Housing-News-Report-July-2017

HOUSINGNEWS REPORT

SPOTLIGHT: MEMPHIS

MEMPHIS HOME SALES VOLUME

SINGLE FAMILY HOME & CONDO SALES

YOY PCT CHANGE IN HOME SALES

30%

6,000

20%

5,000

10%

4,000

0%

3,000

-10%

2,000

-20%

1,000

-30%

0

“The investors are purchasing all the homes. We’re getting a lot of people moving here for a job change. Moving from other states.” Although there are many renters in Memphis who say they can’t afford to buy a home, Jones argued that with the amount of money they are spending to get into a rental she could get them into a home with just a little more money. “It’s been like finding a needle in a haystack so far for customers this year. It’s just a matter of location and we can find it. It just takes a little time. You’ve got to beat the investor’s offer and the next person’s offer,” Jones said.

Memphis region give every indication that 2017 should be another growth year for the housing market. The U.S. Census estimates that population in Memphis city was 652,717 people as of July 1, 2016, a slight increase from the 646,889 reported during the 2010 census. In May 2017 the Bureau of Labor Statistics reported that unemployment in the Memphis metro area fell 1.1 percent from the year earlier to 3.7 percent. Job growth for 2017 is projected to continue for the seventh consecutive year, generating an estimated 7,000 net new jobs, according a forecast published by the Sparks Bureau of Business & Economic Research at the University of Memphis.

ATTOM reported that total distressed sales — including REO sales, short sales and foreclosure auctions — for the metro area were down 20 percent in the first quarter of 2017. ATTOM also reported that the median home price for the Memphis metro area (which includes parts of three states — Tennessee, Arkansas and Mississippi) hit a new all-time peak of $137,000 in the third quarter of 2016. Additionally, ATTOM reported that the number of seriously underwater homeowners in the Memphis metro area between the second quarter of 2013 and first quarter 2017 declined by more than half, down to 14.7 percent — although still above the national average of 9.7 percent.

Memphis Market Trends For investors and owner-occupant buyers alike, the economics of the

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JULY 2017 | ATTOM DATA SOLUTIONS

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