San Jose), CA (down 12 percent); Contra Costa County, CA (outside San Francisco) (down 12 percent); Philadelphia County, PA (down 11 percent) and King County (Seattle), WA (down 8 percent). Wages growing faster than prices in 76 percent of markets Weekly annualized wage appreciation has outpaced annual home-price changes in the first quarter of 2023 in 433 of the 572 counties analyzed in the report (76 percent). That was the opposite of the first quarter of last year when prices were growing faster than wages in 87 percent of the same counties. The current group where wage gains are outpacing price changes include Los Angeles County, CA; Cook County, (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Year-over-year price gains have surpassed average annualized wage growth during the first quarter of 2023 in just 139 of the 572 counties analyzed (24 percent). The latest group where prices are going up faster than wages include Kings County (Brooklyn), NY; Franklin County (Columbus), OH; Collin County (Plano), TX; St. Louis County, MO, and Westchester County, NY (outside New York City). Portion of wages needed for home ownership decreases throughout the U.S. even as lending benchmark is still exceeded in two-thirds of the nation With 30-year mortgage rates leveling off this year after doubling in 2022, the portion of average local wages consumed by major expenses on median-priced, single-family homes and condos has decreased from the fourth quarter of 2022 to the first quarter of 2023 in 97 percent of the 572 counties analyzed. The typical $1,758 cost of mortgage payments, homeowner insurance, mortgage insurance and property taxes nationwide now requires 29.9 percent of the average annual $70,460 wage. That is down from 31.2 percent in the fourth quarter of 2022 – the highest level in 15 years – although still up from 24.9 percent a year ago. The latest portion still tops the 28 percent lending guideline in 373, or about three-quarters of those counties, assuming a 20 percent down payment. But that is down from 407, or almost three-quarters, of the same group of counties in the fourth quarter of 2022. "The affordability gains we are seeing so far this year, small as they are, could start to lure buyers back into the markets where they were once put off by soaring prices," Barber said. "That would help all segments of the market, especially high-end areas that suffered some of the larger price declines since the market started to stall last year." Counties with the largest quarterly decrease in the portion of average local wages needed for major ownership expenses are Marin County, CA (outside San Francisco) (down from 102 percent in the fourth quarter of 2022 to 87.8 percent in the first quarter of 2023); Washington County, UT (northeast of Las Vegas, NV) (down from 73.5 percent to 62.6 percent); Santa Cruz County, CA (down from 110.9 percent to 100.8 percent); Nevada County, CA (outside Reno, NV) (down from 71.5 percent to 61.7 percent) and Alameda County (Oakland), CA (down from 71.4 percent to 61.8 percent). Homeownership consumes largest chunk of wages on east and west coasts Counties where major ownership costs require the largest percentage of wages are concentrated on the east and west coasts, led by Kings County (Brooklyn), NY (110 percent of annualized local weekly wages needed to buy a single-family home); Santa Cruz County, CA (100.8 percent); Maui County, HI (96.4 percent); Monterey County, CA (88.3 percent) and Marin County, CA (outside San Francisco) (87.8 percent). Aside from Kings County, NY, counties with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the first quarter of 2023 include Orange County, CA (outside Los Angeles) (78.5 percent required); Queens County, NY (75.4 percent); Nassau County (Long Island), NY (65.4 percent) and Riverside County, CA (65.4 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the first quarter of this year are Macon County (Decatur), IL (9.9 percent of annualized weekly wages needed to buy a home); Peoria County, IL (10.4 percent); Schuylkill County, PA (outside Allentown) (11.1 percent); Rock Island County (Davenport), IL (12.3 percent) and Wayne County (Detroit), MI (12.7 percent). Aside from Wayne County, MI, counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the first quarter of 2023 include Philadelphia County, PA (16 percent); Cuyahoga County (Cleveland), OH (17 percent); Cook County (Chicago), IL (22.3 percent) and St. Louis County, MO (25.2 percent). Annual wages of more than $75,000 needed to afford typical home in half of markets Despite improving affordability, annual wages of more than $75,000 still are needed to pay for major costs on the median-priced home purchased during the first quarter of 2023 in 285, or 50 percent, of the 572 markets in the report. The top 25 highest annual wages required to afford typical homes again are on the east or west coasts, led by New York County (Manhattan), NY ($393,132); San Mateo County (outside San Francisco), CA ($354,814); Marin County (outside San Francisco), CA ($328,712); San Francisco County, CA ($321,805) and Santa Clara County (San Jose), CA ($316,948). The lowest annual wages required to afford a median-priced home in the first quarter of 2023 are in Schuylkill County, PA (outside Allentown) ($21,880); St. Lawrence County, NY (north of Syracuse) ($25,924); Macon County (Decatur), IL ($26,677); Fayette County, PA (south of Pittsburgh) ($27,631) and Bibb County (Macon), GA ($28,574). Home affordability worse than historical averages in most of nation, but improving Among the 572 counties analyzed, 537, or 94 percent, are less affordable in the first quarter of 2023 than their historic affordability averages. That is far higher than the 62 percent level of a year ago, but down from 99 percent in the fourth quarter of 2022. Historical indexes improved quarterly in 97 percent of those counties, helping to boost the nationwide index up from a 15-year low hit at the end of last year. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Collin County (Plano), TX (index of 65); Tarrant County (Fort Worth), TX (66); Hillsborough County (Tampa), FL (67); Mecklenburg County (Charlotte), NC (69) and Dallas County, TX (69). Counties with the worst affordability indexes in the first quarter of 2023 are Jackson County, MS (outside Mobile, AL) (index of 48); Clayton County, GA (outside Atlanta) (53); Benton County (Kennewick), WA (58); Paulding County, GA (outside Marietta) (58) and St. Lucie County (Port St. Lucie), FL (59). Among counties with a population of at least 1 million, those where the affordability indexes have improved most from the fourth quarter of 2022 to the first quarter of 2023 are Wayne County (Detroit), MI (index up 21 percent); Alameda County (Oakland), CA (up 16 percent); Contra Costa County, CA (outside San Francisco) (up 14 percent); Philadelphia County, PA (up 14 percent) and Cuyahoga County (Cleveland), OH (up 13 percent). Only 6 percent of markets are more affordable than historic averages Among the 572 counties in the report, only 35 (6 percent) are more affordable than their historic averages in the first quarter of 2023. That is still well down from 38 percent a year ago but up from 1 percent in the fourth quarter of 2022. Counties that are more affordable in the first quarter of this year compared to historical averages include Macon County (Decatur), IL Y(index of 158); Peoria County, IL (135); St. Clair County, IL (outside St. Louis, MO) (130); San Francisco County, CA (125) and Caddo Parish (Shreveport), LA (117). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 572 U.S. counties with a combined population of 254.6 million during the first quarter of 2023. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $320,000 in the first quarter of 2023 requires an annual wage of $78,416. That is based on a $64,000 down payment, a $256,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning wage earners would not be spending more than 28 percent of their pay on mortgage payments, property taxes and insurance. That required income is more than the $70,460 average wage nationwide, based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Realtor.com March Housing Report: Spring Thaw Lures Buyers Back into the Housing Market
Despite slim pickings and affordability challenges, buyers got a jump on spring shopping in March, but rising rates could cause a late-spring frost SANTA CLARA, Calif., March 30, 2023 -- Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago. According to the Realtor.com® Monthly Housing Trends Report released today, the recent six-month surge in active listings lost momentum, moderating to 59.9% year-over-year, and time on market shrank to 54 days, from January's high of 74 days, as buyers eased back into the market in March, but higher mortgage rates could freeze them back out. "Signs show that buyers are active in the spring housing market, even if they aren't as numerous as they were during the pandemic. Amid fewer new choices on the market and still rising home prices, home shoppers have shown that they are very rate sensitive, only jumping back in the market when rates dip, and so what happens with rates this spring will likely play a strong role in determining whether the housing market bumps along or picks up speed this year," said Danielle Hale, Chief Economist for Realtor.com®. "With so much built up equity, home sellers are still faring well, but many are sitting on the sidelines. The usual seasonal pick-up in buyer demand appears to be underway, one of several factors that make spring the Best Time to Sell. With an uncertain market ahead, it may be even more important for potential sellers to aim for this year's seasonal sweet spot." Now may be the best time to sell, and homeowners need to put their best foot forward If homeowners are planning to sell in 2023, now is the time to get ready. Realtor.com®'s Best Time to Sell analysis found that nationally, the week of April 16-22, 2023 will bring sellers the best combination of market conditions this year, including higher home prices, fewer other homes for sale, a faster sale, and stronger demand. "Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country," said Realtor.com®'s Executive News Editor Clare Trapasso. "So this spring, it's especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible. They should make any necessary repairs, spruce up the landscaping, and invest in staging and professional photographs. Homes that are priced too high, are in need of major repairs, or aren't presented professionally are often sitting on the market for longer and sometimes selling for under the initial asking price." March 2023 Housing Metrics – National Lack of new homes coming on to the market a drag on home sales The U.S. inventory of active listings continued to climb in March over last year's lows, but the rate of growth cooled slightly from the brisk pace seen the previous two months. With new listings remaining scarce in March, the rise in the number of homes for sale is a reflection of more time spent on the market compared to last year rather than an influx of new sellers. A lack of new homes to the market continues to be a drag on home sales; attitudes toward housing worsened in February, especially among potential sellers, which likely signals ongoing weakness in the number of new homes for sale this year. Higher interest rates continue to create affordability challenges for buyers, and fewer homes went under contract compared to last year. The U.S. supply of active listings for sale rose 59.9% compared to this time last year, but it is still 49.6% below pre-pandemic 2017 - 2019 levels, on average. There were 211,000 more homes available to buy in March compared to one year ago. Newly-listed homes for sale continued to fall in March (-20.1%) compared to this time last year. This is a higher rate of decline than last month's 15.9% decrease and 29.7% below pre-pandemic 2017 - 2019 levels. Pending listings, or homes under contract with a buyer, declined year-over-year (-24.5%). The number of homes for sale across the 50 largest metros was up 74.4% compared to a year ago. The South saw the highest growth in active listings (+127.4%). Among the 50 largest U.S. metros, 47 markets saw active inventory increase compared to last March, with the most growth in Austin (+312.2%), Raleigh (+273.7%), and Nashville (+253.3%). Only three markets had inventory declines on a year-over-year basis, including Milwaukee (-17.2%), Hartford (-17.0%), and New York (-0.9%). Home prices continue to rise but could decline compared to last year as early as summer In March, national median list prices continued to rise year-over-year, but the rate at which prices are rising slowed to the lowest level since June 2020, in the early months of the COVID-19 pandemic. At this rate of slowing, list prices could decline relative to last year as early as this summer, following the recent national median sale price decline, which fell annually for the first time in 10 years last month. The share of homes with price reductions is up significantly from last year, but dipped below 2017–2019 pre-pandemic levels in February and continued to decline in March, indicating that the smaller number of homeowners who are putting their homes up for sale appear to be readjusting their home price expectations to the realities of today's market. The national median listing price was $424,000 in March, up from $415,000 in February. Annual list price growth continued to slow to 6.3% over last year, the lowest rate of growth since June 2020, in the early months of the COVID-19 pandemic. Among the 50 largest U.S. metros, the biggest annual listing price gains continue to be in the Midwest, up 14.1%, on average from last year. The metros with the biggest asking price increases were Memphis, Tenn. (+40.3%), Milwaukee (+26.3%), and Kansas City, Mo. (+17.7%); however, in these metros the mix of inventory also changed and more larger, expensive homes are for sale today. In March, 12.6% of active listings had their price reduced, up from 5.8% a year ago. Nine out of the largest 50 markets saw their median list price decline in March. Large southern metros (+9.1 percentage points) continued to see the largest increase in the share of listings with price reductions, and the greatest year-over-year declines in the median list price were seen in Austin, Texas (-8.4% year-over-year), Las Vegas (-6.7%), and New Orleans (-5.1%). Homes are taking longer to sell, but not as long as pre-pandemic levels A typical home spent more time on market compared to last year, although after rising steadily from summer 2022, the usual seasonal pickup in the sales pace shrank the gap and homes sold faster in March than in January and February, suggesting that buyers are active in the market, even if they are not as numerous as this time last year. Even though the typical home listing was on the market for more than two weeks longer than this time last year, homes are still selling just over two weeks faster on average than before the pandemic boom. In March, the typical home spent 54 days on market, 18 days longer than this time last year, but still 15 days faster than the pre-pandemic March 2017-2019 average. Across the 50 largest U.S. metros, time on market was lower in March relative to the national pace, 46 days on average, and was 16 days slower than March 2022. Time on market increased compared to last year in all 50 metros with the greatest increases in Raleigh, N.C. (+42 days), Kansas City, Mo. (+37 days), and Austin, Texas (+37 days). March 2023 Housing Metrics – 50 Largest U.S. Metro Areas *Some St. Louis listing metrics have been excluded while data is under review. Methodology Realtor.com® housing data as of March 2023. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB). About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Buyers are in the game, but interest rates are keeping sellers on the bench
Relatively high rates are keeping new listings low, frustrating willing buyers SEATTLE, March 21, 2023 -- Mortgage rates — both their high levels and their wild swings — are making life difficult for both buyers and sellers, according to Zillow's® latest market report1. Relatively high rates have brought new listings down to record lows, leaving buyers with limited options. Any dips in mortgage rates are stimulating demand and stiffening competition, but they have been short-lived. "We know there are a lot of motivated buyers looking for homes. When we see mortgage rates fall, sales pick up," said Skylar Olsen, Zillow chief economist. "But buyers are disappointed in their options. Homeowners aren't giving up their current house and low monthly payments to join a tight, expensive market. Meanwhile, volatility in the economy makes planning extremely difficult." The flow of new listings in February is at a record low for this time of year, nearly a third lower than before the pandemic and 22% lower than last year. Mortgage rates are likely driving the decline — those who bought or refinanced in 2020 or 2021, when rates were well below 3.5%, are unwilling to trade in their current mortgage for a new one with double the interest, Olsen said. The largest annual declines in new listings are in West Coast markets: San Jose (-47%), Portland (-46%), Seattle (-45%) and Sacramento (-44%). The trickle of new listings is contributing to extremely low levels of total inventory, now 17% higher than what was the absolute bottom in February 2022, but still about 43% below pre-pandemic norms. Instead of inventory growing through the first two months of the year, like it did in 2018 and 2019, the number of choices shrank. "This market is not as frenzied as it was during the last two years, but home buyers might start to feel some déjà vu at the dearth of options," said Jeff Tucker, Zillow senior economist. "Home sellers seem to be sitting out the early spring selling season in surprising numbers." Mortgage rates have been incredibly volatile over the past six months, and buyers are responding to the chance to lock in a cheaper monthly payment when the opportunity arises. Sales activity is picking up, just not accelerating like it usually does at this time of year. After being reinvigorated by lower rates in late January, sales slowed over the course of February as rates hiked back up. All in all, February saw 19% fewer newly pending sales than last year and 5% fewer sales than the most recent pre-pandemic reading in 2020. Ultralow inventory means that when attractive, well-priced houses do come on the market, they are readily finding buyers. Homes that went under contract in February did so after a median span of 17 days. That's more time than in 2022 and 2021, when time on market was seven and nine days, respectively, but significantly less than before the pandemic. Home values flatlined from January to February, leaving the typical home value at $328,604, or 4% below the peak value set in July 2022, according to the Zillow Home Value Index. Home values are 4.4% higher than one year earlier — a rapidly decelerating pace of annual growth, down from the nearly record-high 18.8% year-over-year growth measured last April. The overall lack of inventory, along with the resurgence of buyers when costs fall, should prevent significant price declines. Rates are likely to remain volatile through the spring selling season. Working with a mortgage professional early in the process can help buyers demystify what's affordable, prepare their credit and get pre-approved to strengthen their offer. *Table ordered by market size 1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which includes ShowingTime®, Bridge Interactive®, and dotloop® and Listing Media Services. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Get Ready: The Best Time to Sell is April 16-22, according to Realtor.com
Homeowners who list that week will experience the best combination of market conditions and could get $48,000 more for their home than the start of the year SANTA CLARA, Calif., March 15, 2023 -- While it's nearly impossible to time the real estate market, there is one week that is most likely to get home sellers the best possible outcome, according to Realtor.com®. Nationally, homeowners who list the week of April 16-22, 2023 will hit the sweet spot in terms of the best combination of higher prices, fewer homes to compete against, faster sales time and strong buyer demand. A recent survey from Realtor.com® and HarrisX found that 60% of home sellers took up to 3 months to get their home ready to list, so for homeowners who have been making preparations, listing during that crucial April week could get $48,000 more for their home than they would have at the start of the year. "Many home shoppers kick off their search in the early spring and they often beat the majority of home sellers to the punch," said Realtor.com® Chief Economist Danielle Hale. "For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price." Why is April 16-22 the best time to sell? While mortgage rates are expected to remain elevated through 2023, for-sale inventory is still well below pre-pandemic levels, so sellers can still expect well-priced homes to be in high demand. Those looking to take advantage of seasonal market trends should consider getting ready to list April 16-22, which is anticipated to have the best mix of market conditions for sellers, including: Higher prices – Homes listed during this week have historically had prices 2.1% higher than the average week throughout the year, and are typically 12.1% higher than the start of the year. If 2023 follows the typical seasonal trend, the national median listing price could reach $8,400 higher than the average week, and $48,000 more than the start of the year. Strong buyer demand – The more buyers looking at a home, the better, as the home is likely to get more offers and sell quickly. Historically, this week garnered 16.4% more views per listing than the typical week, but in 2022 this week got 32.5% more views per listing than the average week, as buyer demand dropped in the latter part of the year. Fast-selling homes – Thanks to above-average demand, homes tend to sell more quickly during this week. Historically, homes actively for sale during this week sold 18.0% faster than the average week. In the fast-moving 2022 market, this week saw homes typically on the market for 32 days, 13 days faster than the year's average, and 37 days faster than was typical in 2019. The 2023 market is not expected to move as quickly as in 2022, but the best week is still expected to see faster sales than the year's typical pace. Less competition from other sellers – Typically, there would be 9.3% fewer sellers on the market during this week compared to the average week throughout the year. Last year saw significant inventory gains as buyer demand cooled, but sellers responded by pulling back on listings by the end of the year. Active inventory was 65.5% higher at the start of 2023 versus 2022, but still 43.2% lower than pre-pandemic levels. This gap means there continues to be opportunities for sellers who enter the market this spring. Tips on prepping a home for sale According to Realtor.com®'s survey, it took most recent sellers (80%) between 2 weeks and 6 months to prepare their home for sale, with the sweet spot being between 1-3 months (32%). For most (56%) it took more time than expected to list their home, while 23% said it was faster than expected and 22% said it took about as long as they expected. For those considering a home sale this year, it's best to start preparing now in case it takes longer than anticipated. For the best chance at a quick sale and high price, homeowners should make sure that their home looks its best, has been well cared for and is up-to-date with routine maintenance. To get ready to list, about a third of recent sellers (35%) made repairs/updates to the home, did some cleaning and decluttering (33%) and found an agent to help them (31%). In order to best market their home, owners and their agents had listing photos taken (34%); created marketing materials such as flyers (27%); created a 3D/virtual tour (20%) and staged the home (11%). Making minor repairs can go a long way during a showing. Potentially, a buyer who sees leaky faucets and closet doors that don't close might become concerned about larger potential problems with the home. The most common repairs made by survey respondents were: Minor cosmetic updates such as replacing light fixtures or faucets (16%) Carpet/floor replacement or refinishing (14%) Landscaping such as mulch, vegetation, etc. (13%) Full painting of exterior (12%) Touch-up paint (12%) Full painting of interior (12%) Replacing appliances such as kitchen or laundry (11%) Replacing the roof (9%) Replacing major systems such as HVAC, hot water (8%) Caulking (6%) Replacing grout (6%) "In today's market, it's really important to price your home well and make sure that it looks its best in order to get top dollar and find a buyer quickly," said Hannah Jones, economic research analyst Realtor.com®. "There are still buyers in the market, but due to high prices and interest rates, they're being a bit more picky than they were the past several years." Homeowners who are looking to sell their home can visit Realtor.com® to find a trusted agent in their area and check out Realtor.com®'s Complete Guide for Selling Your Home. Report Methodology Listing metrics (e.g. list prices) from 2018-2019 and 2021-2022 were measured on a weekly basis, with each week compared against a benchmark from the first full week of the year. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. Survey Methodology The survey was conducted online from Feb. 3-10, 2023, among 2,286 adults in the U.S. by HarrisX. The sampling margin of error of this poll is +/- 2.1 percentage points and larger for subgroups. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

More Americans Own Their Homes, but Black-White Homeownership Rate Gap is Biggest in a Decade, NAR Report Finds
