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21.03.2018 13:05
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Trulia: Buyers Face Tough Spring Market As Move-In Ready Starter Homes Become Harder To Find, Pricier, Smaller, And Older
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PR Newswire
SAN FRANCISCO, March 21, 2018
SAN FRANCISCO, March 21, 2018 /PRNewswire/ -- Today Trulia®, a home and neighborhood site that helps homebuyers and renters discover a place they'll love to live, released the findings from its quarterly Trulia Inventory and Price Watch. This quarter's report found that national housing inventory rose 3.3% year-over-year, driven almost entirely by a 13.3% increase in premium homes. This is the first time that inventory has hit positive territory during the first quarter since 2015. However, starter home inventory plummeted, hitting its lowest level in at least six years, and amid a 9.6% year-over-year increase in median list price.
| 2018 Q1 National Inventory and Price Watch | ||||||||
| Housing | 2018 Q1 Inventory | Change, 2017 Q1 - 2018 Q1 | ||||||
| Median | Share | Inventory | % of Income | % Change | Percentage | % Change in | Additional Share (Percentage -Point Change) | |
| Starter | $180,931 | 21.5% | 217,717 | 41.2% | 9.6% | -4.4 | -14.2% | +4.2 |
| Trade-Up | $311,234 | 22.9% | 231,691 | 26.9% | 7.5% | -0.5 | +0.9% | +2.2 |
| Premium | $646,188 | 55.6% | 563,468 | 14.6% | 5.2% | +4.9 | +13.3% | +1.1 |
| Note: Among the 100 largest U.S. metro areas. Share is the percent of for-sale homes that fall into each segment, which is defined separately for each metro. Median price for each segment is the stock-weighted average of the median price of each segment in each metro. Some point change estimates may be slightly different than stated values because our differing procedure occurs before rounding. The full data set can be downloaded here. | ||||||||
Starter Homes Becoming Non-Starter for Many Buyers
Not only will first-time buyers face fierce competition in a tighter and pricier housing market, the quality of available starter homes appears to have diminished. Today, starter homes are less likely to be move-in ready with fixer-uppers making up 11.2% of the market, up from 10.3% in 2012. Most notably, Camden, N.J, Philadelphia, and Oklahoma City saw their share of fixer-uppers among starter homes rise the most. Moreover, starter homes nationally are nine years older on average and about 2% smaller in terms of square footage, shrinking to 1,187 square feet from 1,211 square feet six years ago.
| Where Share of Fixer-Uppers Among Starter Homes Rose Most | |||
| U.S. Metro | Fixer-Uppers as Share | Fixer-Uppers as Share of | Percentage Point Change in Fixer-Uppers |
| Camden, NJ | 20.0% | 32.9% | +12.8 |
| Philadelphia, PA | 22.2% | 30.7% | +8.5 |
| Oklahoma City, OK | 13.0% | 21.1% | +8.0 |
| Baltimore, MD | 12.4% | 20.1% | +7.7 |
| Charlotte, NC | 12.3% | 18.6% | +6.3 |
| Note: Among the 100 largest U.S. metro areas. The full data set can be downloaded here. | |||
Starter Homes Completely Out of Reach in San Francisco Bay Area, Los Angeles, and Orange County
The ongoing inventory crunch continues to impact affordability across the country. Nationally, starter-home buyers now need to spend at least 41.2% of their income to buy a typical starter home – significantly more than the recommended amount. This 4.2 percentage point increase is the largest year-over-year rise on record. Regionally, California is home to the most unaffordable markets in the country. In fact, starter-home buyers in San Francisco, San Jose, Calif., and Los Angeles would need to spend more than 100% of their income to buy the median-priced starter home in those markets.
| America's Least Affordable Housing Markets | |||
| U.S. Metro | Share of Income Needed to | Median Price of | Change in Starter |
| San Francisco, CA | 121.8% (18.0) | $820,550 (12.4%) | +0.6% |
| San Jose, CA | 104.3% (13.6) | $692,296 (12.0%) | -20.4% |
| Los Angeles, CA | 103.5% (13.2) | $389,933 (10.9%) | -9.8% |
| Orange County, CA | 83.7% (7.2) | $461,333 (4.3%) | -11.3% Werbung Mehr Nachrichten zur Zillow Group A Aktie kostenlos abonnieren
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