Skip to navigation Skip to main content

The Housing Market Where You Are

FEATURED | July 27, 2018

The Housing Market Where You Are


Our most recent monthly housing market recap showed that for the fourth consecutive month, housing sales remain on the decline. Certain factors help perpetuate this current state. New construction has fallen behind current demand, and resale inventory is at an 18-year low. While a bird’s eye view of the real estate market is always helpful, it may not apply to where you live or where you want to live. So, what about the housing market where you are?

Low housing inventory can often times lead to increased pricing, causing homebuyers to pause the process. Not every city is seeing this however. Some communities have experience circumstances (such as natural disasters, company closings or layoffs, economic downturns or a rare construction surplus) that have led to a decrease in overall home prices, year over year. Realtor.com provided information on the ten hottest housing markets where home prices saw declines.

For example, if you live in Santa Barbara, California, you’re winning! At 17.7%, that city saw the largest dip in home prices; unfortunately, wild fires and mudslides helped it get there. In second place is Pottsville, Pennsylvania with an 8.1% decrease, mostly fueled by a struggling economy. If you like wine country, you’ll be glad to learn that Napa, California saw home pricing drop 6.7%. If you feel like heading south, you’re in luck! Texas has three cities on the list of the top ten: Austin ranked fourth with a 4.3% dip in prices; College Station had a decrease of 3.6%, placing sixth on the list; and Corpus Christi sits seventh on the list with a 3.1% price drop. Other cities on the list include Beckley, West Virginia, ranking in between Austin and College Station at fifth place with a 4.2% drop; Anchorage, Alaska, sits at eighth place with a 3% decrease in home prices; Houma, Louisiana, boasts a 2.7% drop; and Bismarck, North Dakota rounds off the list at tenth place and a 1.8% home price drop.

None of these cities, however, rank in the top five of the hottest housing markets. According to Corelogic, countrywide, it is taking an average of 3.8 months to sell a home. Miami, Florida far surpasses that with a 9-month supply. Other cities like Philadelphia, Pennsylvania; Chicago, Illinois; Houston, Texas; Anaheim, California and Detroit, Michigan all sit above the national average as well. Some cities, however, fared better with shorter turn times, leaning more towards being a sellers’ market. Seattle, Washington; San Francisco, California, and Denver, Colorado, for example, had strong job growth which helped drive their average time to sell a home to roughly two months. Realtor.com shared the top five housing markets seeing the most action in June of 2018:

#5: Boise City, Idaho
#4: Fort Wayne, Indiana
#3: Boston, Massachusetts
#2: Columbus, Ohio
#1: Midland, Texas (for the third month in a row)

Almost anywhere you may be heading, the professionals at First Choice Loan Services are ready and equipped to help you in practically every market. Contact us today so that we can help you on your exciting journey home!

 

BACK TO ARTICLES
Fantastic people that go the extra mile to ensure customer service. Buying my first home I was extremely nervous and anxious. They helped ease any worries I had with their knowledge and explanations on all parts of the loan process. -Brett G. | Cypress, TX | 12.6.2017
Important Notice:
You are leaving the First Choice Loan Services Website.

The hyperlinks to other websites are provided solely as a convenience of the users of the First Choice Loan Services Inc. internet site, or the sites of its mortgage loan originators. The Company has made a limited effort to determine that these links function properly. Linked sites are not under the control of the Company or Originator, and the Company or Originator is not responsible for the contents of any linked site, or any link contained in a linked site, unless the site is www.fcloans.com. You are responsible for confirming the identity and authenticity of any site you visit and transact business with online. The inclusion of a link does not imply or constitute an endorsement by the Company, its ownership or management, the originator, the products or services it offers, or any advertisers or sponsors appearing on these web sites.

You can click the Cancel button to return to the previous page or use the back arrow/button on your browser after you leave.
important....

Protect yourself from possible e-mail fraud threats. First Choice Loan Services will never request your confidential information through email. Contact us at 855-532-2047 to verify any email request or to report suspicious emails.

Cancel