WASHINGTON (March 2, 2023) – While the U.S. homeownership rate has continually increased during the last decade – to 65.5% in 2021 (from 64.7% in 2011) – the Black homeownership rate has not kept pace with increases of other racial groups. Also, people of color endure significant buying challenges throughout and even after their home purchase, according to a report released today by the National Association of Realtors®. The 2023 Snapshot of Race and Home Buying in America examines homeownership trends and challenges by race and location to explain the current racial disparities in the housing market. Leveraging NAR's latest Profile of Home Buyers and Sellers data, the report explores the characteristics of who purchases homes, why they purchase, what they purchase and the financial background of buyers by race. Homeownership Trends The report found there were about 9.2 million more homeowners in 2021 than a decade prior, but homeownership rates varied significantly by race. The Black American homeownership rate – 44% – increased less than half of 1 percentage point (43.6% in 2011) and continues to lag well behind Hispanic Americans (50.6%), Asian Americans (62.8%) and White Americans (72.7%). Consequently, the homeownership gap between Black Americans and any other racial group has grown, especially when compared to White households (29%), representing the largest homeownership gap in 10 years (26% in 2011). Conversely, Asian Americans (5 percentage points) and Hispanic Americans (4 percentage points) experienced the biggest homeownership rate gains over the last decade. The Asian American homeownership rate of 62.8% is an all-time high. White American homeownership grew by nearly 3 percentage points and has been consistently around 70% since 2017. "Unfortunately, the incredible affordability challenges of the last year have hit minority home buyers more than White buyers," said Jessica Lautz, NAR deputy chief economist and vice president of research. "Black buyers are more likely to be first-time buyers, who are more sensitive to changes in mortgage interest rates, while White buyers are more likely to have housing equity to rely on as they make a housing trade." Racial Inequalities in Housing Affordability Black homeowners spend more of their income to own their homes than all racial groups, with 30% being cost-burdened – defined as spending more than 30% of their income on housing. That's followed by Hispanic Americans (28%), Asian Americans (26%) and White Americans (21%). More than half of Black renter households (54%) spend more than 30% of their income on rent, the most of any racial group. About 30% of Black renters are severely cost-burdened – defined as spending more than 50% of their income on rent – representing nearly 2.5 million households. By contrast, 22% of White renters are severely cost-burdened, representing 5.1 million households. After comparing the qualifying income to purchase the typical home with the median income of renter households, NAR estimates that while 17% of White renters can afford to buy the median-priced home, only 9% of Black renters can nationwide. "Even among successful home buyers, Black Americans have lower household incomes, which narrows the available pool of inventory they may be able to afford and makes their journey into homeownership even more difficult in this limited housing inventory environment," Lautz added. Racial Disparities in the Mortgage Market Beyond affordability, Black and Hispanic home buyers also face extra challenges in getting a mortgage. Black Americans have the highest denial rates for purchase and refinance loans. According to Home Mortgage Disclosure Act data, 20% of Black and 15% of Hispanic loan applicants were denied mortgages, compared with about 11% of White and 10% of Asian applicants. Further, denial rates for Black Americans are even higher for home improvement loans. Black Americans were denied applications for nearly 17% of loans for a home purchase, 17% of loans for refinancing and 51% of loans for home improvement. Homebuyer Demographics by Race/Ethnicity Using data from its latest Profile of Home Buyers and Sellers report, NAR analyzed the characteristics of recent home buyers, their reasons for purchasing, the steps they took in the homebuying process, and the ways buyers financed their home purchase based on race. Among all home buyers, White Americans made up the largest share (88%), followed by Hispanic Americans (8%), Black Americans (3%), Asian Americans (2%) and other (3%). For down payments, Black Americans drew down 401(k)/pension funds more than any other group (16%), which increased 2 percentage points from last year (14%). Asian Americans received gifts (22%) and loans (7%) from a relative or friend more than all other racial groups. Hispanic Americans had the largest share of student loan debt (46%), followed by Black Americans (33%), White Americans (17%) and Asian Americans (13%). Discrimination in Transactions In addition to being asked about their recent homebuying experience, home buyers were asked if they had experienced or witnessed discrimination during their real estate transaction. Half of Hispanic American home buyers said they experienced steering toward or away from specific neighborhoods, followed by 29% of White, 12% of Black and less than 1% of Asian American home buyers. Forty-six percent of Hispanic American home buyers experienced discrimination by the refusal of a homeowner or agent to show property, followed by 24% of Black, 15% of White and less than 1% of Asian Americans. Thirty-nine percent of Black American home buyers reported discrimination through home appraisal, followed by 17% of Asian, 9% of White and less than 1% of Hispanic Americans. NAR Advocacy NAR works to ensure Realtors® are active leaders in the fight to close racial homeownership gaps. NAR co-chairs the steering committee for the Black Homeownership Collaborative, which has outlined a seven-point plan to create 3 million net new black homeowners by 2030. NAR has also enhanced the real estate industry's efforts to end housing bias. Its "ACT!" fair housing plan, launched in 2019, emphasizes "Accountability, Culture Change and Training" to advance fair housing in the industry. NAR's interactive training platform, Fairhaven, puts real estate professionals in simulated situations where discrimination in a real estate transaction can occur. Also, the association's implicit bias video and classroom trainings offer strategies to help Realtors® provide equal professional service to every customer or client. To increase the nation's housing inventory, NAR advocates that all levels of government: support the construction of housing that is affordable to the typical consumer; preserve, expand and create tax incentives to renovate distressed properties and convert unused commercial space to residential units; and encourage and incentivize zoning reform. Expanding new-home construction by an additional 550,000 units a year for 10 years would create 2.8 million new jobs and generate more than $400 billion in economic activity. NAR and the Rosen Consulting Group's Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing report examines the causes of America's housing shortage and provides a range of actions that can effectively address this long-time problem. View NAR's 2023 Snapshot of Race and Home Buying in America here. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

January Rental Report: Only One Major Market Remains Below $1,000 Threshold
Oklahoma City, Okla.; Louisville, Ky.; and Birmingham, Ala. led the nation with the cheapest monthly rent payments in January SANTA CLARA, Calif., Feb. 24, 2023 -- The financial pain of shelling out sky-high rent is a reality for many, with median prices in some U.S. metro areas at nearly $3,000 a month. Yet, in certain metros among the country's 50 largest markets, renters can still find relative affordability, according to the Realtor.com® Monthly Rental Report released today. Oklahoma City, Okla. is the only metro among the 50 largest in the nation where renters can find a median-priced apartment for less than $1,000 a month. The report showed that Oklahoma City offered the lowest monthly rental price in January, at $982. There are 10 markets where median monthly rents are lower than $1,300, according to the report. Half are in the Midwest, four are in the South, and one is in the Northeast. None are in the West. The least expensive markets are: Oklahoma City, Okla. - $982 Louisville, Ky. - $1,167 Birmingham, Ala. - $1,178 Rochester, N.Y. - $1,235 Columbus, Ohio - $1,242 Indianapolis, Ind. - $1,266 Memphis, Tenn. - $1,274 St. Louis, Mo. - $1,279 Cleveland, Ohio - $1,290 Kansas City, Mo./Kan. - $1,298 Renters looking to take advantage of the best possible prices should move quickly. While the rents in these metros are the lowest among the 50 largest, for many of them, prices are increasing at a faster rate than in the rest of the country. "With high rents across the country, places that offer relative affordability tend to be in high demand, which means more competition and that these lower prices might not last," said Realtor.com® Chief Economist Danielle Hale. "Many of these metros have fewer available rental homes than previous months, and fewer apartments to choose from means prices are likely to go up. Cities including Indianapolis, Birmingham, Columbus, Kansas City, Cleveland, and Rochester are among the more affordable metros that experienced the fastest year-over-year price increases in January 2023, leaving few metros that are maintaining their current level of affordability." Many of these areas also have less rental availability than in past years, suggesting that affordable metros are increasing in popularity. For example, in the fourth quarter of 2022, the average rental vacancy rate across these least expensive markets was 7.6% — a significant drop from the 9.7% vacancy rate in the fourth quarter 2017. However, seven of the most-affordable areas still had greater vacancy rates than the country's average, which was last tracked at 5.8% nationwide. Nationwide, rent growth for studio to two-bedroom properties continued to slow. Median rent was down 2.9% year-over-year, the lowest growth rate in 22 months. In comparison, January 2022 rent was up 16.2% from the year prior. Last month was the twelfth month of cooling rent growth and the sixth month in a row with a single-digit rate increase. The median asking rent in the 50 largest metros declined to $1,726, down by $7 from last month and $80 less than the August 2022 peak of $1,806. Yet, rental prices are still up 20.6% ($295 higher) from pre-pandemic January 2020. Rental Data – 50 Largest Metropolitan Areas – January 2023 Methodology Rental data as of January for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019. With the release of its January rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since January 2023 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

For Love or Money? Realtor.com Survey Finds that Housing Costs Impact Romantic Decisions
Eighty percent of Gen Z respondents who have moved in with a romantic partner say that finances and/or logistics contributed to their decision SANTA CLARA, Calif., Feb. 13, 2023 -- Moving in with a romantic partner is a big step, and one that shouldn't be taken lightly. However, when it comes to taking the next step in their relationship, 63% of people who have moved in with a romantic partner said that their decision was impacted by finances and/or logistics. Realtor.com® and HarrisX surveyed 3,009 consumers to highlight how today's expensive housing market is impacting people's love lives. "Living with a romantic partner might bring a couple closer together, but it can also magnify potential issues in a relationship," said Clare Trapasso, executive news editor, Realtor.com®. "While the idea of splitting the rent or mortgage can be very attractive, it's important to have tough conversations with your partner and think through how living together will work before you take the plunge." Younger respondents were significantly more likely to be persuaded by money/logistics with 80% of Gen Z and 76% of Millennials saying that one or both of these things were a factor in moving in with a romantic partner. This is compared to 56% of Gen X, 44% of Baby Boomers who said the same thing. Will you be my… roommate? Unsurprisingly, among those who factored finances and/or logistics into their decision to move in with a partner, Gen Z respondents (56%) – who have faced notoriously high housing costs in their lifetime – were the most likely to say that saving money by splitting the rent/mortgage was a contributing factor. Additionally, 70% of all respondents who have moved in with a partner reported that they were able to save money by moving in. The most common amounts saved per month were: $1- $500 (27%) $501 - $1,000 (20%) $1,001 - $2,000 (13%) $2,001 - $5,000 (6%) More than $5,000 (4%) A significant percentage of respondents who have moved in with a partner moved into a home that one person already rented (37%) or owned (21%), while 30% decided to start fresh with a new rental and 9% took the leap directly into buying a home together. Don't go breaking my heart Not all relationships work out and living with a partner isn't always easy. Forty-two percent of people who have moved in with a romantic partner ended up regretting the move. Reasons included: The relationship didn't work out (48%) We moved too fast/rushed the decision (31%) Realized we weren't compatible for co-living (27%) It made it harder to break up (26%) When we broke up it was stressful to divide the things that we had purchased together (22%) The stress of living together hurt our relationship (22%) The logistics of moving out after a breakup were too difficult (19%) We broke up soon after moving in together (17%) "When you're renting or purchasing real estate together, it's important to make sure you're both financially protected," said Trapasso. "For example, if you're buying a home together as an unmarried couple, it may be a good idea to chat with a real estate attorney first to figure out what would happen with the home in the event that you broke up." Will you accept this contract? Nearly a third (31%) of survey respondents who have moved in with a partner signed a contract outlining what would happen in the event of a break-up. Younger respondents were significantly more likely to have signed a contract, with 54% of Gen Z and 47% of Millennials doing so. This suggests that younger generations might be more financially and/or legally savvy and understand the importance of protecting their investments. Methodology The survey was conducted online from Feb. 1-4, 2023 among 3,009 adults in the U.S. by HarrisX. The sampling margin of error of this poll is +/- 1.8 percentage points and larger for subgroups (including those who have moved in with a partner at +/- 2.3 percentage points). The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Renting Costs Nearly $800 Less Per Month than Buying
The top markets with the largest savings for renters include: Austin, Texas (121.3% savings), San Francisco (97.0% savings) and Seattle (86.1% savings) SANTA CLARA, Calif., Jan. 26, 2023 -- For many Americans hoping to make the transition to first-time buying in 2023, renting will likely offer relatively more affordable options in the months ahead, according to the Realtor.com® Monthly Rental Report released today. On average across the 50 largest U.S. metros in December, a typical renter faced a 41.4% ($792) lower monthly payment than a starter homeowner. The markets with the largest monthly savings for renters, ranked by the percent difference between monthly mortgage payments and asking rents, include: Austin, Texas (121.3% or $2,013) San Francisco, Calif. (97.0% or $2,855) Seattle, Wash. (86.1% or $1,772) San Jose, Calif. (83.0% or $2,621) San Diego, Calif. (77.2% or $2,085) Los Angeles, Calif. (74.9% or $2,150) Boston, Mass. (73.1% or $2,097) Portland, Ore. (71.2% or $1,246) Phoenix, Ariz. (70.1% or $1,116) Sacramento, Calif (67.7% or $1,241) "Despite the fact that renting will likely be cheaper than buying in 2023, rental affordability will remain a key issue throughout the year. We expect rents will keep hitting new highs, driven by factors including still-low vacancy rates, lagging new construction and demand from would-be first-time buyers," said Realtor.com® Chief Economist Danielle Hale. "For prospective first-time buyers, the key consideration when figuring out whether to buy or rent is how long you plan to live in your next home. If you're looking for flexibility to move in the shorter term, renting may be your best bet, and still offer opportunities to save if you're able to compromise on factors like proximity to the downtown area. Whereas buying could be the better option if you're planning to stay put for at least five years. Market conditions will play a role, but ultimately the timing comes down to your personal situation, and tools like the Realtor.com® Rent vs. Buy Calculator can help you organize and make sense of the many considerations." In December, renters faced lower monthly costs than first-time buyers, on average across the 50 largest U.S. metros and in the vast majority (45) of these markets. Additionally, the gap between the cost of renting and buying a similar-sized home widened significantly compared to December 2021. While this was partly attributed to the slowdown in rent growth seen over the past year, December trends indicate that the increase in relative rental affordability was primarily driven by skyrocketing mortgage rates. In December, the U.S. median rental price, $1,712, was $792 lower than a typical monthly starter home payment. Just 12 months ago, the difference was -$174. The widening gap between rents and first-time buying costs is largely attributed to higher starter homeownership monthly costs ($2,504), which grew 37.4% year-over-year in December – more than 10 times faster than rents (+3.2%) during the same period. Furthermore, despite the slowdown in year-over-year rent growth seen in recent months, typical asking rents ended the year up an average of 11.6% year-over-year. Renting was more affordable than first-time buying in 45 of the 50 largest markets in December, up from 30 markets at the same time last year. In the top 10 metros that favored renting over first-time buying (see table below), monthly starter homeownership costs were an average of 82.2% (+$1,920) higher than rents. Just five markets favored starter homeownership over renting in December, in terms of offering lower monthly costs; these were: Memphis, Tenn. (-32.7%), Pittsburgh (-24.1%), Birmingham, Ala. (-23.5%), St. Louis, Mo. (-6.9%) and Baltimore, Md. (-3.7%). December & Full-Year 2022 Rental Metrics – National December & Full-Year 2022 Rental Metrics – 50 Largest U.S. Metro Areas Ranked by % difference between rents and monthly starter home payments Methodology Rental data as of December 2022 for units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest U.S. metropolitan areas, as defined by the Office of Management and Budget (OMB). Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history going back to March 2019. The monthly cost of buying a starter home, also referred to in this release as first-time buying, was calculated by averaging the December median listing prices of studio, 1-bed, and 2-bed homes, weighted by the number of listings, in each housing market (average across the 50 largest U.S. metros: $318,697). Monthly buying costs assume a 7% down payment, with a mortgage rate of 6.36%, and include taxes, insurance and HOA fees. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Realtor.com Forecasts the 10 Best Markets for First-Time Homebuyers in 2023
Beyond affordability, these 10 markets have many attractive features for first-time buyers – from nearby amenities to job opportunities SANTA CLARA, Calif., Jan. 18, 2023 -- With affordability continuing to be a big hurdle in 2023, first-time buyers may need to be flexible in order to land a house in the coming year. To find the Best Markets for First-time Homebuyers, Realtor.com® looked at a number of qualities that make a town attractive, including affordability, livability and where it might be easier for young buyers to break into the housing market. The top 10 markets for first-time homebuyers in 2023 are: Portsmouth, Va., DeForest, Wisc., Windsor Locks, Conn., Gloucester City, N.J., Moore, Okla., Magna, Utah, Eggertsville, N.Y., Watervliet, N.Y., Mattydale, N.Y. and Somersworth, N.H. What makes these towns great for first-time buyers? They have strong job markets, short commute times, plenty of places to eat and drink, a younger population, affordability, and more homes to choose from. "The housing market will continue to be challenging for first-time buyers in the coming year, but for those with a bit of flexibility in where they live, there are markets where young buyers can find not just a relatively affordable home, but a neighborhood that offers a mix of economic opportunity and lifestyle amenities," said Realtor.com® Chief Economist Danielle Hale. "Affordability is always a consideration for first-time buyers, but it's also important to make sure that you're settling down in a location that has all the qualities that make it an enjoyable place to live – after all, you're not just buying a house, you're investing in a community." This year's best markets have: More homes to choose from: With inventory still near historic lows, having more homes to choose from can make a world of difference. Realtor.com®'s best markets for first-time homebuyers have an average of 47.8 listings per 1,000 households, higher than the national rate of 45.2. Magna, Utah has the widest selection of listings per household on this year's list. Short commutes: Typically, the farther from city centers, the cheaper the homes, but no one wants to spend all day commuting. This year's top towns have an average expected commute time of just 24 minutes. This is significantly faster than the national average of 30 minutes–it would save 50 hours per year for a 5-day commuter. Those looking for an especially short commute should check out Eggertsville, N.Y., which has an average travel time of just 20 minutes. Options for food and drinks: Buying a house doesn't need to mean giving up on a latte or an occasional meal out. The top towns have an average of 5.6 food and drink establishments per 1,000 households in their metro area, higher than the national rate of 5.3. Somersworth, N.H. topped the list for proximity to restaurants. Younger residents: When it comes to picking a new community, younger buyers are often drawn to younger towns. This year's list has an average of 14.8% of residents in the 25-34 year age category, compared to the national average of 13.4%. Magna, Utah (which also made the 2022 list) tied Moore, Okla. as the youngest markets on the list. Affordability: With high home prices and interest rates, affordability is a key factor for first-time homebuyers. The best markets offer an average 2022 listing price to income ratio of 3.5 for 25- 34 year-olds, much lower than the national rate of 5.1. Mattydale, N.Y. and Gloucester City, N.J. tied for the most affordable locations on the list. Strong housing markets: A home is an investment, and this is especially true for first-time buyers who are likely investing a large portion of their savings into a home. To help best protect that investment, it's important to buy in a location that has a strong local housing market and is likely to hold its value, if not appreciate. This year's markets are located within metro areas that have an average forecasted 2023 home sales growth rate of 1.2%, higher than the national rate which is expected to decline -14.1%. In terms of price growth, Somersworth, N.H. is located within the Boston metro area which is expected to have the highest growth in 2023 among the 10 places on our list (+9.5%), followed closely by the Madison metro area containing DeForest, Wisc.(+9.0%). Realtor.com® 2023 Best Markets for First-Time Homebuyers   Home shoppers can visit Realtor.com® to learn about the process, see if they might be eligible for down payment assistance and find out how much they can afford. Realtor.com®'s Buying Power tool enables shoppers to save their personal information to their profile, so each home listing will show if it is "affordable," "a stretch," "difficult" or "out of reach" based on a shopper's specific budget. Methodology Realtor.com® ranked towns with an expected 2023 population of at least 5,000 residents. The inventory of homes for sale and local median listing prices are from Realtor.com® December 2021 to November 2022 listing data and are reported at the city/place level. The cities and places are defined as postal codes mapped to Census Designated places and reflect approximate but not precise city or place boundaries. The population, household count, household income, and average commute time data were sourced from 2022 and 2023 Claritas estimates based on Census Bureau data. Population and household count numbers are at the city/place level but are also composed of mapped zip code data while household incomes and average commute times at the city/place level. The stated forecasted unemployment rates are Moody's Analytics projections of U.S. Bureau of Labor Statistics Local Area Unemployment Statistics for each city/place's surrounding metro area. Counts of food and beverage establishments are from 2020 County Business Patterns data and are also reported at the metro-level. The 2023 sales and price forecasts are Realtor.com® projections for each city/place's surrounding metro area as detailed in our 2023 Housing Forecast and Top Housing Markets for 2023 reports. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Home Affordability Worsens Across U.S. During Fourth Quarter of 2022 Despite Declining Home Prices
