DATA IN ACTION
Where Homebuyers Are Moving in Q3 2017
Local Market Perspectives “We have noticed an increasing phenomena of the use of reverse mortgages, as well as increasing inventory of single family home rentals, indicating that more homeowners are holding on to their current homes rather than moving up or downsizing,” said Michael Mahon, president at First Team Real Estate, covering the Southern California housing market, where the most affordable county (Riverside) posted the highest pre-mover index and the least affordable county (Orange) posted the lowest pre-mover index in the second quarter. “The data shows greater growth in the index for Snohomish and Pierce Counties relative to the central King County market,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. “I
believe this offers further affirmation that home prices close to Seattle are getting beyond the reach of many would-be buyers who are now being forced to look further afield to find suitable housing.” “The larger markets in Ohio, such as the Columbus market and greater Cincinnati market, are seeing higher-than-normal sales,” said Matthew Watercutter, senior regional vice president and broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio, all of which posted pre-mover indices above the national average in the second quarter even though the state as a whole posted a pre-mover index below the national average. “These markets are more urban in nature, and are attracting many millennials as the job markets are improving throughout these areas.”
U.S. housing market with the highest pre-mover indices during the second quarter — predictive of strong sales activity in the third quarter — were Colorado Springs, Colorado; Chicago, Illinois; Washington, D.C.; Reno, Nevada; and Lexington, Kentucky, according to the Q2 2017 Pre-Mover Housing Index published by ATTOM Data Solutions. Using data collected from purchase loan applications on residential real estate transactions, the ATTOM Data Solutions Pre-Mover Housing Index is based on the ratio of homes with a “pre-mover” flag during a quarter to total homes in a given geography, indexed off the national average. An index above 100 is above the national average and indicates an above- average ratio of homes that will likely be sold in the next 30 to 90 days in a given market.
WHERE HOMEBUYERS ARE MOVING IN Q3 2017 Q2 2017 PRE-MOVER INDEX (100 IS NATIONAL AVG) 10 10
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OCTOBER 2017 | ATTOM DATA SOLUTIONS
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