Local Opportunities: Finding Relatively Affordable Housing, Even in Largely Unaffordable Markets
Some of the metros with the best job prospects are also the ones with the least affordable housing, making it difficult for new residents – especially renters – to get a toehold in the housing market. But even within these very expensive metros, pockets of relative affordability do exist at a city level, offering some hope for new residents and would-be job seekers.
Key Takeaways from the December New Home Sales Report
New home sales fell 10.4 percent in December to 536,000 units at a seasonally adjusted annual rate (SAAR), the largest month-over-month decline since March 2015, according to the U.S. Census Bureau
Rapid Reaction: December New Home Sales
December new home sales fell 10.4 percent from November, to 536,000 (SAAR), and finished 2016 down 0.4 percent year-over-year. Initially reported data from October and November was revised upward by a combined 14,000 sales.
December Existing Home Sales Key Takeaways: Mid-Winter Blues
After seeming to defy gravity over much of the fall – consistently beating expectations despite ever-tightening for-sale inventory and rising mortgage rates – existing home sales seemed to come part of the way back down to earth in December.
Rapid Reaction: December Existing Home Sales
After beating expectations in September, October and November, reality finally caught up with existing homes sales in December. This monthly drop cancelled out any momentum sales had picked up – making the annual gain just shy of 1 percent.
December Home Sales Forecast: Will Buyer Resilience Continue?
Unseasonably cold weather across much of the country along with still-tight inventory and rising mortgage rates weighed on home sales in December according to Zillow’s December home sales forecast. We expect existing home sales, which will be published on Tuesday by the National Association of Realtors, to fall 1.2 percent in December to 5.54 million units at a seasonally adjusted annual rate (SAAR)
December 2016 Market Report: What Could Flattening Rents Mean for 2017?
A months-long streak of accelerating home value growth was met with an equally long stretch of flattening rents to end 2016, a trend with interesting implications for the housing market as a whole as attention turns to the busy 2017 home shopping season to come.
Homes in Black Neighborhoods Twice as Likely to be Underwater as Homes in White Neighborhoods
Nationwide and in a number of large metro markets, the negative equity rate in largely black communities is double or more the rate in majority white communities. The disparities reflect the wide gulf that exists between white America and communities of color and their very different experiences throughout the housing boom, bust and recovery.
Rapid Reaction: December Jobs Report
The final jobs report of 2016 was fairly consistent with what we've seen over the past few months, showing decent if not spectacular growth and painting a picture of an economy in overall good shape.
On January 11, I’m headed to Washington, D.C. to participate in the 2017 Zillow Economic Forum, and I couldn’t be more excited about it. This event will focus on the generational, racial, and socio-economic disparities that exist in the housing market. I’m excited to shed light on these disparities and explore ways that we can improve economic opportunity for all Americans.