Major Home-Ownership Costs Consume 32 Percent of Average National Wage, Hitting 15-Year High; Portion of Wages Needed to Own Shoots Up as Rising Interest Rates Outweigh Falling Prices IRVINE, Calif. – Dec. 22, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its fourth-quarter 2022 U.S. Home Affordability Report showing that median-priced single-family homes and condos are less affordable in the fourth quarter of 2022 compared to historical averages in 99 percent of counties across the nation with enough data to analyze – far above the 68 percent of counties that were less affordable in the fourth quarter of 2021. The report further shows that the portion of average wages nationwide required for typical major home-ownership expenses has risen to 32.3 percent this quarter. That figure – considered unaffordable by traditional lending standards – is up from 29.6 percent in the third quarter of this year and from 23.8 percent a year ago. It now stands at its highest point since 2007. Affordability has worsened due to rising home-mortgage rates in the U.S., which offset the benefits of rising wages and a recent decline in home values. Higher loan rates in 2022 have pushed up major ownership expenses on median-priced homes by 10 percent this quarter even as the median price of single-family homes and condos nationwide dipped 3 percent this quarter, following a 4 percent drop over the Summer. But lower prices and a 1 percent gain in average wages have been too little to make up for the impact of these increased mortgage payments. "Prospective homebuyers – especially first-time buyers – can't seem to catch a break," said Rick Sharga, executive vice president of market intelligence at ATTOM. "For the past two years home prices have appreciated in double digits – 15 to 20 percent a year in some markets. Now that home prices have plateaued and even declined in some markets, buyers are faced with mortgage rates that have doubled, making home purchases even less affordable." The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 577 of the 581 counties analyzed in the fourth quarter of 2022 are less affordable than in the past. The latest number is up slightly from 572 of the same group of counties in the third quarter of 2022. But it is well up from 393 in the fourth quarter of 2021 and just 181, or less than a third, two years ago. Meanwhile, major home-ownership expenses on typical homes are unaffordable to average local wage earners during the fourth quarter of 2022 in 427, or about three-quarters, of the 581 counties in the report, based on the 28-percent lending guideline. Counties with the largest populations that are unaffordable in the fourth quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. The most populous of the 181 counties where major expenses on median-priced homes remain affordable for average local workers in the fourth quarter of 2022 are Cook County (Chicago), IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA, and Cuyahoga County (Cleveland), OH. Interest rates have more than doubled this year to almost 7 percent, inflation remains near 40-year highs and the stock market has declined. All those forces have helped drive down prices after a decade of gains. At this point, prices haven't declined enough to make up for rising mortgage costs. But affordability could shift back in favor of home seekers if mortgage rate hikes ease or if prices drop further. "There is a scenario where affordability improves as we move through 2023," Sharga added. "Wage growth continues to be strong; home prices appear to have stabilized and are even going down slightly; and mortgage rates may have peaked for this cycle, and could go down gradually next year. If those conditions remain in place, the affordability picture is much brighter for a lot of potential buyers." Home prices remain up at least 5 percent annually in two-thirds of U.S. but dip quarterly in most Despite the recent decline in the U.S. housing market, median single-family home and condo prices in the fourth quarter of 2022 remain up by at least 5 percent over the fourth quarter of 2021 in 361, or 63 percent, of the 581 counties included in the report. However, typical values have dropped from the third to the fourth quarter in 463, or 80 percent, of those counties. That has contributed to a nationwide 3 percent decrease in the median home price, from $335,000 in the third quarter of 2022 to $325,000 in the fourth quarter. The median is now down 6.9 percent from the peak of $349,000 in the second quarter of this year. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2022. Among the 48 counties in the report with a population of at least 1 million, the biggest year-over-year gains in median sales prices during the fourth quarter of 2022 are in Collin County (Plano), TX (up 34 percent); Hillsborough County (Tampa), FL (up 18 percent); Miami-Dade County, FL (up 17 percent); St. Louis County, MO (up 16 percent) and Palm Beach County (West Palm Beach), FL (up 16 percent). Counties with a population of at least 1 million where median prices have dropped most, year-over-year, during the fourth quarter of 2022 are Philadelphia County, PA (down 13 percent); New York County (Manhattan), NY (down 4 percent); Honolulu County, HI (down 4 percent); Bronx County, NY (down 1 percent) and Santa Clara County (San Jose), CA (down 1 percent). Annual price gains still outpacing wage growth in majority of markets Annual home-price appreciation has surpassed weekly annualized wage growth in the fourth quarter of 2022 in 327 of the 581 counties analyzed in the report (56 percent). But that was down from 84 percent of counties analyzed in the third quarter of this year. The latest group where price gains are outpacing wage gains includes Kings County (Brooklyn), NY; Miami-Dade County, FL; Dallas County, TX; Queens County, NY, and Clark County (Las Vegas), NV. Average annualized wage growth has surpassed year-over-year home-price appreciation in the fourth quarter of 2022 in 254 of the counties in the report (44 percent). That was up from 16 percent of counties analyzed in the third quarter of this year. The latest group where wages are going up faster than prices include Los Angeles County, CA; Cook County, (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Portion of wages needed for home ownership increases throughout the U.S., with 28-percent benchmark exceeded in three-quarters of the nation With mortgage rates rising close to 7 percent, the portion of average local wages consumed by major expenses on median-priced, single-family homes and condos has increased from the third to the fourth quarter of 2022 in 97 percent of the 581 counties analyzed, helping to drive up the expense-to-wage ratio nationwide. The amount needed now tops the 28-percent lending guideline in 427, or about three-quarters of those counties, assuming a 20 percent down payment. That is up from 388, or two-thirds, of the same group of counties in the third quarter of 2022, and from 246, or less than half, in the fourth quarter of last year. Counties with the largest quarterly increase in the portion of average local wages needed for major ownership expenses are Santa Cruz County, CA (up from 105.3 percent in the third quarter of 2022 to 124.7 percent in the fourth quarter of 2022); Maui County, HI (up from 89.5 percent to 104.3 percent); Beaufort County (Hilton Head), SC (up from 54.2 percent to 68 9 percent); Gallatin County (Bozeman), MT (up from 54.5 percent to 67.3 percent) and Alexandria City County, VA (outside Washington, DC) (up from 42.8 percent to 55.2 percent). Those that require the largest percentage of wages are Santa Cruz County, CA (124.7 percent of annualized weekly wages needed to buy a single-family home); Kings County (Brooklyn), NY (114.6 percent); Marin County, CA (outside San Francisco) (109.6 percent); Maui County, HI (104.3 percent) and San Luis Obispo, CA (outside Bakersfield) (94.2 percent). Aside from Kings County, NY, counties with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the fourth quarter of 2022 include Queens County, NY (82.7 percent); Orange County, CA (outside Los Angeles) (82 percent); Alameda County (Oakland), CA (74.8 percent) and Nassau County (Long Island), NY (72 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the fourth quarter of this year are Macon County (Decatur), IL (12 percent of annualized weekly wages needed to buy a home); Schuylkill County, PA (outside Allentown) (12.8 percent); Peoria County, IL (13.5 percent); St. Lawrence County, NY (north of Syracuse) (13.6 percent) and Cambria County, PA (east of Pittsburgh (14.1 percent). Counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the fourth quarter of 2022 include Wayne County, (Detroit), MI (16.9 percent); Philadelphia County, PA (18.2 percent); Cuyahoga County (Cleveland), OH (19.7 percent); Allegheny County (Pittsburgh), PA (20.7 percent) and St. Louis County, MO (24.1 percent). Annual wages of more than $75,000 needed to afford typical home in half of markets With affordability declining, annual wages of more than $75,000 are needed to pay for major costs on the median-priced home purchased during the fourth quarter of 2022 in 291, or 50 percent, of the 581 markets in the report. The top 25 highest annual wages required to afford typical homes again are on the east or west coast, led by San Mateo County (outside San Francisco), CA ($367,563); New York County (Manhattan), NY ($364,861); Marin County (outside San Francisco), CA ($349,140); San Francisco County, CA ($327,634) and Santa Clara County (San Jose), CA ($322,775). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2022 are in Cambria County, PA (east of Pittsburgh) ($22,502); Schuylkill County, PA (outside Allentown) ($22,974); St. Lawrence County, NY (north of Syracuse) ($26,714); Macon County (Decatur), IL ($26,788) and Bibb County (Macon), GA ($27,332). Historic affordability continues downward, dropping in nearly all counties Among the 581 counties analyzed, 99 percent are less affordable in the fourth quarter of 2022 than their historic affordability averages. That is virtually the same as the 98 percent level in the third quarter of 2022, but is up from 68 percent of the same counties a year ago. Historic indexes worsened in 97 percent of those counties, helping to drive the nationwide index down to its lowest point since the second quarter of 2007, just before an economic contraction known as the Great Recession hit. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Collin County (Plano), TX (index of 50); Hillsborough County (Tampa), FL (55); Wayne County (Detroit), MI (55); Mecklenburg County (Charlotte), NC (56) and Maricopa County (Phoenix), AZ (56). Counties with the worst affordability indexes in the fourth quarter of 2022 are Rankin County (outside Jackson), MS (index of 44); Clayton County, GA (outside Atlanta) (45); Jackson County, MS (outside Mobile, AL) (48); Benton County (Kennewick), WA (48) and Newton County, GA (outside Atlanta) (49). Among counties with a population of at least 1 million, those where the affordability indexes have declined most from the third quarter of 2022 to the fourth quarter of 2022 are Collin County (Plano), TX (index down 20 percent); St. Louis County, MO (down 13 percent); Miami-Dade County, FL (down 12 percent); Alameda County (Oakland), CA (down 12 percent) and Fulton County (Atlanta), GA (down 11 percent). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 581 U.S. counties with a combined population of 257.8 million during the fourth quarter of 2022. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $325,000 in the fourth quarter of 2022 requires an annual wage of $80,142. That is based on a $65,000 down payment, a $260,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning wage earners would not be spending more than 28 percent of their pay on mortgage payments, property taxes and insurance. That required income is more than the $69,381 average wage nationwide, based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Zillow names the 10 best metros for first-time home buyers in 2023
These places offer the best mix of affordability and selection, and are seeing a higher share of price cuts SEATTLE, Dec. 7, 2022 -- As the share of buyers purchasing a home for the first time rebounds to pre-pandemic levels amid a changing market, a new Zillow analysis rates Wichita, Kansas, as the top area in America for potential first-time home buyers. Zillow ranked U.S. metros based on factors that included mortgage and rent affordability for first-time home buyers, available homes for sale and the share of listings with a price cut. "Although housing affordability is extremely challenging these days, some markets will be more hospitable than others for first-time home buyers," said Zillow senior economist Orphe Divounguy. "These metros are potential hotbeds for those looking to buy their first home. Not only will shoppers find more affordable monthly mortgage costs and have an easier time qualifying for a smaller loan, but rent also is more affordable than elsewhere in the country, shortening the time it takes to save for a down payment." Top 10 best metros for first-time home buyers Wichita, KS Toledo, OH Syracuse, NY Akron, OH Cleveland, OH Tulsa, OK Detroit, MI Pittsburgh, PA St. Louis, MO Little Rock, AR Wichita, the largest metro in Kansas, landed the top spot largely because of its relative affordability — it's among the top metros where people spend the smallest share of their income on rent and mortgage costs. And it has a higher share of for-sale listings relative to active shoppers, which means more options and bargaining power for potential home buyers. Wichita home shoppers can also find a number of deals popping up, with 22% of listings seeing a price cut in October. Three Ohio metros — Toledo, Akron and Cleveland — are also among the top 10. Detroit is the largest metro in the top 10, ranking as the nation's 12th largest. St. Louis (18th) and Pittsburgh (22nd) also are on the list and are among the nation's 30 largest metros. Wichita rose to the top for similar reasons earlier this year when Zillow analyzed the best metros for single renters. Areas with more affordable housing, such as in the Midwest and Great Lakes regions, should see relatively healthier markets and stronger sales in 2023 when compared to other U.S. markets. "Affordability remains the No. 1 challenge for first-time home buyers," said Amanda Pendleton, Zillow's home trends expert. "If they can overcome that significant hurdle, aspiring buyers have a better chance of landing a home than they've had in several years. They have more options, more time to decide and more negotiating power, meaning they may be able to land their dream home at a discount." As the market continues to change amid a high-interest-rate environment, Zillow has gathered tools on one easy-to-navigate web page that can help aspiring first-time buyers make the leap to homeownership. Zillow's top 10 best metros for first-time home buyers Methodology The Zillow Best Markets for First-Time Home Buyers index captures the extent to which housing market conditions are supportive of home-buying activity, particularly for first-time home buyers. The index employs four variables: mortgage affordability; rent affordability; the inventory-to-buyer ratio, which indicates available supply; and the share of listings with a price cut. Since affordability is the biggest challenge facing the housing market today, the index weighs the affordability metrics more heavily than the other two components. Lower rent shortens the time it takes to save for a down payment. A larger share of listings with a price cut and a higher number of active for-sale listings relative to the number of active shoppers mean more options and greater bargaining power for potential home buyers in those markets. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

NAR Forecasts 4.78 Million Existing-Home Sales, Stable Prices in 2023
Atlanta named top real estate market to watch next year WASHINGTON (December 13, 2022) – Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023 and beyond. Yun unveiled the association's forecast today during NAR's fourth annual year-end Real Estate Forecast Summit. Yun predicts home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500). "Half of the country may experience small price gains, while the other half may see slight price declines," Yun said. "However, markets in California may be the exception, with San Francisco, for example, likely to register price drops of 10–15%." Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages. Yun forecasts U.S. GDP will grow by 1.3%, roughly half the typical historical pace of 2.5%. After eclipsing 7% in late 2022, he expects the 30-year fixed mortgage rate to settle at 5.7% as the Fed slows the pace of rate hikes to control inflation. Yun noted this is lower than the pre-pandemic historical rate of 8%. Top 10 Real Estate Markets to Watch in 2023 and into the Future NAR identified 10 real estate markets that it expects to outperform other metro areas in 2023. In order, the markets are as follows: Atlanta-Sandy Springs-Marietta, Georgia Raleigh, North Carolina Dallas-Fort Worth-Arlington, Texas Fayetteville-Springdale-Rogers, Arkansas-Missouri Greenville-Anderson-Mauldin, South Carolina Charleston-North Charleston, South Carolina Huntsville, Alabama Jacksonville, Florida San Antonio-New Braunfels, Texas Knoxville, Tennessee "The demand for housing continues to outpace supply," Yun said. "The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023." NAR selected the top 10 real estate markets to watch in 2023 based on how they compared to the national average on the following economic indicators: 1) better housing affordability; 2) greater numbers of renters who can afford to buy a median-priced home; 3) stronger job growth; 4) faster growth of information industry jobs; 5) higher shares of the information industry in the respective local GDPs; 6) migration gains; 7) shares of workers teleworking; 8) faster population growth; 9) faster growth of active housing inventory; and 10) smaller housing shortages. To view NAR's On the Horizon: Markets to Watch in 2023 and Beyond report, visit this page. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Homebuying Costs Aren't Coming Down in 2023
Buyers will face home price increases nationally (+5.4%) and in all of the 100 largest markets in 2023, but those who can afford to persist will find more inventory than last year (+22.8%) SANTA CLARA, Calif., Nov. 30, 2022 -- Amid higher mortgage rates and budgets squeezed by inflation, homebuyers looking for affordability in 2023 will find that prices aren't coming down, according to the Realtor.com® 2023 Housing Forecast released today. Instead, with the housing market beginning a gradual adjustment that could last through 2025, what next year will offer buyers is less competition for a growing number of for-sale homes. Overall in 2023,1 Realtor.com® forecasts that buyers and sellers can expect: Average mortgage rates of 7.4%, with early 2023 hikes followed by a slight retreat to 7.1% by year-end. Home sales prices won't come down, but growth will moderate to a single-digit yearly pace (+5.4%) for the first time since 2020. Rents (+6.3% year-over-year) will outpace home prices and likely hit new highs, further adding to budget pressures – especially for first-time buyers. An increase in existing homes for sale (+22.8% year-over-year), as the inventory refresh that began last summer accelerates. Home sales will decline 14.1% year-over-year to 4.53 million, the lowest level since 2012 (see table below). "Compared to the wild ride of the past two years, 2023 will be a slower-paced housing market, which means drastic shifts like price declines may not happen as quickly as some have anticipated. It will be a challenging year for both buyers and sellers, but an important one in setting the stage for home sales to return to a sustainable pace over the next two to three years," said Danielle Hale, Chief Economist for Realtor.com®. "With mortgage rates continuing to climb as the Fed navigates the economy to a soft-ish landing, higher costs will lead to fewer closings, but that doesn't mean homebuying will stop entirely in 2023. Americans who are determined to make a move will find that staying up-to-date on the market, flexibility, creativity and a healthy dose of patience will go a long way toward success in the year ahead." Key 2023 housing trends and wildcards A second wind in the second half. Although home sales are expected to slow overall in 2023, Realtor.com®'s forecast points to the possibility of a second wind in buying activity in the second half of the year. With mortgage rate hikes projected to continue through March, the Spring season will likely be less busy than in a typical year as buyers and sellers recalibrate their expectations around smaller budgets. This break could provide space for demand to renew as mortgage rates dip later in the year, when home shoppers will also have more options and bargaining power. A trifecta of budget barriers awaits buyers. In 2023, incomes are expected to grow (+3.9%), but not enough to offset higher mortgage rates (7.4%) and home prices (+5.4%), creating a trifecta of budget barriers. The typical monthly mortgage payment will be $2,430, 28% higher than in 2022, which will likely price many home shoppers out of the market. This will especially be a concern for first-time buyers. As rents will likely reach new highs, it will leave less room for saving towards a down payment. At the same time, some home shoppers may consider exploring new financial options like adjustable rate mortgages (ARMs), a trend that has already begun to take shape in 2022. It isn't '08. During the mid-2000s housing boom, home sales were elevated for more than five years, and it took another five years for home sales to recover from the economic aftermath. Comparatively, mortgage rate hikes have brought a quicker but less dramatic end to the recent frenzy, during which buyers have been better qualified than in '08. Moving forward, home price growth will slow and may even decline periodically as prices largely stabilize over the next two-to-three years. The homeownership rate is predicted to hold in 2023. Some homeowners could still make bank. In 2023, the typical homeowner is projected to gain $25,650 in equity as prices keep rising. With real estate wealth already much higher than pre-COVID, these trends offer a positive reality check for sellers who have been increasingly pessimistic about entering the market as listing prices have pulled back from last year's peak. While bidding wars won't be the norm in 2023, sellers who have owned their home for a longer period of time are still likely to make a profit. And those living in relatively affordable areas may still command offers above asking, driven by continued home shopper interest in relocating to lower-priced markets. 2023 puts the "wild" in wildcards: Political and economic events can always shake up the housing outlook, as was the case with major financial shifts in 2022. Along with factors including supply chain disruptions and the conflict in Ukraine, markets have largely begun to adjust for these changes, such as with the Fed's efforts to combat inflation with rate hikes. As such, forecasted 2023 housing trends don't anticipate a major shakeup like a recession, but it's still a possibility. Buyers and sellers should keep an eye out for risk signs like a substantial weakening in the jobs market, beyond the mild uptick in unemployment that is projected, as businesses are potentially disrupted by shifting geopolitical, financial and economic conditions. Although a potential recession may lead to lower mortgage rates, ultimately buyers' purchasing power would suffer. And for sellers, this would likely mean less demand and potential price drops. "Of the many factors that are expected to affect the housing market in 2023, affordability tops the list of issues most likely to make or break buyers' plans. Still, our forecast does offer promise for home shoppers who are well-prepared. Tools like Realtor.com®'s Buying Power can help you understand how various rate changes and options impact your budget, and seamlessly integrate into the home search experience to help you stay on track financially," Hale added. 2023 Forecasted Housing Metrics & Historical Data – National 2023 Forecasted Housing Metrics – 100 Largest U.S. Metros (in alphabetical order) Methodology Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate values for these variables in the year ahead. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

New Realtor.com Data Highlights the Impact of Wildfire and Flood Risk on Consumer Behavior and Home Prices
