Single women make up second largest homebuyer group

Single Women Home Buyer

According to MGIC Connects infographic “Look Who’s Buying Her First Home” single women are the second largest home buying group after married couples.

Married couples hold the largest home buying position with 54%, single women come in second with 18%, followed by unmarried couples with 15%, single men with 11% and other with 2%.

According to Pew Research Center about 45% of Millennial women ages 18 to 24 are enrolled in college, compared to 38% of Millennial. Also, about 38% of Millennial women ages 25 to 32 have a bachelor’s degree, compared to 31% of Millennial men.

However, 36% of single women live at home with their parents or relatives, according to Pew Research Center. That is at its highest level since 1940.

The median age of single women homebuyers is 32 years old with median income $49,000/-according to the National Association of Realtors’ 2015 Profile Buyers & Sellers.

Continue reading

NAR: Pending Homes Sales at a 10-year High

zri home
Pending home sales rose for the third consecutive month in April and reached their highest level in over a decade, according to the National Association of Realtors® (NAR).All major regions saw gains in contract activity last month except for the Midwest, which saw a meager decline.

The Pending Home Sales Index – a forward-looking indicator based on contract signings for homes that have not yet sold – hiked 5.1 percent higher to 116.3 in April from an upwardly revised 110.7 in March. Year-to-year, it’s 4.6 percent above April 2015 (111.2).

After last month’s gain, the index has now increased year-over-year for 20 consecutive months. Vast gains in the South and West propelled April’s pending sales in April to its highest level since February 2006 (117.4).

Pending sales in the Northeast climbed 1.2 percent to 98.2 in April, and are now 10.1 percent above a year ago. In the Midwest, the index declined slightly (0.6 percent) to 112.9 in April, but it’s still 2.0 percent above April 2015.

Pending home sales in the South jumped 6.8 percent to an index of 133.9 in April – 5.1 percent higher than last April. The index in the West soared 11.4 percent in April to 106.2, and it’s now 2.8 percent above a year ago.


Continue reading

Existing Homes Sales Spring Ahead in March

Sold Home For Sale Real Estate Sign and Beautiful New House.Existing-home sales, including single-family homes, townhomes, condominiums and co-ops, were at an adjusted annual rate of 5.55 million in March – a jump of 5.1% compared with 5.07 million in February, according to the National Association of Realtors (NAR).

The median existing-home price for all housing types in March was $222,700, up 5.7% from March 2015. March’s price increase marks the 47th consecutive month of year-over-year gains.

Total housing inventory at the end of March increased 5.9% to 1.98 million existing homes but is still 1.5% lower than one year ago. Unsold inventory is at a 4.5-month supply at the current sales pace – up from 4.4 months in February.

Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures

The share of first-time buyers represented 30% of sales in March – unchanged both from February and a year ago. First-time buyers in all of 2015 also represented an average of 30%.

“With rents steadily rising and average fixed rates well below four percent, qualified first-time buyers should be more active participants than what they are right now. However, affordability and the low availability of starter homes is still a major barrier for them in most markets.”

About 25% of all transactions in March were all-cash sales – unchanged from February but up from 24% a year ago.

Continue reading

Florida Rent Raises over the National Average, Orlando and Tampa Lead the way

Business concept. Isolated on white
Rents in the Sunshine State are increasing at a higher rate than nationwide averages, with one-bedroom rents averaging $1,100, while two-bedroom rents cost $1,400. Florida rents increased by 0.3 percent from February to March, and are up 3.9 percent over last year. That rate beats out the national rent growth over the past year by 1.2 percent

Orlando has the highest year-over-year rent growth at 8.9 percent. A two-bedroom here averages $1,110, while a one-bedroom goes for $980. In addition to showing the highest increase in rents, Orlando was also Florida’s eighth-most-expensive city for two-bedroom figures

Tampa placed seventh for most expensive cities, with an average two-bedroom price of $1,170. Rents in Tampa have risen 8.6 percent over the past year, the second most of any Florida city for the month of March.

Is this time to Buy a home?

Continue reading

EDC: Orlando population growth No. 1 among large regions


Orlando is the fastest-growing of the country’s 30 largest regions, according to new population estimates released by the U.S. Census Bureau. The region added more than 60,000 net new residents in the twelve months ending July 1, 2015 (166 per day), growing total population by 2.6 percent to 2,387,138. The numbers come just a week after revised labor market data confirmed Orlando’s status as America’s No. 1 employment center for job growth in 2015.change-in-population-3-24-16-1.jpg

Formerly the 26th most populous region in the United States, Orlando now places 24th. The Villages in neighboring Sumter County is again the nation’s fast-growing region of all 381 regions in the country but has a much smaller population base of just 120,000.

All four counties within the Orlando region – Lake, Orange, Osceola, and Seminole – recorded above-average growth in 2015. Osceola and Lake both placed on the list of the nation’s 50 fastest-growing counties, at 18th and 40th respectively.

Osceola saw the greatest population increase in the region in percentage terms. Almost four times as large, Orange County accounted for the greatest absolute gain at 31,631, or 52 percent of all net new residents in the region. Orange County added more residents than any other county in Florida.

Since 2010, when the region resumed significant population growth, Orlando has added a net gain of 252,733 residents. More than 40 percent of that growth can be attributed to domesitc migration, with another 34 percent due to international migration, and 24 percent from natural increase. Net migration may broadly be considered an indicator of economic health as people move to where the jobs are.

Continue reading

Florida Selected as Most Desirable State to Live

For the first time since 2001, Florida – the nation’s 27th state – is back on top as Americans’ most desired state to live.

When asked where they would most like to live (excluding their current state), Florida landed at the top of the list. Overall, sunshine and waterfront acreage were consistent themes among the most popular states, with California (2) and Hawaii (3) rounding out the top three. However, non-beach states Colorado (4) and New York (5) closed out the top five states.

Continue reading

Zero-interest-rate policy is over, but don’t expect rapid rate hikes

The Federal Reserve raised interest rates for the first time since 2006.The Fed’s short-term rate had kept near zero for seven years, marking an unprecedented era in the history of U.S. monetary policy triggered by the worst financial crisis and economic downturn since the 1930s.

Policy makers on Wednesday voted 10 to 0 to lift the Fed’s short-term borrowing rate by a quarter-point to a range of 0.25% to 0.5%.

Fed officials said an improved economy was ready for a rate hike, pointing to “solid” consumer spending, a rebounding housing market and stronger business fixed investment. The central bank also took careful note of a healthier labor market in which the unemployment rate has tumbled to 5% — just half as much compared to the early stages of a recovery that began in mid-2009.

The central bank didn’t change its so-called dot plot for 2016 that projects one rate hike each quarter. According to this forecast, the target fed-funds rate would reach a 1.4% rate at the end of 2016.

The median path for the “dot plot” declined by 20 basis points in 2017 to 2.4%, and 10 basis points in 2018 to 3.3%, suggesting one fewer cut over the two years than the FOMC had projected in September.

Continue reading

© 2021 ZRI Realty. All Rights Reserved