Homebuyers show stronger demand for safer homes in at-risk areas; safer homes appreciate slightly faster than those with higher risk SANTA CLARA, Calif., Nov. 16, 2022 -- More than $8.8 trillion in home value is at moderate-to-high risk of wildfire and $6.5 trillion in home value is at moderate-to-high risk of flood damage over the next 30 years, according to data from Realtor.com® and First Street Foundation. As the frequency and intensity of weather events increases, it's not surprising that consumers are taking these issues into account when looking for a home. New research released today by Realtor.com® found that homebuyers generally show a preference for lower risk homes, which in turn appreciate at a slightly faster pace, and that the preference can be more pronounced in some areas of higher risk where awareness may be greater. Homes with less climate risk appreciate faster Homes with a low risk of flood damage appreciate at 1.5 percentage points faster than homes with a high risk of flood damage. During the last flood-related disaster season (July - Sept. 2021), the growth rate gap increased to 1.7 percentage points, suggesting that flood risk was top-of-mind for buyers. Homes at low risk of wildfire appreciate at 3.7 percentage points faster than homes at high risk of wildfire. During the last wildfire season (July - Sept. 2021), the growth rate gap held steady at 3.7 percentage points, suggesting that awareness may be lower for wildfire than it is for flood. A recent Realtor.com® survey found that 71% of recent homebuyers considered the risk of natural disasters when deciding where to move and 47% are more concerned about natural disasters today than they were five years ago. Additionally, a 2021 Realtor.com® survey found that 34% of homeowners would consider moving or selling their home due to concerns about natural disasters. "Our data shows that users have a small but consistent preference toward lower risk homes. Buying a home is an extremely personal decision and many people are willing to take on more risk in order to have a water view or find a more affordable property," said Danielle Hale, Chief Economist at Realtor.com®. "Consumers are increasingly aware of the risk that wildfires and flooding can have on their home. However, it's important to keep in mind that while climate-related risk is a factor that consumers might take into account, it is one of many considerations when deciding where to live and what home to purchase." Homebuyers weighing climate risks when shopping Home shoppers on Realtor.com® who interact with the flood feature tend to shift toward viewing homes with lower risk than where they began. This is especially true in Florida, Louisiana and South Carolina where consumers shift to viewing details for homes with 5-7% lower risk scores. On the other hand, users in Mississippi shift from viewing homes with lower risk to homes with a higher risk of flooding, indicating that the users are willing to take some risk to find a property that meets their needs and may be more price sensitive. Wildfires seem to be less top-of-mind for home shoppers. In California, Oregon and Utah consumers who interact with the tool continue to look at homes with the same or similar risk scores. However, in Arizona, Florida and Mississippi, users of the tool tend to shift toward properties with higher risk, suggesting that awareness of wildfire risk might be lower than for flood or that consumers might be more price sensitive. "We felt that it was important to add natural disaster information to Realtor.com® to help home shoppers and homeowners better understand their risks and take preventative steps to help mitigate that risk," said Sara Brinton, lead product manager at Realtor.com®. "In the two years since we added flood risk data to the site, it has become one of our most popular features and we're proud to be able to provide this important information to consumers so that they can make informed decisions during the home shopping process." About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Pressure is back on sellers to attract buyers as demand softens
Homes that sell are doing so quickly, while others are languishing on the market SEATTLE, Oct. 31, 2022 -- The housing market is rebalancing after the most competitive and frenetic period in recent memory. While homes that sell are still doing so relatively quickly — slower than at the height of last year's frenzy, but more quickly than pre-pandemic norms — a new Zillow® analysis finds other homes are lingering on the market much longer, pointing to the need for sellers to build an attractive and competitively priced listing to attract a buyer in today's market. Differences in days to pending (the median number of days homes that sell have been listed before an offer is accepted) and the age of inventory (the median number of days homes currently listed for sale have been on the market) can reveal valuable information for home sellers, especially during a time of transition, like now. Markets with a large spread in these two metrics may be seeing certain home types, neighborhoods or price points attracting buyers, while others are not. Homes that went pending in September typically did so after 19 days. That's a far cry from the record lows seen during much of the pandemic when homes went pending after a week on the market, but 10 days faster than in September 2019. However, that only takes into account homes that find a buyer. Looking at the full stock of for-sale listings, homes have been on the market a median of 54 days as of mid-October, a 45% increase from a year earlier. "Last year, sellers could seemingly list their home at any price and see multiple offers roll in above list price within days," said Zillow senior economist Nicole Bachaud. "Now, buyers have some negotiating power, and sellers are under pressure. Buyers are still out there and willing to buy when they find the right home at the right price, which will provide a floor for the price declines we are currently seeing. But sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers. Especially in a market that's quickly changing like today's, working with an experienced agent who knows the local market is valuable." Since an all-time low of 19 days in early April, the median age of inventory on Zillow has grown at the fastest rate since at least 2018, when this analysis began. While demand has certainly cooled — Zillow estimates there are 32% fewer active buyers than there were a year ago, though still more than there were in September 2019 — the rapid growth in the median age of inventory may say more about how intensely competitive last year was than about what is happening today. In 2021, the flow of new listings was on par with prior years, but there were so many buyers flooding the market that listings were gone in the blink of an eye. Even now, the median age of inventory is 30% below pre-pandemic norms. If age of inventory continues to grow at this rapid pace — not a bad bet given we are nearing what is usually the slowest time of year for the housing market — inventory is estimated to be on the market a median of 68 days by the end of this year. That would be more than a month shorter than before the pandemic. For-sale homes had typically been on the market for 100 days at the end of both 2018 and 2019. The rapid increase in the age of inventory is primarily because the dip in buyer demand has been deeper than the drop in new listings. Buyers are pulling back primarily due to affordability hurdles, as mortgage rates have risen, and the pace of sales has slowed. Homeowners are reluctant to sell and give up what is likely a mortgage rate of around 3% in order to buy a new home at today's interest rates. The lack of new inventory hitting the market means the share of inventory taken up by listings a week old or less is down 42% from a year ago. Markets in which both days to pending and the median age of inventory are growing indicate demand is slowing across the board. Many of these markets were among the hottest during the height of last year's buying frenzy and had plenty of room to cool. Austin and Las Vegas are prime examples. Some markets have seen days to pending stay fairly low, while the median age of inventory has risen much more. This indicates that a subset of homes continue to see strong competition as buyers snatch them off the market quickly, while others linger. One example is St. Louis, where typical days to pending has remained about a week, while the median age of inventory has jumped to 40 days from a low of nine days this spring. Homeowners who are thinking about selling their home should consider their online curb appeal. Zillow 3D Home tours can help a listing stand out — two-thirds of buyers say 3D tours help them get a better feel for the space than static photos, and prior Zillow research has shown homes that feature a Zillow 3D Home tour are more likely to be "favorited" (saved on Zillow for future viewings) and viewed than those listings without. Hiring an agent with a pulse on a seller's local market can help as well, advising the seller through all the critical decisions during the process. Sellers can click Agent Finder on the Zillow homepage to help identify the right agent by reading customer reviews and reviewing an agent's recent sale history. *Table ordered by market size **Pre-pandemic average is the average of the median ages of inventory in the weeks of October 21, 2018 and October 20, 2019 About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Home-Seller Profits Drop Across U.S. in Third Quarter as Housing Market Boom Eases
Profit Margins on Typical Home Sales Dip Three Points Quarterly Amid Decline in National Median Price; Investment Returns Remain Near Record Levels, But Decrease at Fastest Pace in 11 Years; Median U.S. Home Value Down 3 Percent Quarterly During Peak Selling Season IRVINE, Calif. – Oct. 20, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales across the United States decreased to 54.6 percent as home prices declined for the first time in almost three years. The drop-off in typical profit margins, from 57.6 percent in the second quarter, came as the median national home value went down 3 percent quarterly, to roughly $340,000. "Rapidly-rising mortgage rates have not only resulted in fewer home sales, but have begun to impact home prices as well," said Rick Sharga, executive vice president of market intelligence at ATTOM. "With rates the highest they've been in over 20 years, homebuyers face serious affordability challenges, with monthly payments in some markets up 50 percent year-over-year. It's very likely that home prices will continue to weaken in many markets in the coming months." Typical investment returns for home sellers did remain up from 48.8 percent in the third quarter of 2021 and were still at near-record levels for this century – some 20 points higher than just two years earlier. The national median home price also stayed near its all-time high – more than double where it stood a decade earlier. But the investment-return decline during this year's summertime home-selling season marked the largest quarterly downturn since 2011, when the nation was mired in the aftereffects of the Great Recession that hit in the late 2000s. The third-quarter reversal also represented the first time since 2010 that seller returns went down from a second quarter to a third quarter period. Gross profits also decreased from the second quarter to the third quarter of 2022, dropping 6 percent on the typical single-family home and condo sale across the country to $120,100. That quarterly decrease was the largest since early 2017. The third-quarter profit and price trends emerged amid growing headwinds that threaten to end or significantly cool down the nation's decade-long housing market boom. Average mortgage rates have doubled this year, passing 6 percent for a 30-year fixed-rate loan, while the stock market has slumped and consumer price inflation is at a 40-year high. Foreclosure activity by lenders also has more than doubled over the past year. Those forces have raised home-ownership costs for buyers, cut into resources available for down payments on purchases and eaten into overall household budgets. They also have boosted the supply of homes for sale, putting further downward pressure on prices. Profit margins drop quarterly while still up annually across most of U.S. Typical profit margins – the percent change between median purchase and resale prices – decreased from the second quarter of 2022 to the third quarter of 2022 in 127 (68 percent) of the 186 metropolitan statistical areas around the U.S. with sufficient data to analyze. They declined by at least three percentage points in about half of those metro areas, although returns were still up annually in 145 of them (78 percent). The biggest quarterly decreases in typical profit margins came in the metro areas of Claremont-Lebanon, NH (margin down from 72.8 percent in the second quarter of 2022 to 52.4 percent in the third quarter of 2022); San Francisco, CA (down from 85.1 percent to 65.4 percent); Prescott, AZ (down from 86.3 percent to 70.8 percent); Barnstable, MA (down from 74.5 percent to 59.6 percent) and Trenton, NJ (down from 74.5 percent to 61 percent). Aside from San Francisco, the biggest quarterly profit-margin decreases in metro areas with a population of at least 1 million in the third quarter of 2022 were in Seattle, WA (return down from 87.2 percent to 73.7 percent); San Jose, CA (down from 87.5 percent to 76.7 percent); Raleigh, NC (down from 65.6 percent to 56 percent) and Birmingham, AL (down from 40.5 percent to 31.3 percent). Typical profit margins increased quarterly in just 59 of the 186 metro areas analyzed (32 percent). The biggest quarterly increases were in Macon, GA (margin up from 44.7 percent in the second quarter of 2022 to 82.4 percent in the third quarter of 2022); Rockford, IL (up from 29.9 percent to 41.8 percent); Davenport, IA (up from 29.2 percent to 40 percent); Akron, OH (up from 52.8 percent to 60.3 percent) and Hilo, HI (up from 103.3 percent to 110.9 percent). The largest quarterly increases in profit margins among metro areas with a population of at least 1 million came in Milwaukee, WI (up from 51.4 percent to 54.9 percent); Miami, FL (up from 68 percent to 70.9 percent); Cincinnati, OH (up from 50.6 percent to 53.4 percent); Nashville, TN (up from 56.4 percent to 58.7 percent) and Grand Rapids, MI (up from 73 percent to 75.3 percent). Prices flat or down in half the metro areas around the U.S. Median home prices in the third quarter of 2022 decreased from the prior quarter or stayed the same in 98 (53 percent) of the 186 metro areas with enough data to analyze, although they were still up annually in 180 of those metros (97 percent). Nationally, the median price of $339,815 in the third quarter was down 2.7 percent from $349,266 in the second quarter of 2022, but still up 9.4 percent from $310,500 in the third quarter of last year. "If the Federal Reserve's objective was to slow down the housing market, it has succeeded spectacularly," noted Sharga. "The market has gone from double digit annual home price appreciation to below 3 percent, and declining quarter-over-quarter prices. But the impact of 6 and 7 percent mortgage rates means that many homes are still out of the reach of prospective buyers, even with prices declining slightly." The biggest decreases in median home prices from the second to the third quarter of 2022 were in San Francisco, CA (down 13 percent); Charleston, NC (down 12.8 percent); Crestview-Fort Walton Beach, FL (down 11.3 percent); San Jose, CA (down 8.3 percent) and Naples, FL (down 8.2 percent). Aside from San Francisco and San Jose, the largest quarterly median-price declines in metro areas with a population of at least 1 million in the third quarter of 2022 were in New Orleans, LA (down 7.5 percent); Seattle, WA (down 7.2 percent) and San Diego, CA (down 5.3 percent). The largest increases in median prices from the second to the third quarter of 2022 were in Trenton, NJ (up 14.6 percent); Albany, NY (up 8.7 percent); New York, NY (up 7.5 percent); Wichita, KS (up 7.1 percent) and Philadelphia, PA (up 6.7 percent). Aside from New York and Philadelphia, the biggest quarterly increases in metro areas with a population of at least 1 million in the third quarter of 2022 were in Cleveland, OH (up 4.7 percent); Detroit, MI (up 4.5 percent) and St. Louis, MO (up 4.1 percent). Homeownership tenure up, but remains historically low Homeowners who sold in the third quarter of 2022 had owned their homes an average of 5.98 years. That was up from 5.84 years in the second quarter of 2022, but still down from 6.28 years in the third quarter of 2021. Average tenure decreased from the third quarter of 2021 to the same period this year in 81 percent of metro areas with sufficient data. Nineteen of the 25 longest average tenures among sellers in the third quarter of 2022 were in the Northeast or West regions. They were led by Manchester, NH (8.92 years); Kahului-Wailuku, HI (8.26 years); Claremont-Lebanon, NH (8.22 years); Bridgeport, CT (7.89 years) and Honolulu, HI (7.88 years). The smallest average tenures among third-quarter sellers were in Lakeland, FL (1.32 years); Bremerton, WA (1.88 years); Gainesville, GA (2.48 years); Raleigh, NC (3.24 years) and Portland, ME (3.24 years). Lender-owned foreclosures remain at low point for this century Home sales following foreclosures by banks and other lenders again represented just 1 percent of all U.S. single-family home and condo sales in the third quarter of 2022 – tied for the lowest portion since at least 2000. The latest portion of REO sales was the same as the 1 percent level recorded in the second quarter of 2022 and down from 1.2 percent in the third quarter of last year. REO sales represented only one of every 98 sales in the third quarter of 2022, a rate that was 1/30th of this century's high point of one in three in first quarter of 2009. Among metropolitan statistical areas with sufficient data, those areas where REO sales represented the largest portion of all sales in the third quarter of 2022 included Flint, MI (3 percent, or one in 34 sales); Chicago, IL (2.6 percent); St. Louis, MO (2.5 percent); Syracuse, NY (2.3 percent) and New Haven, CT (2.3 percent). Cash sales remain near eight-year high Nationwide, all-cash purchases accounted for 35.7 percent of all single-family home and condo sales in the third quarter of 2022. The third-quarter-of-2022 number was down slightly from 36 percent in the second quarter of 2022 but still up from 33.9 percent in the third quarter of last year. Among metropolitan areas with sufficient cash-sales data, those where cash sales represented a large share of all transactions in the third quarter of 2022 included Columbus, GA (76.8 percent); Augusta, GA (76.6 percent); Gainesville, GA (68.3 percent); Myrtle Beach, SC (67.3 percent) and Atlanta, GA (61.9 percent). Those where cash sales represented the some of the smallest share of all transactions in the third quarter of 2022 included Lincoln, NE (14.9 percent of all sales); Vallejo, CA (17.6 percent); San Jose, CA (18.8 percent); Kennewick, WA (19.4 percent) and Spokane, WA (20.2 percent). Institutional investment increases slightly Institutional investors nationwide accounted for 6.7 percent, or one of every 15 single-family home purchases in the third quarter of 2022. That was up from 6.4 percent in the second quarter of 2022, but still down from 8.4 percent in the third quarter of 2021. Among states with enough data to analyze, those with the largest percentages of sales to institutional investors in the third quarter of 2022 were Arizona (14.3 percent of all sales), Georgia (12.7 percent), Tennessee (10.7 percent), Nevada (10.6 percent) and North Carolina (10.2 percent). States with the smallest levels of sales to institutional investors in the third quarter of 2022 included Hawaii (1.9 percent of all sales), Rhode Island (2.1 percent), Maine (2.1 percent), New Hampshire (2.3 percent) and Louisiana (2.5 percent). FHA-financed purchases increase after year of declines Nationwide, buyers using Federal Housing Administration (FHA) loans comprised 7.9 percent of all single-family home purchases in the third quarter of 2022 (one of every 13). That was up from 6.7 percent in the second quarter of 2022 – the first quarterly gain in a year. But it still remained down from 8.2 percent a year earlier. Among metropolitan statistical areas with sufficient FHA-buyer data, those with the highest levels of FHA buyers in the third quarter of 2022 included Bakersfield, CA (20.8 percent of all sales); Visalia, CA (19.6 percent); Modesto, CA (17.9 percent); Hagerstown, MD (17.3 percent) and Vallejo, CA (16.9 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

California, New Jersey and Illinois Again Dominate List of Vulnerable Housing Markets
Chicago and New York City Areas Remain Most Exposed to Potential Downturns in Second Quarter of 2022; Other More-At-Risk Markets Scattered Around Nation; South Region Continues to be Less Vulnerable IRVINE, Calif. - Sept. 15, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, unemployment and other measures in the second quarter of 2022. The report shows that New Jersey, Illinois and inland California continued to have the highest concentrations of the most-at-risk markets in the second quarter – with the biggest clusters in the New York City and Chicago areas. Southern and midwestern states remained less exposed. The second-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 33 of the 50 counties most vulnerable to potential declines. The 50 most at-risk included nine in and around New York City, six in the Chicago metropolitan area, and 13 spread through northern, central and southern California. The rest of the top 50 counties were scattered across the U.S., including three in the Philadelphia, PA, metro area. At the other end of the risk spectrum, the South and Midwest had the highest concentration of markets considered least vulnerable to falling housing markets. "The Federal Reserve has promised to be as aggressive as it needs to be in order to get inflation under control, even if its actions lead to a recession," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Given how little progress has been made reducing inflation so far, the Fed's actions seem more and more likely to drive the economy into a recession, and some housing markets are going to be more vulnerable than others if that happens." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes, and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 575 counties around the United States with sufficient data to analyze in the second quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The ongoing wide disparities in risks throughout the country comes during a time when the U.S. housing market faces headwinds that threaten to slow down or end an 11-year surge in home prices. Sales of both existing and new homes have declined as mortgage rates have almost doubled to 6 percent over the past year, and inflation remains near a 40-year high. However the most recent risk gaps do not suggest an imminent fall in housing markets anywhere in the nation. Home prices have risen more than 10 percent in most of the country over the past year, with new highs hit in the vast majority of metropolitan-area markets. That has kept homeowner equity and home-seller profits rising. Those numbers have continued to improve as demand, buoyed by increasing household formation by young adults and rising wages has continued to outpace an historically tight supply of properties for sale. Amid that mixed scenario, home affordability is worsening, lender foreclosures on delinquent mortgages are up and the number of home sales is slowing, with local housing markets heading into that uncertain future facing significant differences in risk measures. Most-vulnerable counties clustered in the Chicago, New York City and Philadelphia areas, along with sections of California Thirty-one of the 50 U.S. counties considered most vulnerable in the second quarter of 2022 to housing market troubles (from among 575 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; and Philadelphia, PA, as well as in California. California markets on the list were mostly inland, away from the coast. The top 50 counties included two in New York City (Kings and Richmond counties, which cover Brooklyn and Staten Island), seven in the New York City suburbs (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey and Rockland County in New York) and six in the Chicago metropolitan area (Cook, Kane, Kendall, McHenry and Will counties in Illinois and Lake County, IN). The three in the Philadelphia, PA, metro area that were among the top 50 most at-risk in the second quarter were Philadelphia County, along with Camden and Gloucester counties in New Jersey. Elsewhere, California had 13 counties in the top 50 list: Butte County (Chico), Humboldt County (Eureka), Shasta County (Redding) and Solano County (outside Sacramento) in the northern part of the state; Fresno County, Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Modesto), San Joaquin County (Stockton) and Tulare County (outside Fresno) in central California, and Kern County (Bakersfield), Riverside County and San Bernardino County in the southern part of the state. Counties most at-risk continue to have higher levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in 35 of the 50 counties that were most vulnerable to market problems in the second quarter of 2022. The highest percentages in those markets were in Kings County (Brooklyn), NY (102.9 percent of average local wages needed for major ownership costs); Riverside County, CA (67.6 percent); Rockland County, NY (outside New York City) (66.2 percent); Richmond County (Staten Island), NY (61.8 percent) and San Joaquin County (Stockton), CA (58.7 percent). Nationwide, major expenses on typical homes sold in the second quarter required 31.5 percent of average local wages. At least 7 percent of residential mortgages were underwater in the second quarter of 2022 in 23 of the 50 most at-risk counties. Nationwide, 5.9 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Rockland County, NY (outside New York City) (19.2 percent of mortgages were underwater); Lake County, IN (outside Chicago, IL) (18.9 percent); Peoria County, IL (17.6 percent); Philadelphia County, PA (16.1 percent) and Saint Clair County, IL (outside St. Louis, MO) (16.1 percent). More than one in 1,000 residential properties faced a foreclosure action in the second quarter of 2022 in 40 of the 50 most at-risk counties. Nationwide, one in 1,559 homes were in that position. Foreclosure actions have risen since the expiration last July of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the early part of the Coronavirus pandemic that hit in 2020. They are expected to continue increasing over the coming year. The highest rates in the top 50 counties were in Cuyahoga County (Cleveland), OH (one in 365 residential properties facing possible foreclosure; Cumberland County, NJ (outside Philadelphia, PA) (one in 373); Warren County, NJ (outside Allentown, PA) (one in 455); Camden County, NJ (outside Philadelphia, PA) (one in 462) and Saint Clair County, IL (outside St. Louis, MO) (one in 470). The June 2022 unemployment rate was at least 7 percent in 35 of the 50 most at-risk counties, while the nationwide figure stood at 3.5 percent. The highest levels among the top 50 counties were in Tulare County, CA (outside Fresno) (11.7 percent); Merced County, CA (outside Modesto) (11.5 percent); Kern County (Bakersfield), CA (11.3 percent); Kings County, CA (outside Fresno) (10.9 percent) and Kings County (Brooklyn), NY (10.8 percent). Counties less at-risk concentrated in South and Midwest Twenty-five of the 50 counties least vulnerable to housing-market problems from among the 575 included in the second-quarter report were in the South, while another 14 were in the Midwest. Just five were in the West and six in the Northeast. Tennessee had six of the 50 least at-risk counties, including three in the Nashville metropolitan area (Davidson, Rutherford and Williamson counties), while Wisconsin had five – Brown County (Green Bay), Dane County (Madison), Eau Claire County, La Crosse County and Winnebago County (Oshkosh). Another four were in Arkansas: Benton County (Rogers), Craighead County (Jonesboro), Sebastian County (Fort Smith) and Washington County (Fayetteville). Counties with a population of at least 500,000 that were among the 50 least at-risk included King County (Seattle), WA; Travis County (Austin), TX; Salt Lake County (Salt Lake City), UT; Wake County (Raleigh), NC, and Cobb County (Marietta), GA. Least-vulnerable counties have more-affordable homes along with lower levels of underwater mortgages, foreclosure activity and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in just 24 of the 50 counties that were least vulnerable to market problems in the second quarter of 2022. The lowest percentages in those markets were in Sebastian County (Fort Smith), AR (16.5 percent of average local wages needed for major ownership costs); Potter County (Amarillo), TX (16.5 percent); Sullivan County (Kingsport), TN (21.5 percent); Winnebago County (Oshkosh), WI (22.8 percent) and Craighead County (Jonesboro), AR (23.3 percent). Less than 5 percent of residential mortgages were underwater in the second quarter of 2022 (with owners owing more than their properties are worth) in 30 of the 50 least-at-risk counties. Those with the lowest rates among those counties were Chittenden County (Burlington), VT (1.3 percent of mortgages were underwater); Williamson County, TX (outside Austin) (1.4 percent); Williamson County, TN (outside Nashville) (1.5 percent); Travis County (Austin), TX (1.8 percent) and Wake County (Raleigh), NC (1.9 percent). More than one in 1,000 residential properties faced a foreclosure action during the second quarter of 2022 in none of the 50 least at-risk counties. Those with the lowest rates in those counties were Fayette County (Lexington), KY (one in 48,714 residential properties facing possible foreclosure); Chittenden County (Burlington), VT (one in 36,543); Missoula County, MT (one in 27,271); Johnson County (Overland Park), KS (one in 20,973) and Williamson County, TN (outside Nashville) (one in 15,189). The June 2022 unemployment rate was more than 5 percent in just two of the 50 least-at-risk counties. The lowest rates among the top 50 counties were in Cache County (Logan), UT (2.4 percent); Sarpy County, NE (outside Omaha) (2.8 percent); Hamilton County, IN (outside Indianapolis) (2.8 percent); Shelby County, AL (outside Birmingham) (2.8 percent) and Forsyth County, GA (outside Atlanta) (2.9 percent). Report methodology The ATTOM Special Coronavirus Market Impact Report is based on ATTOM's second-quarter 2022 residential foreclosure, home affordability and underwater property reports, plus June 2022 unemployment figures from the U.S. Bureau of Labor Statistics. (Press releases for affordability, foreclosure and underwater-property reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the second-quarter percentage of residential properties with a foreclosure filing, the percentage of average local wages needed to afford the major expenses of owning a median-priced home and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values, along with June 2022 county unemployment rates. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

The Best Time to Buy a Home is the Week of Sept. 25, According to Realtor.com
Despite rising interest rates, fall is the best season to buy for hopeful homebuyers when it comes to home prices, competition and inventory. SANTA CLARA, Calif., Sept. 14, 2022 -- As children return to school and the weather begins to cool, the off-season is offering up opportunities for hopeful homebuyers. Realtor.com analyzed the numbers in its fourth annual Best Time to Buy Report and found the best time to buy a home across the nation is the week of Sept. 25 to Oct. 1. This early-fall period will offer buyers a host of favorable factors, including more housing listings, less competition, and lower prices. Those who buy during this week can expect: More than 6% of homes with reduced prices Savings of more than $20,000, on average, relative to the summer's peak price of $450,000 Approximately 46% more homes to choose from vs. the average week to date Extra time to make buying decisions, with homes expected to stay on the market 15 days longer than during the summer's peak Less competition, as demand during the best week to buy is historically 26.9% lower than the yearly peak week and 8.5% lower than the average week "After several years of an overheated housing market, higher mortgage rates are helping usher in more regular seasonal trends, which have pros and cons for home shoppers," said Danielle Hale, chief economist, Realtor.com®. "If you're flexible on your timing and can budget for higher rates, early fall can be a great time to secure a home, with a number of factors aligning to make it the best time of the year both in terms of price and competition. This is especially true for first-time buyers and others who are not trying to sell a home at the same time as their purchase." Since 2018, Realtor.com® has analyzed home prices, inventory, listing views, and time on market, indicators that tend to follow regular seasonal patterns, to determine the best time to buy. Historically, the early fall has provided an ideal mix of market conditions, including substantial inventory, waning competition, below-peak prices, and a slowing purchase pace. The benefits of buying during the "best week" include: Reduced prices: Historically, an average of 5.2% of homes have price reductions during this period. As the market begins to stabilize after a frenzied couple of years, more than 6% of homes may have reduced prices during the best week in 2022. Nationally, this could translate into roughly 48,000 homes available at a decreased cost. More listings: Although active listing inventory isn't back to pre-pandemic levels, it has increased year over year and year to date. There could be 780,000 listings during the best week, 46% more than this year's average to date. Less competition: Fierce home buying competition has softened as mortgage rates rise. Historically, demand (as measured by views per property on Realtor.com®) during the best week to buy has been 26.9% lower than its July peak and 8.5% lower than the average week of the year. More time to decide: Homes will stay on the market longer, giving buyers some breathing room to make purchase decisions. During the best time to buy, a typical home is expected to remain on the market for two weeks more than during peak market pace in May and one week more than the average time spent on the market to date. Methodology: Realtor.com analyzed six supply and demand metrics at a national and metropolitan level that follow seasonal patterns, using data for 2018-2021 period (2020 data was omitted due to anomalies caused by the pandemic). The metrics analyzed include: 1) listing prices, 2) inventory levels, 3) new "fresh" listings, 4) time on market, 5) homebuyer demand (realtor.com views per property) and 6) price reductions. Interest rates, which do not follow seasonal patterns, were not included. To account for 2022 market conditions, estimates reflect typical seasonal patterns layered on top of the most recent 2022 weekly data. Each week of the year was scored from 0 to 100 based on the number of active listings. A given week scored highly if it had more listings compared to other weeks of the year. The other metrics were scored in the same way, such that each week had six different scores for active listings, new listings, listing prices, days on market, price reductions and views per property. (In the case of prices, lower prices score higher. Same with views per property). Each week was then ranked by the average of those scores. The week with the highest composite score was considered the best time to buy. This week represents a balanced view of market conditions favorable for buyers. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Bargaining Power is Back; 92% of Recent Sellers Accepted Buyer-Friendly Terms
Home sellers are once again making repairs and accepting contingencies as we move toward a more balanced housing market SANTA CLARA, Calif., Aug. 30, 2022 -- The days of frenzied sales with waived inspections might be behind us, as buyers regain a bit of bargaining power. According to a new Realtor.com® survey, 92% of people who sold their home within the last year accepted some buyer-friendly terms and 41% accepted some contingencies in the contract. Additionally, among those surveyed, the number of buyers asking for repairs based on the inspection results more than doubled in recent months and the number of sellers refusing to make repairs dropped to zero. Whether it be financing, timing, repairs or flexibility, the art of negotiation is returning to the housing market. Realtor.com® surveyed 449 people who sold their home within the last 12 months. To highlight the shifting market, responses were collected based on how long ago the home sold. "Our survey shows that the overheated housing market of the past two years, which predominantly favored sellers, is beginning to regain a sense of normalcy, which is welcome news for home buyers," said George Ratiu, manager of economic research, Realtor.com®. "The combination of higher mortgage rates and prices have noticeably cooled demand over the first half of the year. In addition, as more homeowners have been listing their properties, rising inventory is motivating more of them to resort to price cuts in order to successfully close transactions. At the same time, even as we are seeing a shift toward a more buyer-friendly market, it's worth noting that the majority of recent sellers are still satisfied with the outcome of their home sale." Room for negotiation Despite the extremely competitive housing market of the past several years, the survey suggests that negotiation is back on the table – for both price and contract terms. Homes that sold at- or above-asking price peaked at 82% in Feb. and March of 2022 when mortgage rates were below 4% and dropped to 69% for homes that sold within the last month when rates hovered near 6%. By contrast, the share of sellers who sold below-asking jumped from 18% in Feb. and March 2022 to 31% for those sold within the last month. Additionally, 92% of all recent sellers accepted some buyer-friendly terms. Those included: 41% Accepted some contingencies in the contract (appraisal, home inspection, home sale, financing, etc.) 32% Dropped the price because the home didn't meet appraisal 32% Paid for some or all of the buyer's closing costs 30% Had to be flexible on the ideal timeline for closing 29% Paid for repairs to the home after the appraisal 28% Were not able to rent the home back after close despite asking to Inspections and repairs make a comeback A professional home inspection is always a good idea for homebuyers, but during the housing market's peak, many buyers waived this important step in order to be competitive with their offer. Of those who sold within the last month, 95% reported that the buyer requested a home inspection, up from 82% of those who sold 6-12 months ago. More than twice as many buyers of homes that sold in the last month asked for repairs as a result of the home inspection (67%) compared to homes that sold 6-12 months ago (31%). The number of surveyed sellers who refused to pay for any repairs during that time dropped from 8% to zero. Nearly all respondents (95%) who sold their home in the last month made some updates or repairs to the property prior to listing, compared to 71% who sold 6-12 months ago. The average amount that recent sellers spent on repairs prior to listing was $14,163. Not all bad news for sellers Despite the shifting market, homes are continuing to sell quickly. In fact, 22% of people who sold within the past month said that their home went under contract in less than a week. This is up from 14% of people who sold 6-12 months ago. Additionally, 92% of people who sold their home in the past month were satisfied with the overall outcome of their home sale, down slightly from the 98% who were satisfied 6-12 months ago. Nearly half (46%) of sellers in the last month were satisfied with the price of their home sale, compared to 72% of those who sold 6-12 months ago. Changing needs motivate sellers After two years of the pandemic, sellers' needs have changed, prompting a search for another home. Of those who sold within the last year: 31% were looking for different amenities/features 29% found that the home no longer met the needs of their families 26% needed a home office for remote work 23% wanted to live closer to family and friends 20% felt they bought their home in a hurry/panic and decided it was not the right home for them 17% no longer needed to live near an office Methodology This survey was conducted online within the United States from Aug. 9-12 among 3,001 adults, of which 449 had sold their home in the last 12 months. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Home buyers with lower credit scores pay an extra $104,000 in mortgage costs
A borrower with a "fair" credit score could pay $103,626 more over the life of a 30-year mortgage for the same home than an otherwise identical borrower with an "excellent" score would SEATTLE, July 28, 2022 -- Elevated home prices and rising interest rates are feeding into housing affordability woes for potential buyers, especially those with lower credit scores. A new Zillow analysis shows that, nationally, buyers with "fair" credit could be paying up to $288 more on their monthly mortgage payment than those with "excellent" credit. A buyer’s credit profile plays an important role in how much a home ultimately costs. Today's home shoppers can expect to pay around 62% more per month to buy a typically priced U.S. home than they would have a year ago. Zillow examined credit scores against current mortgage rates and found that such monthly cost increases are exacerbated for millions of Americans with low credit scores or less than perfect credit histories. A borrower with an "excellent" credit score — between 760 and 850 — can qualify for a 30-year fixed-rate mortgage with a 5.099% interest rate. For the same loan, a similar borrower with a "fair" credit score — between 620 and 639 — qualifies for a 6.688% rate. This equates to a $288 difference in monthly mortgage payments and nearly $103,626 in interest over the life of a 30-year fixed loan, based on the current price of a typical U.S. home ($354,165). "When you are thinking about buying a home, the best first step you can take is to fully understand your financial picture, what you can afford and your outstanding debts or obligations," said Libby Cooper, Zillow Home Loans vice president. "If you find you have low credit, take realistic steps to improve your credit score by doing things like disputing possible report errors and paying down as much debt as possible. This could increase the amount of home loan you qualify for." The chart below illustrates how a buyer's credit profile plays an important role in how much a home ultimately costs. Buyers who make raising their credit score part of their initial steps in the home-buying process typically have more buying power and lower monthly payments. The cost of buying a typically priced U.S. home based on credit scores There is a direct correlation between credit security — having a strong credit history and structural access to credit offerings — and higher homeownership rates. The homeownership rate is lower in counties that are more "credit insecure," meaning they are home to high numbers of residents with poor or no credit history. That cuts off millions — particularly Black and Latinx residents — from the wealth-building advantages of homeownership. Additionally, Black applicants are denied a mortgage at a rate 84% higher than white applicants, and credit history is the most common reason cited for those denials. Limited traditional financial services in Black and other communities of color are a significant factor in the lack of credit history and the inability to build a high credit score. Fannie Mae and Freddie Mac recently adopted policies that include timely rent payments in their automated underwriting systems. Lenders and brokers can submit bank account data (with borrower permission) to identify 12 months of prompt rent payments to help potential borrowers qualify for a mortgage. "While inclusion of timely rent payments doesn't change a borrower's credit score, it can have a positive impact on how lenders view a borrower's credit worthiness. This move shows how effective policy changes can help consumers build a strong financial foundation that unlocks homeownership," said Cooper. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

Texas home builders are being 'whiplashed,' says US No. 1 agent
HomesUSA.com reports "unprecedented" rate of increase in new home listings in MLSs Dallas, TX - July 20, 2022 -- Texas homes builders are being "whiplashed" again as a new homes inventory surge caused a record rate of increase in new home listings in local MLSs, according to Ben Caballero, the nation's top-ranked real estate agent and CEO of HomesUSA.com. According to the HomesUSA.com June 2022 Texas new homes report, the 3-month moving average of active listings in the local MLSs in Dallas-Ft. Worth, Houston, Austin, and San Antonio jumped from 11,224 in April to 15,131 in June – an increase of 35% in 90 days. "The whiplash began in March of last year when Texas builders were caught flat-footed by the sudden and astonishing demand for new homes," said Caballero. "Then while struggling with shortages and supply chain issues, builders pulled out all the stops to increase production, only to be whiplashed again by the sudden reduction in demand caused by cancellations due to rising mortgage rates," he added. "The result is an unprecedented and massive spike in active listings in the MLS over the last 90 days," Caballero noted, adding, "Home building is a tough business." Caballero noted that according to Freddie Mac's weekly mortgage market survey, rates went from 3.76% in the first week of March to 5.81% by late June. According to the National Association of Realtors, mortgage costs are now 30% higher than a year ago for home buyers able to buy a median priced home. Caballero also explained, "Due to its business-friendly environment, no personal income tax, and geographic location, I expect Texas to continue leading the nation in home starts. The continuing migration from large population centers in the north, northeast and west coast markets will cause those areas to experience a disproportionate share of the coming housing slowdown." The HomesUSA.com June 2022 Texas new homes report includes Dallas-Ft. Worth, Houston, Austin, and San Antonio, featuring data from the North Texas Real Estate Information Systems, Houston Association of REALTORS, Austin Board of REALTORS, and San Antonio Board of REALTORS. The report shows an overall decline in new home sales statewide for the first time this year. The 3-month moving average of Texas new home sales shows last month's sales reported to Multiple Listing Services dropped to 4,098 from 4,300 in May. Home sales were down month-over-month in Dallas-Ft. Worth, Houston, and San Antonio. Austin was the only major market to report a very small increase in new home sales last month with 584 versus 581 in May. The HomesUSA.com New Home Sales Index reports new home sales pace quickened last month as the 3-month moving average for Days on Market was 54.07 days, down from 55.38 days in May. New home prices statewide increased last month – a continuing trend. The 3-month moving average of new home sale prices in June was a record $458,448 versus $451,098 in May. The average new home price is up over $71,000 since June 2021, an increase of more than 18 percent, year-over-year. The average new home price set a record high in Dallas-Ft. Worth, breaking the half million-dollar mark at $501,327 in June versus $486,172 in May. Houston ($419,573 versus $416,787) and San Antonio ($391,577 versus $381,444) also posted record prices. However, the average new home price was slightly lower for the fourth straight month in Austin ($541,079 versus $541,842). "Despite all of the market challenges – from labor shortages to supply chain and delivery issues – Texas builders continue to show steadfastness and resilience in markets that still remain persistently strong," said Caballero, a three-time world record holder for most home sales and the No. 1 ranked real estate agent in the US since 2013 by Real Trends. Statewide pending sales also plummeted, another indication of the impact of buyer cancellations. In June, statewide pending sales were 4,379 versus 5,010. All four major new home markets in Texas – Dallas-Ft. Worth, Houston, Austin, and San Antonio – reported a drop in pending sales in June. Caballero is sharing the HomesUSA.com New Homes Report in advance of the release by the Commerce Department of its nationwide New Residential Sales Report for June, set for Tuesday, July 26 at 10:00 am Eastern. Caballero noted this monthly HomesUSA.com report includes both 3-month and 12-month moving averages for six essential market data, including Days on Market, sales volume, sales prices, a sales-to-list price ratio, pending sales, and active listings. The 3-month moving average indices track market seasonality, while the 12-month moving average removes the seasonality and tracks the longer trend. Days on Market – New Homes in Texas (Exclusive Data) The HomesUSA.com New Home Sales Index showed the 3-month moving average of Days on Market declined statewide in June. Houston's DOM was 64.75 days versus 68.14 days in May. In Austin, the DOM decreased to 26.72 days versus 27.60 days in May. In Dallas-Ft. Worth, the DOM increased to 51.42 days from 50.60 days in May. In San Antonio, the DOM was 57.03 days versus 55.01 days in May. (See Chart 1: Texas New Homes Days on Market) Texas New Home Sales Data Based on all available local MLS data, total new home sales in Texas were lower statewide and in three of the four major new home markets last month, according to the 3-month moving average. In Houston, June's total sales were 1,691 versus 1,797 in May. Dallas-Ft. Worth new home sales also decreased to 1,285 versus 1,374 in May. In San Antonio, new home sales decreased to 538 from 548 in May. Austin was the exception, as June sales totaled 584 versus 581 in May. (See Chart 2: Texas New Home Sales) Texas New Home Prices The average price of new homes in Texas shows higher prices statewide and in three of the four major new home markets last month. Dallas-Ft. Worth reported its 3-month moving average price for new homes was higher in June at $501,327 versus $486,172 in May. Houston's average new home price was also higher in June at $419,573 versus $416,787 in May. In San Antonio, the average new home price was higher in June at $391,577 versus $381,444 in May. Austin's 3-month moving average price was the exception, as it decreased in June to $541,079 from $541,842 in May. (See Chart 3: Texas New Home Prices) Texas Sales-to-List Price Ratio New home sales statewide and in Dallas-Ft. Worth, Houston, Austin, and San Antonio still hover near 100 percent of the asking price and in two markets, exceeded it. Statewide, the 3-month moving average of the sales-to-list price ratio in June was 99.954 versus 99.915 percent in May. Dallas-Ft. Worth's ratio was 100.688 versus 100.561 percent in May. In Houston, the ratio was 99.097 versus 99.147 in May. In Austin, the sales-to-price ratio in June was 100.939 versus 100.922 percent in May. San Antonio's ratio in June was 99.853 versus 99.733 in May. (See Chart 4: Texas Sales-to-List Price Ratio) Texas Pending New Homes Sales Data Based on local MLS data, pending new home sales dropped statewide and in all four Texas major new home markets last month. Statewide MLS data shows pending sales in June were 4,379 versus 5,010 in May. Houston's pending sales in June were 1,725 versus 2,083 in May. In San Antonio, pending sales last month were 467 versus 605 in May. Pending new home sales last month in Dallas-Ft. Worth were 1,593 versus 1,663 in May. Austin's pending sales in June were 594 versus 659 in May. (See Chart 5: Texas Pending New Home Sales) Texas Active Listings for New Homes MLS data shows the 3-month moving average for active listings statewide increased in June to 15,131 versus 12,432 in May. Last month, all four major Texas new home markets posted higher active listings. Dallas-Ft. Worth's active listings in June were 2,915 versus 1,613 in May. Last month's active listings in Houston were 7,900 versus 7,373 in May. June's active listings in Austin were higher at 2,129 versus 1,567 in May. San Antonio reported active new home listings in June were 2,186 versus 1,879 in May. (See Chart 6: Texas Active Listings and Chart A: 12-Month Moving Averages) About the HomesUSA.com New Home Sales Index The HomesUSA.com Index is reported as both a 3-month and 12-month moving average of the Days on Market (DOM) for new homes listed in the local Multiple Listing Services (MLSs) for the four largest Texas markets, including Dallas-Ft. Worth, Houston, Austin, and San Antonio. Created by Ben Caballero, founder and CEO of HomesUSA.com, it is the first Days on Market index to track Texas's new home market and includes homes listed while under construction. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, is a three-time Guinness World Record title holder for "Most annual home sale transactions through MLS by an individual sell-side real estate agent - current." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Podcasts. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.

Realtor.com 2022 Forecast Update: Real Estate Gets a Refresh from the Frenzy
Active listings will grow 15.0% year-over-year as the inventory recovery accelerates in 2H 2022; higher home sales prices (+6.6%) and mortgage rates (to 5.5%) add to affordability issues SANTA CLARA, Calif., June 13, 2022 -- As rising inflation and mortgage rates bring U.S. housing demand back from the 2021 frenzy, Realtor.com®'s newly-updated 2022 forecast predicts inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home. Home sales will hit the second-highest level in 15 years, trailing only the 2021 pace, as rising incomes combined with higher housing costs continue to present a mixed bag of affordability issues. The updated forecast anticipates a summer break from a feverish pace of home sales that will provide space for active listings to grow at a faster year-over-year pace than originally projected (+15.0% vs. +0.3%). Combined with returning seasonality and builders ramping up production, these trends could lead to a refresh of the housing market by as early as this fall. "Financial conditions have shifted in a big way since the end of 2021 and the housing market is adjusting accordingly. As Americans grapple with higher prices for everyday expenses while today's buyers face housing costs that are up 50% from a year ago, recent home sales data shows some are taking a step back from the market," said Danielle Hale, Chief Economist for Realtor.com®. "Our updated 2022 forecast anticipates that demand will continue decelerating through the summer, providing breathing room for the inventory recovery to accelerate. As a result, this fall could be an opportune time to find a home – for both first-time and repeat buyers alike. Still, preparation will be key throughout 2022, as it continues to be a seller's market and asking prices remain high. For buyers who choose to wait until later in the year, take that time to assess your budget so you're set up with a strong financial footing whenever you're ready to move forward." Realtor.com® 2022 Housing Forecast – Mid-Year Update While Americans have faced a whirlwind of changes so far this year, a changing economic landscape is the biggest driver of updates to Realtor.com®'s 2022 housing forecast. Inflation has made a more significant and long-standing impact on real estate markets than was anticipated six months ago, and is reflected in trends like rapidly-climbing mortgage rates. Combined with record-high home listing prices and rents, home shoppers are feeling the strain on their budgets. As a result, buyer demand has been softening this Spring from its early 2022 surge. Higher costs will continue to challenge 2022 buyers, as mortgage rates have already far surpassed Realtor.com®'s earlier prediction of 3.6% and home sale price growth year-over-year is expected to more than double its originally-forecasted pace (+6.6% vs. 2.9%). At the same time, Realtor.com®'s updated projection for year-end 2022 mortgage rates (5.5%) anticipates that rates have largely adjusted for the bulk of expected 2022 Fed hikes. The rapid shifts in the economic landscape have some silver linings when it comes to housing affordability. With the unemployment rate near 50-year lows, employers are feeling the pressure to compete for talent, driving wage growth upwards from earlier year-over-year predictions (+3.8% vs. +3.3%). The competitive labor market may also give some buyers more negotiating power on workplace flexibility, creating more opportunities to relocate to relatively affordable housing markets. In fact, data from the first quarter of 2022 showed that 40.5% of Realtor.com® home shoppers viewed listings located outside of their current state, up from 33.4% in 2020. Overall, the updated 2022 forecast reflects a housing market that is charting a path toward more sustainability, relative to the past two years of ups and downs. Home sales are still projected to hit a near record-high pace in 2022 despite trailing 2021 levels (-6.7%) and their original forecast (+6.6%), while the projected homeownership rate will hold roughly steady (65.6% vs. 65.8%). For many Americans, housing affordability will remain a significant obstacle as demand continues to outmatch supply, although by a smaller margin than in recent years. Buyers struggling with higher housing costs can find resources via sites like Realtor.com®, including its down payment assistance tool. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Pricey suburbs top Zillow's list of most popular markets this year
Home value growth in the suburbs began to speed ahead of urban home value growth last summer SEATTLE, May 24, 2022 -- Woodinville, Washington, is Zillow's most popular market of early 2022, leading a list of fast-growing suburbs as the most in-demand places to start off the year. As more evidence emerges that remote work is a driving force behind fast home value growth in the suburbs, expensive suburban markets are seeing strong demand. Zillow analyzed its page-view traffic, home value growth and for-sale inventory for more than 1,000 cities to come up with the site's most popular U.S. markets. Woodinville, located outside of Seattle, topped the list. Following close behind were Burke, Virginia, in the Washington, D.C., area; Highlands Ranch, Colorado, outside of Denver; Westchase, Florida, near Tampa; and Edmonds, Washington, also in the Seattle metro. "The most popular markets so far this year paint a picture of how remote work has changed the U.S. housing landscape," said Zillow economist Nicole Bachaud. "Demand for suburban homes found an extra gear last summer, perhaps as buyers gained more clarity in their employers' return-to-office policies. Research suggests the rise of remote work is responsible for roughly half of home price growth during the pandemic. How many employers continue to allow this flexibility for employees to live where they choose will go a long way toward determining which markets are most in demand in the future." Especially strong home buyer interest has caused suburban home values to grow faster than home values in urban areas, a reversal of previous norms and from the first 15 months of the pandemic. Remote work is a driving force behind this shift, prompting home buyers to prioritize affordability and space over a short commute. More than half of the gain in U.S. home prices since late 2019 can be attributed to remote work, according to research from the National Bureau of Economic Research. The suburbs that beat out all others to top Zillow's latest list of the most popular markets are seeing home values grow faster on a quarterly basis than the principal city in their metro area, indicating stronger demand. Eight of the top 10 have a typical home value higher than their nearby principal city, and seven of those have a typical home value that's more than $150,000 higher. Regionally, Havertown, Pennsylvania, outside of Philadelphia, is Zillow's most popular market in the Northeast, edging out four Boston suburbs: Billerica, Framingham, Waltham and Arlington. In the central region, Ballwin, Missouri, near St. Louis, is joined in the top five by Grand Rapids, Michigan, and three pricey Dallas suburbs: Coppell, Plano and Prosper. Denver suburbs dominated the mountain region, taking the top eight spots in Zillow's rankings. If a buyer has their eye on a home in one of Zillow's most popular markets, they can likely expect competition. Zillow's five tips for winning a competitive bid can help. Mortgage rates are also changing quickly and can have a significant impact on a home buyer's monthly mortgage payment. Zillow's mortgage calculator is a tool that can help buyers stay on top of their finances during their home shopping experience. Zillow's Top 10 Most Popular Markets Woodinville, Washington (Seattle) Burke, Virginia (Washington, D.C.) Highlands Ranch, Colorado (Denver) Westchase, Florida (Tampa) Edmonds, Washington (Seattle) Yorba Linda, California (Los Angeles) Johns Creek, Georgia (Atlanta) Tustin, California (Los Angeles) Ballwin, Missouri (St. Louis) Golden, Colorado (Denver) *Ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

'HomeJab Curve' shows real estate remains seasonal, despite tight inventory and the impact of COVID-19
Cherry Hill, NJ - May 4, 2022 -- A new study of data from the last four years by HomeJab debunks reports that tight inventory and COVID-19 have changed real estate seasonality. HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial, and other visual production services in every major US market and all 50 states, studied more than 63,000 real estate photography assignments from 2018 to 2021 nationwide. The new HomeJab research tracked the real estate photography listing assignments by month to determine patterns. A "HomeJab Curve" emerged, showing the remarkable consistency of real estate listing activity over the last four years, despite both record low inventory and the pandemic. Charting the data reveals that while activity during the pandemic diverged from the standard curve of real estate listing from March 2020 to May 2020, it corrected itself in June and then closely tracked past listing trends. "Despite what the headlines may say, real estate is still seasonal," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that real estate listings still peak in the spring and summer, begin to trail off in the fall, and decline significantly in the winter. And on a chart, when you plot the last four years, every year follows that curve – except for a short pause caused by the outbreak of COVID-19," he explained. Jesuele notes that the impact of COVID on the seasonality of real estate was short-lived. "There's also this idea that low inventory also is changing the seasonality of real estate," he added, "but the data we have does not support that theory." A free copy of the detailed data from the HomeJab study is available here. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. A one-stop-shop for real estate listings, HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.

Let the Countdown to Realtor.com Listapalooza Begin! April 10-16 Is the Best Week to List a Home in 2022
With strong buyer demand, high prices, quick sales and less seller competition, April 10-16 will be the sweet spot for sellers who want to put their home on the market this year SANTA CLARA, Calif., March 14, 2022 -- With 2022 anticipated to be a whirlwind year for buyers, it can be hard for sellers to know when the optimal time is to put a home on the market. Realtor.com crunched the numbers in its fourth annual Best Time to Sell Report and found this year's best week to list nationwide is April 10-16. Sellers who list during this week – newly named Realtor.com® Listapalooza – will take advantage of the Spring buying season's top lineup of strong demand, high asking prices, quick home sales and less competition from other sellers. "Every year, to help sellers better navigate the spring buying season, we take a look at recent market conditions to determine the optimal week to put a home on the market. And that perfect moment is just weeks away for 2022 sellers, with data indicating that home prices and demand are rising earlier than in a typical year," said Realtor.com® Chief Economist Danielle Hale. "Homeowners who are thinking about selling this Spring still have time to get ready, with the majority of recently surveyed sellers indicating that listing preparations took 2-12 weeks. A good first step when selling your home is to understand your options, such as those available via the Realtor.com® Seller's Marketplace, and find the best approach based on your family's needs. This way, you'll be able to immediately start your listing process as soon as you're ready. Preparation is especially important this year, since market dynamics could shift quickly along with factors like rising mortgage rates, inflation and the ongoing conflict in Ukraine." By listing April 10-16, sellers can expect a top lineup of Spring buying competition With buyer interest accelerating weeks before the usual start of the Spring buying season, getting a head start on the competition will likely pay off for 2022 sellers. Mortgage rates have been rising more quickly than expected, adding fuel to the fire for buyers hoping to find the right home and lock-in relatively affordable monthly payments. While a high number of home sales are expected throughout the Spring, Realtor.com® found that the seasonal sweet spot to list a home in 2022, or Realtor.com® Listapalooza, is April 10-16, based on: Surging buyer demand: With buyer activity typically rising heading into the Spring, homes added to the market during the same week in 2021 received 29% more views on Realtor.com® than the average week in 2021 and 18.6% more interest than the average home listed in 2018-2021. As a result, sellers who list their homes during Listapalooza may be able to expect more offers and bidding wars, which can result in higher asking prices and a faster sale than later in 2022. High home prices: Home prices already broke the 2021 record in February, accelerating earlier in the Spring buying season than in previous years. As a result, sellers who list from April 10-16 could secure asking prices that are 10.9% (+$39,000) higher than at the start of the year and 1.4% (+$5,000) above the average annual listing price, based on 2021 trends. Fast-moving homes: So far in 2022, homes have been flying off the market at an increasingly fast pace, reflecting early signs of Spring seasonality. In fact, the year kicked off with the fastest-moving January ever (61 days), followed by even lower time on market in February (47 days). During the week of April 10, homes sold six days more quickly than the 2021 average and nearly a month faster than in 2019 (-27 days), before the onset of COVID. Less competition from other sellers: With demand outpacing supply, inventory continues to fall short of previous years, but also reflects regular seasonal patterns. From April 10-16, there were fewer sellers with homes actively listed than in the average week in 2021 (-12.9%). With the number of for-sale home options available to buyers historically rising further into the year, seller competition will increasingly be a key factor to consider. Key trends for sellers to watch moving further into the 2022 buying season Sellers can generally expect to hold the upper hand when the right time for them comes along this Spring, as 2022 buyers have been largely accepting of higher asking prices and quick sales. Even so, sellers' odds of success are greater if they list during Listapalooza compared to later in the year, due to a number of shifting market dynamics. Some of the factors sellers should keep an eye on are: Buyers price sensitivity rises along with mortgage rates: Mortgage rates remained historically-low throughout 2021, giving home shoppers more flexibility to meet higher asking prices. However, mortgage rates have jumped significantly since the start of this year and are expected to continue rising, particularly with the Fed planning on an interest rate hike as soon as March. As buyers grapple with higher monthly costs, some may tighten their budgets or take a break from the market, resulting in cooling price trends. For instance, by early May in 2021, the number of sellers making price adjustments climbed by 17.8% from the start of the year. New supply gives home shoppers more negotiating power: While supply will remain historically low relative to demand in 2022, buyers are expected to have more options later in the year. Builders are accelerating production and will begin to make progress against the new home supply gap. Additionally, new listings trends are improving in line with the typical seasonality, as warmer weather and upcoming summer breaks attract more homeowners into the market. Historically, by mid-August, the number of sellers with actively-listed homes increased 17.4% over the beginning of the year, which means more options for buyers and therefore more competition among sellers. Sellers also buying face trade-offs: As conditions become more favorable for sellers, those who are also buying face a cart-before-the-horse dilemma: Holding out for peak asking prices on their listing could also mean paying a premium for the home they buy. Listing prices typically reach each year's highest level in the Summer, as they did in July of 2021. Realtor.com® analysis indicates a similar timeline in 2022, with historical data suggesting home prices will be up double-digits over the start of the year by late May (+12.3%). However, with new sellers historically rising 48.4% over the start of the year by late May, seller-buyers who delay also face more competition from other sellers and the possibility of missing out on buying opportunities. "We all know that homes are selling lightning fast right now. But that doesn't necessarily mean your house will sell itself," said Rachel Stults, Managing Editor at Realtor.com®. "Before you list your home this spring—or any other time this year—make sure you've taken steps to get ready, including cleaning and decluttering, getting cost estimates on repairs you might need to make, and talking to agents to see who would be a good fit for your needs. No matter when you decide to list, whipping your home into shape beforehand will help you sell faster and for more money." Methodology Listing metrics (e.g. list prices) from 2018-2019 and 2021 were measured on a weekly basis, with each week compared against a benchmark from the first full week of the year. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. Please note: The Realtor.com® Listapalooza described in this release is based on the national best week to list, which overlaps with 31 of the 50 largest U.S. metros (see details here). About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Nearly 1 in 3 Homebuyers Is Looking to Relocate, an All-Time High
Redfin's chief economist predicts the share of Americans relocating will keep increasing as the year goes on, with rising mortgage rates and skyrocketing rents making affordable metros more attractive than ever SEATTLE - Feb. 22, 2022 -- A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in January, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from the previous peak of 31.5% in the first quarter of 2021 and significantly higher than before the pandemic, when about one-quarter of homebuyers were looking to relocate. The share of homebuyers looking to move has grown during the pandemic as remote work and low mortgage rates have allowed many Americans to relocate to more affordable regions with more indoor and outdoor space. "I predict the share of homebuyers looking to move to a different area will continue to rise throughout the year," said Redfin Chief Economist Daryl Fairweather. "With mortgage rates going up and rents skyrocketing, moving somewhere more affordable is one of the only ways for many Americans to stay within their housing budget. Even workers who are unable to work from home should feel confident about finding a job in a new location with the tight labor market." Permanent remote-work policies and the ongoing housing shortage will also likely keep Americans moving. If a buyer becomes frustrated by a lack of inventory in one metro, they may relocate to a place with more affordable homes to choose from. Miami is the most popular destination for relocating homebuyers Miami was the most popular migration destination of all the major U.S. metros in January, unchanged from the third and fourth quarters of 2021. Popularity is determined by net inflow, a measure of how many more Redfin.com home searchers looked to move into a metro than leave. Miami was followed by Phoenix, Tampa, Sacramento and Las Vegas, all of which are perennial favorites for relocators. Relatively affordable metros with warm weather are typically the most popular destinations among Redfin.com home searchers. Although the five most popular metros are still affordable compared with coastal job centers like the Bay Area and New York, home prices are rising rapidly. In Miami, the typical home sold for $436,900 in January, up 18.1% year over year and above the national median of $376,200. Still, that's more affordable than the $655,000 median sale price in New York, the top origin of people moving to Miami. "While Sun Belt cities like Miami and Phoenix aren't likely to lose their luster anytime soon, rising prices may soon render them slightly less popular for relocators," Fairweather said. "Home prices–and the costs of other goods and services–are skyrocketing in a lot of these destinations precisely because they're so popular with out-of-towners. Some homebuyers who prioritize affordability may start searching in less expensive northern cities." Top 10 Metros by Net Inflow of Users and Their Top Origins Homebuyers are leaving San Francisco, Los Angeles and New York San Francisco, Los Angeles, New York, Seattle and Washington, D.C. were the top metros homebuyers looked to leave in January, unchanged from the fourth quarter. That's based on net outflow, a measure of how many more Redfin.com home searchers looked to leave a metro than move in. Redfin.com home searchers who are looking to relocate typically leave expensive cities, a trend that has become more widespread with remote work. With a median sale price of roughly $1.4 million, San Francisco is the most expensive place to buy a home in the country. Los Angeles, New York and Seattle aren't far behind. Top 10 Metros by Net Outflow of Users and Their Top Destinations To read the full report, including methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

Homebuying Competition Kicks Off 2022 with the Fastest-Moving January Ever
The typical U.S. home spent 61 days on market in January, 10 days less than last year and nearly a month (-29 days) faster than the typical 2017-2020 pace SANTA CLARA, Calif., Feb. 8, 2022 -- It's early days for the 2022 housing market, but new data shows homebuyers are already off to the real estate races. In the first month of the year, the typical U.S. home sold faster than in any prior January, according to the Realtor.com® Monthly Housing Report released today. Compared to January's national pace, homes sold even more quickly in the 50 largest U.S. metros, with listings flying off the market in 36 days or less in Nashville, Tenn., San Diego, San Jose, Calif., Denver and Raleigh, N.C. "We're forecasting a whirlwind year ahead for buyers and, if January housing trends are any indication, 2022 competition is already heating up. Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year," said Realtor.com® Chief Economist Danielle Hale. "But it's a different story on the other side of the closing table, with new seller listings continuing to decline in January. Factors like Omicron uncertainties could be causing sellers to hesitate even when they know housing conditions are favorable. Another key barrier is the inventory 'chicken-and-egg' dilemma that may vex sellers who are also buying: Do you list now when home shoppers are hungry for more options, or do you wait for more inventory to hit the market in the spring? Ultimately, only you know the best time for your family to make a move, but preparation is key to acting quickly when the right opportunity comes along. Sites like Realtor.com® offer information and tools to help homeowners keep a pulse on local activity in today's fast-paced market." January 2022 Housing Metrics – National 2022 kicks-off with the all-time fastest-moving January housing market Reflecting the mixed impact of 2021's pent-up buyer demand and feverish home sales pace, time on market both hit a new record and offered buyers a first glimmer of relief in January. On one hand, the typical U.S. home spent less time on the market than in any prior January and a full month less than in the pre-pandemic period from 2017-2019 alone. At the same time, with recent trends following typical seasonal patterns, national time on market increased in January over the final month of 2021. The typical U.S. home spent 61 days on the market in January, moderating from the December pace (54 days). However, homes spent less time on the market than in January 2021 (-10 days) and compared to the same month in 2017-2020, on average (-29 days). Homes spent less time on the market than the national rate in the 50 largest U.S. metros, at an average of 52 days in January. Southern metros posted the biggest yearly declines in time on market, down 10 days across the region as a whole and led by Miami (-29 days), Orlando, Fla. (-24 days), and Raleigh, N.C. (-17 days). In January, time on market increased over last year in just four large markets: Hartford, Conn. (+10 days), Minneapolis (+2 days), and Richmond, Va. (+1 day) and Washington, D.C. (+1 day). Limited inventory creates challenges for buyers and prospective sellers alike While buyer activity is accelerating earlier in 2022 than in prior years, January data suggests sellers aren't on the same timeline. The yearly decline in inventory grew for the fourth straight month as new listings continued to fall short of prior years' levels. This is partly due to typical seasonality, as sellers have historically waited until closer to the spring to enter the market. However, January's new listings declines could indicate that some prospective sellers are delaying their original plans to list earlier in the year, as 65% of those surveyed in the fall expected to list by March 2022. A number of potential factors may be behind seller hesitation, from Omicron uncertainties to the decade-long new construction shortage, with the many sellers who also need to buy a next home finding limited options in January. Nationally, the inventory of active listings was down 28.4% year-over-year in January, worsening from last month's rate (-26.8%). Although there were fewer for-sale homes than in January 2020 in all of the 50 largest metros, more than half (26) posted smaller inventory declines than the national rate. New listings lagged behind prior year's levels for the second consecutive month in January, down 9.1% nationwide. However, Realtor.com® Weekly Housing Trends show the annual rate of new listings declines improved steadily over the course of the month. If this trend continues, buyers may start to see more options ahead of the competitive spring season. Among the 50 largest U.S. metros, 19 experienced smaller new seller declines than the national rate in January. Additionally, four markets posted annual new listings gains: Cleveland (+7.6%), Orlando, Fla. (+2.3%), Indianapolis (+1.6%) and Houston (+0.9%). Home price growth continues at a double-digit pace as rate hikes fuel competition As demand further outpaced supply in January, the U.S. median listing price held near record-highs and continued to rise at a double-digit annual pace. While 2022 is forecasted to be a seller's market, annual home price growth is expected to moderate from the 2021 pace. This is partly due to looming rate hikes, which will cut into buyers' ability to meet high asking prices and have already begun to rise more quickly than anticipated. Listing price data is already showing some loss of momentum, as the acceleration was smaller in January over December compared to December over November. Still, the affordability of monthly housing costs will increasingly challenge buyers – especially first-timers, who typically have less flexible budgets and face the added financial burden of skyrocketing rents. For the second month in a row, the U.S. median listing price held at $375,000. Listing prices increased at a slightly faster annual pace in January (+10.3%) than in December (+10.0%), but the change was smaller than from November (+8.6%) to December. Relative to the national rate, home prices posted smaller yearly gains (+6.1%) in the 50 largest U.S. metros, partially due to inventory gains in smaller-sized homes. Price growth was similar on a square foot basis, up 11.8% year-over-year in large metros and 13.5% year-over-year nationwide. Listing prices grew at a double-digit annual pace in the southern (+11.2%) and western (+10.0%) regions, which dominated the top 5 list of markets with the biggest annual home price increases: Las Vegas (+35.3%), Tampa, Fla. (+28.7%), Austin, Texas (+28.2%), Orlando, Fla. (+25.0%) and Miami (+24.8%). January 2022 Housing Metrics – 50 Largest U.S. Metros Methodology Realtor.com® housing data as of January 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. In this release, price adjustments are defined as home listings that had their price reduced in January 2022; listings that had their prices increased during the month are excluded. Note: With the release of its January 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics (see more details here). As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Homebuyer's Agent Commission Rate Dips to 2.63%, the Lowest Since at Least 2017
While the buy-side commission has fallen in percentage terms, it has risen in dollar terms—a function of surging home prices; the typical seller pays the buyer's agent $12,415, up from $11,608 in 2020 and $9,610 in 2017. SEATTLE - Feb. 2, 2022 -- The typical commission rate paid to brokerages representing homebuyers has fallen to its lowest point in at least four years, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin found the typical U.S. buyer's agent commission was 2.63% of the home-sale price during the three months ending Nov. 30, 2021—down from 2.69% a year earlier and the lowest rate in Redfin's records, which date back to 2017. In a typical home sale transaction, the seller covers the cost of the fees of both their agent and the buyer's agent. Redfin's analysis focuses on the commission rate offered to the brokerage representing the buyer. Data on the typical commission rate paid to brokerages representing sellers is not available. Fierce Competition May Be Contributing to the Falling Commission Rate Today's competitive housing market may be accelerating the decline in the buy-side commission rate, Redfin agents say. Sellers and their agents understand they'll likely be able to find a buyer regardless of the commission they offer to the buyer's agent. "We're experiencing a historic shortage of houses for sale. Sellers know their home is a hot commodity and will likely attract multiple offers no matter what, so they've started offering the buyer's agents a 2% or 2.5% fee instead of 3%," said Joe Hunt, Redfin's market manager in Phoenix. "Why would you offer 3% when you know you could offer less and sell your home for the same price?" Another factor at play is increasing transparency. Some real estate websites, including Redfin, last year started publishing buyer's agent commission rates in select markets. In November, the National Association of Realtors passed a policy to allow brokerages and agents to display buyer's agent commissions on their websites, which will bring commission transparency to even more markets in 2022. Consequently, more consumers may discover that some home sellers and home-selling companies, like iBuyers, are already paying lower commissions, and follow suit. In Dollar Terms, Commissions Earned by Buyers' Agents Have Climbed While the average commission rate has been declining, the dollar value of buy-side commissions has been on the rise. At $12,415, the average commission fee a buyer's agent received during the three months ending Nov. 30 was up 6.9% from a year earlier and up 29.2% from the same period in 2017. That's a function of rising home prices. The median sale price of U.S. homes surged 15% year over year to $383,100 in November. "One might think the surge in home prices that's driving up commissions in dollar terms is also what's causing sellers to offer lower commission in percentage terms, but that's likely not the case," Fairweather said. "Instead, sellers are probably offering lower commission rates because they realize that a well-priced home in this extreme seller's market will likely attract buyers on its own." Fairweather continued: "With home prices so high, the seller, their agent and the buyer's agent are splitting a pie of funds that's bigger than ever. So even though the buyer's agent is technically getting a smaller share of the pie, their check is 6.9% bigger than it was a year ago. That could change if home prices start to level off." New York and Massachusetts Have Relatively Low Commission Rates In Nassau County, NY, home sellers paid a 1.98% average commission to the buyer's agent during the three months ending Nov. 30—the lowest rate among the 32 metros in Redfin's analysis. Nassau County was the only metro with an average commission rate below 2%. Next came Boston (2.21%), Riverside (2.22%), Anaheim (2.25%) and New Brunswick (2.3%). At 2.94%, Kansas City, MO and Columbus, OH had the highest commission rates. Next came Austin, TX (2.92%), Virginia Beach, VA (2.91%), Houston (2.90%) and Dallas (2.88%). To view the full report, including charts, local data and methodology, click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

U.S. Home Seller Profits Soar Again in 2021 as Prices Shoot to New Records
Profits on Typical Sales Nationwide Rise from 34 percent to 45 Percent; National Median Home Price Jumps 17 Percent to $301,000; Homeowners Staying In Their Homes Before Selling for Shortest Period in 10 Years IRVINE, Calif. - Jan. 27, 2022 -- ATTOM, curator of the nation's premier property database, today released its Year-End 2021 U.S. Home Sales Report, which shows that home sellers nationwide realized a profit of $94,092 on the typical sale in 2021, up 45 percent from $64,931 in 2020 and up 71 percent from $55,000 two years ago. Profits rose in more than 90 percent of housing markets with enough data to analyze and the latest figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2008. The $94,092 profit on the median-priced home sale in 2021 represented a 45.3 percent return on investment compared to the original purchase price, up from 33.6 percent last year and from 30.6 percent in 2019. The latest profit margin also stood out as the largest since at least 2008. Both raw profits and ROI have improved nationwide for 10 straight years. Moreover, last year's gain in ROI – up nearly 12 percentage points – was the biggest annual increase since 2013. Profits shot up as the national median home price rose 16.9 percent in 2021 to $301,000, another annual record. The combination of rising prices and profits came during a year when a decade-long boom in the national housing market steamed ahead both because of and in spite of the Coronavirus pandemic that caused widespread economic damage in 2021 and continued to threaten a recovery that began to took hold in 2021. A surge of buyers financially unscathed by the pandemic continued flooding the market throughout 2021. They were driven heavily by a combination of historically low interest rates and a desire by many households to trade congested virus-prone areas for the perceived safety and wider spaces of a single-family home and yard. As they chased a tight supply of homes for sale, prices spiked and so did seller profits. A few signs that prices could flatten out in 2022 emerged late last year in the form of declining affordability, lower investor profits and rising foreclosure activity. That was layered over rising inflation and likely increases in mortgage rates this year. But the current imbalance in demand and supply suggests that there is room for at least some additional price gains. "What a year 2021 was for home sellers and the housing market all around the U.S. Prices went through the roof, kicking profits and profit margins up at a pace not seen for at least a decade. All that happened as the virus pandemic raged on, which actually helped drive the increases instead of stifle them," said Todd Teta, chief product officer at ATTOM. "Households that escaped job losses from the pandemic dove into the market, in large part as a response to the crisis. And the rising demand led the market boom onward. No doubt, there are warning signs that the surge could slow down this year. But 2021 will go down as one of the greatest years for sellers and one of the toughest for buyers." Among 173 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data in 2021, those in western states continued to reap the highest returns on investment, with concentrations on or near the West Coast. The West region had 16 of the 20 metro areas with the highest ROIs on typical home sales last year, led by Boise, ID (121.8 percent return on investment); Spokane, WA (86.5 percent); Bremerton, WA (82.7 percent); Prescott, AZ (81.2 percent) and Salem, OR (81.2 percent). Prices rise at least 10 percent in three-quarters of the country as most markets again hit new highs The U.S. median home price increased 16.9 percent in 2021, hitting an all-time annual high of $301,000. The annual home-price appreciation in 2021 outpaced the combined increases of 9.5 percent in 2020 plus 5.9 percent in 2019. Since 2011, when the U.S. housing market was mired in the aftermath of the Great Recession of the late 2000s, the national median home price has risen 109 percent. The latest price spike came as more than 5.7 million single-family houses and condominiums sold in 2021, the highest number since at least 2005. All but four of the 173 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data in 2021 saw median prices increase from 2020 while 124 saw prices jump at least 10 percent. Those with the biggest year-over-year increases in median home prices were Worcester, MA (up 39.6 percent); Barnstable, MA (up 39.2 percent); Boston, MA (up 28.8 percent); Boise, ID (up 27.2 percent) and Phoenix, AZ (up 26 percent). Aside from Boston and Phoenix, the largest median-price increases in metro areas with a population of at least 1 million in 2021 came in Austin, TX (up 25.4 percent); Nashville, TN (up 22.2 percent) and Las Vegas, NV (up 21.5 percent). Home prices in 2021 reached new peaks since the Great Recession in 168 of the 173 metros analyzed (98 percent), including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX, and Houston, TX. The four metro areas among the 173 where median prices dropped in 2021 were Gulfport, MS (down 4.9 percent); Peoria, IL (down 1.8 percent); Beaumont, TX (down 1.4 percent) and Kansas City, MO (down 0.7 percent). The smallest increase among the 173 metros was in Fort Wayne, IN (up 1.8 percent). Profit margins up in almost 90 percent of nation Profit margins on typical home sales rose from 2020 to 2021 in 150 of the 173 metro areas with sufficient data to analyze (87 percent). The largest increases in investment returns came in Salisbury, MD (margin up 267.2 percent); Lafayette, LA (up 227.4 percent); Montgomery, AL (up 195.4 percent); Mobile, AL (up 179.9 percent) and Augusta, GA (up 167.7 percent). Among metro areas with a population of at least 1 million in 2021, the largest ROI increases from 2020 to 2021 were in Raleigh, NC (ROI up 80.6 percent); Oklahoma City, OK (up 64.4 percent); Virginia Beach, VA (up 62.6 percent); Washington, DC (up 60.2 percent) and Chicago, IL (up 59.4 percent). The biggest decreases in investment returns in 2021 came in Kansas City, MO (ROI down 33.2 percent); Gulfport, MS (down 23.3 percent); Harrisburg, PA (down 22.8 percent); Columbus, GA (down 20.4 percent) and Myrtle Beach, SC (down 17.8 percent). Aside from Kansas City, metro areas with a population of at least 1 million and declining profit margins in 2021 included Los Angeles, CA (down 11.9 percent); Houston, TX (down 11.5 percent); Cleveland, OH (down 11.4 percent) and Las Vegas, NC (down 10.4 percent). Homeownership tenure dips to nearly 10-year low Homeowners in the U.S. who sold in the fourth quarter of 2021 had owned their homes an average of 6.14 years, down from 6.34 years in the previous quarter and from 8.03 years in the fourth quarter of 2020. The latest figure represented the shortest average home-seller tenure since the first quarter of 2012. Average seller tenures were down, year over year, in 102, or 95 percent, of the 107 metro areas with a population of at least 200,000 and sufficient data. The biggest declines in average seller tenure from the fourth quarter of 2020 to the fourth quarter of 2021 were in Lakeland, FL (down 79 percent); Tucson, AZ (down 54 percent); Cleveland, OH (down 49 percent); Knoxville, TN (down 47 percent) and Torrington, CT (down 46 percent). The longest tenures for home sellers in the fourth quarter of 2021 were in Bellingham, WA (10.03 years); Manchester, NH (9.87 years); Kahului-Wailuku, HI (9.71 years); Rockford, IL (9.27 years) and Lake Havasu City, AZ (8.33 years). Cash sales hit six-year high in 2021 Nationwide, all-cash purchases accounted for 30.3 percent, or one of every three single-family house and condo sales in 2021 – the highest level since 2015. The latest figure was up from 22.8 percent in 2020 and from 25 percent in 2019, although still off the 38.5 percent peaks in 2011 and 2012. Among 156 metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share of all transactions in 2021 were Detroit, MI (59.8 percent of sales); Macon, GA (54.1 percent); Flint, MI (53.7 percent); Buffalo, NY (52.1 percent) and Salisbury, MD (48.8 percent). Lender-owned foreclosure purchases in U.S. at lowest level in at least 16 years Foreclosure sales to lenders accounted for just 1.4 percent, or one of every 69 single-family home sales in 2021 – the lowest level since at least 2005. The 2021 figure was down from 3.5 percent of sales, or one in 29, in 2020 and 5.1 percent, or one in 20, in 2019. States where lender-purchased (REO) foreclosure sales comprised the largest portion of total sales in 2021 were Illinois (3.5 percent of sales), Michigan (2.4 percent), Maryland (2.4 percent), New Jersey (2 percent) and West Virginia (2 percent). Institutional investing at eight-year high Institutional investors nationwide accounted for 6.9 percent, or one of every 14 single-family home and condo sales in 2021 in the U.S., the highest level since 2013. The latest figure was up from 2.7 percent in 2020 and 3.6 percent in 2019. Among 190 metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest levels of institutional-investor transactions in 2021 were Atlanta, GA (19.5 percent of sales); Jacksonville, FL (18.8 percent); Charlotte, NC (18.6 percent); Memphis, TN (16.8 percent) and Phoenix, AZ (16.3 percent). FHA sales at lowest level in 14 years Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 8.4 percent, or one of every 12 single-family house and condo purchases in 2021. That was down from 11.9 percent in 2020 and from 12 percent in 2019 to the lowest point since 2007. Among 190 metropolitan statistical areas with a population of at least 200,000 and sufficient FHA- buyer data in 2021, those with the highest share of purchases made with FHA loans were McAllen, TX (19.2 percent of sales); Hagerstown, MD (18.1 percent); Bakersfield, CA (17.9 percent); El Paso, TX (17.7 percent) and Yuma, AZ (17.7 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to investors, institutional investors and cash buyers, at state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Realtor.com Forecasts the Best Markets for First-Time Homebuyers in 2022
Struggling to buy your first home? Try Magna, Utah; Chalco, Neb. or Mauldin, S.C., where young homebuyers have a better shot at success SANTA CLARA, Calif., Jan. 10, 2022 -- With 2022 shaping up to be another challenging year for hopeful homebuyers, Realtor.com ran the numbers to find the best markets for people looking to buy their first home this year. The first annual Best Markets for First-Time Homebuyers Report predicts the cities and towns with the best combination of quality of life and affordability that young homebuyers are looking for. What is it that makes these markets great for first-time homebuyers? They have strong job markets, short commute times, plenty of places to eat and drink, a younger population, affordability, and more homes to choose from. The 2022 top 10 markets, in ranked order, are: Magna, Utah, Chalco, Neb., Mauldin, S. C., Beech Grove, Ind., Portsmouth, Va., Cottage Grove, Wis., Grimes, Iowa, Kuna, Idaho, Ferndale, Mich. and Maitland, Fla. "Buying a first-home is always a challenging undertaking, and it's been an especially tough couple years for first-time buyers, many of whom are struggling to find a home that's within their budget or win in a competitive bidding situation," said Realtor.com® Chief Economist Danielle Hale. "With this in mind, and the fact that remote work has given people more flexibility in where they live, we wanted to identify markets where first timers have a chance to become homeowners and find a great quality of life." Here are some of the reasons these markets are attractive to first-time homebuyers: More homes to choose from – The best markets boast almost twice the number of homes for sale than the national average, in 2021 these markets had 72.9 active listings per 1,000 households compared to the national rate of 44.9. Buyers looking for lots of options should check out Kuna, Idaho, which has the most choice on the list with 160 active listings per 1,000 households. Lots of young people – The 10 best markets for first-time homebuyers all have a younger population than the country overall. Specifically, these areas have an average of 15.2% of residents who are between the ages of 25-34 years old compared to 13.5% of the country overall. The youngest city on the list is Maitland, Fla. where you'll find that 17.5% of the population are young adults. Plenty to eat and drink – Lifestyle is important to a lot of first-time homebuyers and the best markets also include plenty of options for a night out on the town nearby. Our top places for first time homebuyers are located in metros that have an average of 5.3 food and drink establishments per 1,000 households in the broader metro area, higher than other affordable places on our list, which average 5.0. Foodies can head to Magna in the Salt Lake City metro area, which has the most spots to dine out or grab a drink at 5.8 per 1,000 households. More affordable homes – Sticking to a budget can be tricky for many first-time homebuyers, but the best markets have options for the cost-conscious. By comparing the typical home list price to the average income for young adults, Realtor.com® determined that the home-price-to-income ratio in the best markets (3.9) was much lower than the national rate (5.0). Home shoppers who are looking for affordability can head to Chalco, Neb. or Ferndale, Mich., which offer the most affordability on the list. Lots of good jobs – A healthy job market is important when finding a place to settle down, and the best markets are in metro areas that have lots of jobs to offer. These metro areas have a forecasted unemployment rate of just 2.7%, well below the national average of 3.6%. If job selection is at the top of the wish-list, buyers can check out Chalco, Neb. in the Omaha metro area and Cottage Grove, Wis. in the Madison metro area which both have a forecasted unemployment rate of just 2.2%. Strong local housing markets – All of the cities on the list are located within metro areas that are forecasted to have strong home sales and price growth. Sales in these surrounding metro areas are projected to grow at 10.2% in 2022, much faster than the national average of 6.6%. Prices are expected to rise by 5.4%, which is significantly higher than the national average rate of 2.9%. Magna, Utah, which is in the Salt Lake City metro, has the highest expected sales growth rate of 15.2% and the highest expected price growth of 8.5%. Shorter commutes – No one wants to spend hours a day in the car or on a train, and the best markets offer jobs that are close to home. In fact, the average commute time in these markets is 26 minutes – that's 4 minutes faster than the national average. If you're looking for a short commute, try Grimes, Iowa, where locals typically get to work in just 23 minutes. First-time homebuyers can visit Realtor.com® to learn more about the buying process, find out how much they can afford, and even get connected to a lender to get pre-approved for a mortgage. And to stay competitive in this fast-moving market, shoppers can set a price alert so they know as soon as a home that fits their wish list hits the market and use Realtor.com®'s collaborate and share features to quickly get feedback from friends and family. Realtor.com® 2022 10 Best Markets for First-Time Homebuyers: 1. Magna, Utah Coming in at No. 1, Magna, Utah is located near Salt Lake City, which was named Realtor.com®'s No. 1 Top Market for 2022. Magna's easy access to the lakes and mountains are a huge draw for outdoor enthusiasts and its close proximity to the city offers lots of jobs without a long commute. New home construction is booming in Magna, providing more options for home shoppers. The area has a fast-growing tech industry and is also an attractive destination for nature lovers who have the ability to work remotely. As such, it has seen a large influx of out-of-state transplants since the pandemic began. 2. Chalco, Neb. In the No. 2 spot, Chalco, Neb., is located just outside of Omaha. The Omaha area is home to 4 Fortune 500 companies including Berkshire-Hathaway, offering lots of job opportunities. Locals enjoy leisure time at the Chalco Hills Recreation Area, a popular destination for hiking, biking and kayaking. There are also 9 universities and colleges in the area, including University of Nebraska Omaha and Creighton University. 3. Mauldin, S. C. At No. 3 on the list is Mauldin, South Carolina, where first-time buyers will find small town southern charm and natural attractions combined with a short commute to Greenville's downtown area, airport and strong jobs market. Residents have plenty to do in Mauldin itself, from its Sports and Cultural Centers to a booming restaurant scene, including local favorites Wholly Smoke BBQ and Dillard's Ice Cream. For young families, Mauldin also has top-rated schools like Monarch Elementary. 4. Beech Grove, Ind. Landing at the No. 4 spot is Beech Grove, Ind. Known for a strong sense of community, Beech Grove is a city in its own right – literally – as the market is an "excluded city" with a separate government and police department from the nearby Indianapolis metro area. Home shoppers looking for a sense of nightlife will find plenty of restaurants in the Main Street downtown area, 24/7 bowling at Beech Grove Bowl and local craft breweries like Scarlet Grove. For families, Beech Grove has good public schools like Acton Elementary, as well as top-rated private schools, including Cathedral High. 5. Portsmouth, Va. Taking the No. 5 place on the list is Portsmouth, Va. Located just across the Elizabeth River from Norfolk, Va., this little town offers affordable home prices at $215,000 – well below the national average of $332,000 – and is within driving distance of a variety of outdoor activities such as water sports, boating, skiing, snowboarding, and hiking. Home to the Norfolk Naval Shipyard and The U.S. Coastguard Portsmouth, it has a large military population and offers many job opportunities in defense and related industries. Norfolk Southern and NASA Langley Research Center are two big employers in the area. 6. Cottage Grove, Wis. The sixth best market for first-time homebuyers is Cottage Grove, Wis. Just 15 miles outside Madison, this hidden gem offers residents close proximity to city jobs with a slower pace of life. The town itself offers a variety of charming shops and restaurants and is within a few minutes of the two prominent golf courses in the area – The Oaks Golf Course and Door Creek Golf Course. When looking for nightlife, residents turn to Madison for its restaurant and bar scene and daytime activities such as boating on Lake Mendota and Lake Monona and visiting the popular Olbrich Botanical Gardens. 7. Grimes, Iowa Landing in the No. 7 spot, Grimes, Iowa is located just west of Des Moines. The area's low cost of living and strong job market make it an attractive spot for young people. Many residents are pleased to learn that they can buy a home for not too much more than the cost of renting. Popular activities include cheering on the Iowa State University football and basketball teams. Grimes is just a short trip to Des Moines where locals can enjoy the arts and many cultural activities. Those looking to start a family will appreciate the highly rated schools such as Webster Elementary School. 8. Kuna, Idaho No. 8 on the list is Kuna, Idaho, located just outside of Boise. Locals love the area's great access to outdoor activities, beautiful surroundings and friendly people. While the Boise housing market has been booming, young homebuyers are likely to have better luck in Kuna than some of the surrounding towns. The area experienced an influx of transplants from areas like Calif. and Wash. who are drawn to the lower cost of living, great quality of life and good schools including Falcon Ridge Public Charter. 9. Ferndale, Mich. In 9th place is Ferndale, Mich. This city is attractive to first-time buyers because of its diversity, vibrant downtown area and great restaurants. It is well-known to locals for its thriving LGBTQ+ community. Ferndale's proximity to Detroit and low price point make it attractive to first-time buyers looking to break into the housing market. Ferndale has recently experienced an influx of buyers from nearby states like Illinois and Ohio who appreciate the low cost of living. 10. Maitland, Fla. Rounding out the top 10 is Maitland, Fla. Located near Orlando, Maitland is home to a number of popular lakes and offers a wide range of homes, many of which are on large lots. The town's good schools, such as Dommerich Elementary, are a draw for first-time homebuyers who often have young children. During the pandemic the area saw a lot of transplants from places such as Calif., N.Y. and Boston, many of whom are taking advantage of remote work – the area is also home to a number of workers from Disney and Amazon. Realtor.com® Best Markets for First-Time Homebuyers Ranked *Methodology Realtor.com® ranked 1,112 cities and places with a population of more than 5,000 based on the following criteria, capping the list at one city per metro to allow for a greater diversity of options across the country: The share of 25-34 year-olds in the local population. The availability of homes for sale, measured by active listings per 1,000 existing households. A measure of affordability, estimated by the ratio of listing prices to gross incomes of 25-34 year-olds in each city. A measure of job opportunities, estimated by the unemployment rate of each city's surrounding metro area. The average commute time to work. A measure of the amenities in an area, estimated by the count of food and drink establishments per 1,000 households in the city's surrounding metro area. Forecasted metro home sales and home price growth in 2022. The inventory of homes for sale and local median listing prices are from Realtor.com® December 2020 to November 2022 listing data. The cities and towns are defined as postal codes mapped to Census Designated places and reflect approximate but not true city or town boundaries. The population, household count, household income, and average commute time data were sourced from 2021 and 2022 Claritas estimates based on Census Bureau data. The stated forecasted unemployment rates are Moody's Analytics projections of U.S. Bureau of Labor Statistics Local Area Unemployment Statistics. Counts of food and beverage establishments are from 2018 County Business Patterns data. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Leading Economic and Housing Experts Predict Multiple Fed Interest Rate Hikes, Slowing Inflation and Home Price Growth in 2022
NAR unveils top 10 housing market "hidden gems" for 2022 during association's Real Estate Forecast Summit WASHINGTON (December 15, 2021) -- Expect slower housing price appreciation, easing inflation and rising interest rates in 2022, according to a survey of more than 20 top U.S. economic and housing experts. Lawrence Yun, NAR chief economist and senior vice president of research, unveiled the consensus forecast today during NAR's third annual year-end Real Estate Forecast Summit. For 2022, the group of experts predicted that annual median home prices will increase by 5.7%, inflation will rise 4% and the Federal Open Market Committee will twice increase the federal funds rate by 0.25%. "Overall, survey participants believe we'll see the housing market and broader economy normalize next year," Yun said. "Though forecasted to rise 4%, inflation will decelerate after hefty gains in 2021, while home price increases are also expected to ease with an annual appreciation of less than 6%. Slowing price growth will partly be the consequence of interest rate hikes by the Federal Reserve." Yun forecasts U.S. GDP to grow at the typical historical pace of 2.5%, barring any major, widespread transmission of the omicron COVID-19 variant. He expects the 30-year fixed mortgage rate to increase to 3.5% as the Fed raises interest rates to control inflation but noted this is lower than the pre-pandemic rate of 4%. The housing market performed better than it has in 15 years in 2021, with an estimated 6 million existing-home sales. As mortgage rates tick up slightly, Yun predicts existing-home sales will decline to 5.9 million in 2022. He also forecasts a modest increase in housing starts to 1.67 million as the pandemic's supply chain backlogs subside. Top 10 Housing Market "Hidden Gems" in 2022 NAR identified 10 housing markets as "hidden gems" that are expected to experience stronger price appreciation relative to other markets in 2022. In alphabetical order, the markets are as follows: Dallas-Fort Worth, Texas Daphne-Fairhope-Farley, Alabama Fayetteville-Springdale-Rogers, Arkansas-Missouri Huntsville, Alabama Knoxville, Tennessee Palm Bay-Melbourne-Titusville, Florida Pensacola-Ferry Pass-Brent, Florida San Antonio-New Braunfels, Texas Spartanburg, South Carolina Tucson, Arizona "The housing sector performed spectacularly in 2021 in many markets, with huge gains achieved in places like Austin, Boise and Naples," Yun said. "Several markets did reasonably well in 2021, but not as strong as the underlying fundamentals suggested. Therefore, in 2022, these ‘hidden gem' markets have more room for growth." NAR considered a market a hidden gem based on two categories: 1) if the market's ratio of median home price to median family income is in the lower half of the 379 metro areas analyzed and 2) if the following seven indicators reflecting the strength of housing demand for that market are in the upper half of metro areas – wage growth, job growth, ratio of the change in population to the sum of housing permits, population growth, net domestic migration, percentage of the population ages 25 to 44, and the percentage of households with broadband service. NAR's top 10 list only includes metro areas with populations of at least 200,000. To view NAR's Top 10 Housing Market Hidden Gems report, click here. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Realtor.com Forecasts the Top Housing Markets of 2022
Salt Lake City, Utah; Boise, Idaho and Spokane, Wash. are anticipated to see the highest home price appreciation and sales growth in 2022 SANTA CLARA, Calif., Dec. 7, 2021 -- Driven by strong local economies, tech sector job growth and relative affordability, Realtor.com forecasts its Top Housing Markets of 2022 will lead the nation in listing price appreciation and home sales growth next year. Concentrated in the Mountain West, Midwest and New England, this year's top 10 in rank order are: Salt Lake City, Utah, Boise, Idaho, Spokane, Wash., Indianapolis, Ind., Columbus, Ohio, Providence, R.I., Greenville, S.C., Seattle, Wash., Worcester, Mass. and Tampa, Fla. (See below for full ranking of the 100 largest U.S. markets). Based on the 2022 Realtor.com® local housing forecast, the areas on this list are expected to see the strongest combined growth in home sales and listing prices among the 100 largest U.S. metros. In fact, home sales across the top 10 markets are forecasted to grow by 11.6% year-over-year in 2022, which is nearly two-times the national home sales growth projection (6.6%). Additionally, average home prices in the top 10 are expected to increase 7.4% – more than double the national pace (+2.9%). "This year's list spans a variety of geographic hotspots, reflecting how pandemic trends like the rise in remote work are enabling many homebuyers to explore new areas where their budgets stretch further. The top 10 markets share a number of commonalities that are driving demand from millennial remote workers to retirees alike, including those from major coastal metros," said Realtor.com® Chief Economist Danielle Hale. "With thriving local economies, low unemployment rates, convenient access to the outdoors and relatively affordable housing, many of the top markets offer the best of both small town quality of life and big city job security. Home shoppers in these areas may still be able to find good value even as listing prices are expected to climb in 2022, but getting a leg up on the competition will be key. For buyers with more flexible timelines – such as those making a move from a big city – offering a couple extra months on the closing date could sweeten the deal for sellers who also need to buy their next home." Key trends expected to drive growth in housing hotspots Tech jobs without the crowds: Homebuyers can find more breathing room in this year's top housing markets relative to the 100 largest U.S. metros, at an average 60 fewer people per square mile, without having to sacrifice big city job opportunities. A common trend among the top 10 markets is a strong job market, with a lower average unemployment rate (4.1%) than the top 100 overall (5.1%) and higher average job growth (3.4% vs. 2.5%). Additionally, half of the top 10 have a higher share of STEM jobs than the 100 metro average (6.5%), at over 7% each in emerging hubs like Salt Lake City, Boise and Columbus, as well as in more traditional tech city, Seattle. Magnets for big city remote workers: On top of having strong local job markets, the top 10 markets are attracting remote workers. In fact, LinkedIn data shows the share of job seekers applying for remote work roles in metros like Boise and Spokane is at least 6.8% higher than the national average. With the rise in workplace flexibility during the pandemic, these workers are likely looking for a chance to escape city life while continuing to make a big city salary. In six of the top 10 markets, over half of recent home shopping traffic on Realtor.com® originated from outside the market, including from major metros like New York, San Francisco and Boston. Hotspots for both millennials and retirees: With more than 45 million Americans at typical first-time buying ages, millennials will be key drivers of 2022 housing demand nationwide and the top markets are no exception. In fact, those aged 25-34 represent a slightly higher share of the population in the areas on this year's list (15.6%) compared to the top 100 (14.9%). Top markets Seattle, Columbus and Salt Lake City have an 18% share of younger millennials each. At the same time, many of these areas are popular retirement destinations, which means older generations will also play a key role in these markets. In four of the top 10, seniors aged 65-plus account for nearly one-third of households, led by Tampa at 32%. Relatively affordable home prices that are projected to rise: When compared to the 100 largest U.S. metros, median listing prices in the top 10 markets are an average of 8.6% higher and 2021 sales prices are projected to rise at a double-digit pace over 2020 (+14.1%). Despite this, half still have more affordable prices than the typical U.S. home, and the other half have lower-prices than key big-city feeder markets of home shoppers in the top 10. Additionally, because homes in these markets are relatively larger than the 100-metro average, by as much as 297 square feet in an area like Spokane, some buyers could potentially still find more house for their money. Even so, with top 10 home prices expected to rise 7.4% in 2022, affordability will be increasingly important to buyers in these areas. Realtor.com® 2022 Top Housing Markets 1. Salt Lake City, Utah 2021 median home price1: $564,062Forecasted 2022 home sales change: +15.2%Forecasted 2022 home price change: +8.5%Forecasted 2022 combined sales and price change: +23.7% Salt Lake City took the No. 1 spot on this year's top market list. Located on the Northern side of the state, Salt Lake is an outdoor enthusiast's dream with its close proximity to some of the best skiing, hiking, fishing, mountain biking in the country. Since the beginning of the pandemic, remote work has prompted an influx of transplants from California and Colorado looking for affordable homes, low cost of living and good schools. Lehi, Utah, also known as Silicon Slopes for its booming tech industry, is just 25 miles away from Salt Lake and home to SanDisk, Adobe and eBay facilities. 1 For the 12-month period ending November 30, 2021 2. Boise, Idaho 2021 median home price: $503,959Forecasted 2022 home price change: +17.9%Forecasted 2022 home sales change: +7.9%Forecasted 2022 combined sales and price change: +20.8% Boise, Idaho is No. 2 on Realtor.com®'s top markets of 2022 list. Also, driven by a combination of remote work and a desire for outdoor activities such as hiking, skiing, snowshoeing, Boise has become a relocation destination for California transplants. It has a booming job market with employers like Micron Technology, Albertsons, and Boise State University. Great restaurants, bars, and shops line its vibrant downtown area which draws a crowd of all ages and walks of life. The Boise River Greenbelt runs through the east side of the city and includes a series of tree-dotted trails and parks hugging the water's edge. 3. Spokane, Wash. 2021 median home price: $419,803Forecasted 2022 home sales change: +12.8%Forecasted 2022 home price change: +7.7%Forecasted 2022 combined sales and price change: +20.5% Located near the Idaho border, Spokane takes the No. 3 spot on this year's list. With the Spokane River running through the city, residents can take part in an abundance of waterfront activities, while less rain and more sun than nearby Seattle means the best of warmer months and winter fun. With easy access to amenities, restaurants and nightlife in downtown areas like Riverside, Spokane offers homebuyers both the luxuries of a bigger city and a relatively low cost of living, including more affordable housing, than nearby Seattle, Portland and Tacoma. It has a concentration of well-ranked public schools, including Libby Center and Wilson Elementary, making it an attractive option for young families – perhaps those settling down after attending one of the many surrounding universities like Gonzaga, or Whitworth. 4. Indianapolis, Ind. 2021 median home price: $272,401Forecasted 2022 home sales change: +14.8%Forecasted 2022 home price change: +5.5%Forecasted 2022 combined sales and price change: +20.4% Like many of the cities on Realtor.com®'s 2022 ranking, No. 4 market Indianapolis has a small town feel despite being the 15th largest U.S. city. The market has an 8% lower cost of living than the national average, including low taxes, as well as the ability to get pretty much anywhere in the entire city within about an hour. It is also home to the top-rated Indianapolis Colts and annual big-draw sporting events like the Indianapolis 500 and the NCAA tournaments, and multiple universities like Indiana-Purdue and Butler. With relatively spacious homes and affordable prices, Indianapolis is drawing in buyers who are finding a good sense of community in areas like Carmel, Zionsville and Noblesville, as well as property investors. 5. Columbus, Ohio 2021 median home price: $298,523Forecasted 2022 home sales change: +13.7%Forecasted 2022 home price change: +6.3%Forecasted 2022 combined sales and price change: +20.0% Coming in at No. 5, Columbus is Ohio's capital and its fastest-growing city. The market is attracting a number of transplants from more expensive areas in the West, a trend that has accelerated with the rise in remote work. Also home to Realtor.com®'s No. 6 Hottest ZIP Code in 2021 (ZIP 43228 Lincoln Village), people are drawn to Columbus's booming job market, low cost of living and top-rated schools like New Albany High. Large employers in the area include L Brands, the parent company of Victoria's Secret and Bath & Body Works, as well as Nationwide Insurance. Locals enjoy cheering on the Ohio State Buckeyes and visiting parks like Hoover Reservoir and Alum Creek for water sports. 6. Providence, R.I. 2021 median home price: $419,813Forecasted 2022 home sales change: +8.1%Forecasted 2022 home price change: +9.5%Forecasted 2022 combined sales and price change: +17.7% Providence has landed in the No. 6 spot on this year's list. Rhode Island's capital city is known for its hospitals and universities, being home to eight of each, including Ivy League Brown University. Providence also has great public schools including Classical High School. Residents enjoy the city's central location with easy access to Boston and New York without the high price tags. Providence is also known for great restaurants, nightlife and art, including its famous WaterFire installation. 7. Greenville, S.C. 2021 median home price: $305,078Forecasted 2022 home sales change: +11.4%Forecasted 2022 home price change: +5.7%Forecasted 2022 combined sales and price change: +17.1% Greenville, at No. 7, offers low income and property taxes, small-town flavor, incredible weather and access to the great outdoors, with multiple local spots for walking, kayaking and hiking. In the center of downtown Greenville, Falls Park is host to restaurants, breweries and shopping, and offers spectacular views of Reedy River Falls from the Liberty Bridge. Greenville offers easy access to popular vacation destinations like the Smoky Mountains, Hilton Head and Myrtle Beach. While the area is experiencing lots of new construction growth, home prices are still relatively affordable. Plus, Greenville has its own booming economy, including big employers like BMW and Michelin, and a variety of public, charter, private and religious schools. 8. Seattle, Wash. 2021 median home price: $666,754Forecasted 2022 home sales change: +9.6%Forecasted 2022 home price change: +7.5%Forecasted 2022 combined sales and price change: +17.1% Landing on the list of homebuyer hotspots for the second year in a row is Seattle, which has seen an influx of Californians. As the headquarters of big companies like Amazon, Starbucks and Expedia, many new residents have relocated to Seattle for high-paying job opportunities during the pandemic. Perhaps making up for a higher-than-average cost of living, the "Emerald City" offers great weather across seasons and easy access to nature, with multiple lakes, islands, the Puget Sound, and even ski resorts and nearby wine country. While the Seattle suburbs are drawing in buyers who want more space, schools across the region are top notch. Plus, the city boasts the top-ranked University of Washington. 9. Worcester, Mass. 2021 median home price: $397,188Forecasted 2022 home sales change: +8.4%Forecasted 2022 home price change: +8.2%Forecasted 2022 combined sales and price change: +16.6% At No. 9 on this year's list is Worcester, the second largest city in Mass and home to Realtor.com®'s No. 7 Hottest ZIP Code in 2021 (ZIP 01757). At the heart of the state, Worcester offers easy access to interstate highways via the Mass Pike as well as a commuter train to Boston, as well as relatively affordable housing, top-rated schools and easy access to the outdoors. The city is also going through a massive redevelopment surrounding the opening of the Worcester Red Sox's Polar Park. Combined with a vibrant cultural and arts scene and a strong jobs market fueled by local employers like UMass Medical School, Worcester is attracting young buyers, including graduates from surrounding colleges like Clark and Holy Cross. 10. Tampa, Fla. 2021 median home price: $335,814Forecasted 2022 home sales change: +9.6%Forecasted 2022 home price change: +6.8%Forecasted 2022 combined sales and price change: +16.4% Rounding out Realtor.com®'s 2022 top markets is Tampa at No. 10. Located along Florida's Gulf Coast, Tampa's beautiful beaches, great weather and year-round living make it a popular destination for vacationers and retirees. But Tampa also has plenty to offer young professionals and families, from good schools and low-cost of living, including no state income taxes, to relatively affordable housing and plentiful new construction within reasonable commuting distance of the downtown area. With the rise of remote work during the pandemic, Tampa real estate activity is booming as buyers migrate from big cities like New York and Chicago. Realtor.com® 2022 Housing Forecast – 100 Largest U.S. Metros (Ranked) *Methodology Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate 2022 values for these variables for the 100 largest U.S. metropolitan statistical areas by population size. These markets are then ranked by combined forecasted growth in home prices and sales. In cases of a tie, forecasted year-over-year sales growth was used as a tiebreaker. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.