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Bright MLS December Housing Report: 2023 Housing Market Ends Surprisingly Strong

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Home prices rise faster than they have in more than a year Falling mortgage rates brought more buyers into the market in December, but they faced the same constraint that has been plaguing buyers for the past two years—a serious lack of homes to choose from. There were 13,109 new pending sales through the Bright MLS service area in December, which was up very slightly (+0.5%) compared to the extremely low levels of market activity in December 2022. While transactions were still relatively low in December, home prices rose strongly. The median price was up 8.1% year-over-year, with strong price appreciation for all housing types (i.e., single-family detached, townhomes, and condos) and across all regions throughout Bright’s footprint. “It was definitely a little bit of a surprise to see prices rise so fast in December,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “Lower mortgage rates enticed more buyers, but they are still finding a dearth of inventory. Prices will continue to rise until there is more inventory.” Existing homeowners are still largely sitting tight. There were 11,780 new listings added to the market in December, which is a more than two-decade low. At the end of 2023, there were just 27,592 active listings on the market, which is down 2.9% from a year ago. That level of inventory translates into 1.52 months of supply. A balanced market would typically have between four and five months of supply. There is significant pent-up demand in the market which will likely be unleashed in early 2024 if mortgage rates continue to fall. However, the prospects for a busy 2024 market depends on whether there is more inventory. Right now, buyers should expect a very competitive market in 2024, with prices continuing to rise. December Mid-Atlantic Housing Market by Region Philadelphia:Fast Home Price Growth to End the YearMedian sale price rose 9.4%, fastest growth since spring 2022 Baltimore:Slow Sales Activity to End the YearBut few new listings keep prices rising in December Washington, D.C.:A Surprisingly Strong Market in December Median sale price rose 8.1%, fastest growth since spring 2022 The full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights. SOURCE Bright MLS CONTACT: Christy Reap, Christy.reap@brightmls.com, 202-309-9362 Author admin View all posts

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Foreclosure Starts Up from 2022, While Foreclosure Completions Decline; December 2023 Foreclosure Activity Declines from Previous Month; Q4 2023 Foreclosure Activity Declines from Previous Quarter ATTOM, a leading curator of land, property, and real estate data, released its Year-End 2023 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 357,062 U.S. properties in 2023, up 10 percent from 2022 and up 136 percent from 2021 but down 28 percent from 2019, before the pandemic shook up the market. Foreclosure filings in 2023 were also down 88 percent from a peak of nearly 2.9 million in 2010. Those 357,062 properties with foreclosure filings in 2023 represented 0.26 percent of all U.S. housing units, up slightly from 0.23 percent in 2022, but down from 0.36 percent in 2019 and down from a peak of 2.23 percent in 2010. “Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility,” said Rob Barber, CEO at ATTOM. “Our data suggests that while foreclosure activity may fluctuate, it’s unlikely to approach the highs seen in the last decade. Instead, we foresee a market that is more reflective of broader economic trends, with foreclosure filings becoming a more predictable aspect of the housing landscape. This shift offers a silver lining — the opportunity for investors, homeowners, and industry professionals to plan and strategize with greater confidence and insight.” 2023 Year-End Historical Foreclosure Activity & Rates ATTOM’s year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 3,000 counties nationwide, accounting for more than 99 percent of the U.S. population – also available for licensing or customized reporting. The report also includes new data for December 2023, showing there were 30,314 U.S. properties with foreclosure filings, down 6 percent from the previous month and down 2 percent from a year ago. Foreclosure starts on the rise nationwide Lenders started the foreclosure process on 270,222 U.S. properties in 2023, up 9 percent from 2022, up 193 percent from 2021, but down 20 percent form 2019 and down 87 percent from a peak of 2,139,005 in 2009. States that saw the greatest number of foreclosure starts in 2023 included California (29,180 foreclosure starts); Texas (28,533 foreclosure starts); Florida (27,427 foreclosure starts); New York (17,330 foreclosure starts); and Illinois (13,764 foreclosure starts). Counter to the national trend, 6 states saw an increase in foreclosure starts from 2019. They included Indiana (up 73 percent); Idaho (up 70 percent); Michigan (up 15 percent); Nevada (up 10 percent); and Minnesota (up 9 percent). Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of foreclosure starts in 2023, included New York, New York (18,464 foreclosure starts); Chicago, Illinois (11,620 foreclosure starts); Houston, Texas (9,476 foreclosure starts); Los Angeles, California (8,835 foreclosure starts); and Philadelphia, Pennsylvania (8,224 foreclosure starts). Bank repossessions decline slightly from 2022 Lenders repossessed 42,090 properties through foreclosures (REO) in 2023, down 2 percent from 2022 but down 71 percent from 2019 (143,955) and down 96 percent from a peak of 1,050,500 in 2010. States that saw the greatest number of REOs in 2023 included Illinois (3,814 REOs); Michigan (3,634 REOs); Pennsylvania (2,853 REOs); California (2,633 REOs); and New York (2,538 REOs). Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of REOs in 2023 included Chicago, Illinois (2,505 REOs); New York, New York (2,045 REOs); Detroit, Illinois (1,795 REOs); Philadelphia, Pennsylvania (1,130 REOs); and Baltimore, Maryland (872 REOs). New Jersey, Illinois, and Delaware post highest state foreclosure rates in 2023 States with the highest foreclosure rates in 2023 were New Jersey (0.46 percent of housing units with a foreclosure filing); Illinois (0.42 percent); Delaware (0.41 percent); Maryland (0.40 percent); and Ohio (0.38 percent). Rounding out the top 10 states with the highest foreclosure rates in 2023, were South Carolina (0.38 percent); Nevada (0.37 percent); Florida (0.37 percent); Connecticut (0.35 percent); and Indiana (0.32 percent). Cleveland, Atlantic City, and Lakeland post highest metro foreclosure rates in 2023 Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2023 were Cleveland, Ohio (0.62 percent of housing units with a foreclosure filing); Atlantic City, New Jersey (0.62 percent); Lakeland, Florida (0.56 percent); Columbia, South Carolina (0.55 percent); and Fayetteville, North Carolina (0.51 percent). Metro areas with a population greater than 1 million, including Cleveland, Ohio that had the highest foreclosure rates in 2023 were: Philadelphia, Pennsylvania (0.48 percent); Jacksonville, Florida (0.47 percent); Las Vegas, Nevada (0.46 percent); and Chicago, Illinois (0.45 percent). Average time to foreclose decreases quarterly and annually U.S. properties foreclosed in the fourth quarter of 2023 had been in the foreclosure process an average of 720 days, a 7 percent decrease from the previous quarter and 16 percent decrease from a year ago. 2023 Year-End Avg Days to Complete Foreclosure States with the longest average time to foreclose in Q4 2023 were Louisiana (2,641 days); Hawaii (2,031 days); New York (2,006 days); Nevada (1,816 days); and Kentucky (1,643 days). Q4 2023 Foreclosure Activity High-Level Takeaways December 2023 Foreclosure Activity High-Level Takeaways Media Contact: Christine Stricker 949.748.8428 christine.stricker@attomdata.com Author admin View all posts

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Lima One Capital unveiled its 2024 Housing Outlook. The 26-page document predicts a more stable housing market than that of the previous 12 months. Read the full report here: https://promo.limaone.com/2024-housing-market-outlook-analysis “The 2023 Housing Market tested the patience of investors and homebuyers alike, as high interest rates and low inventory slowed the transaction rate significantly. But the market staved off the doom and gloom predictions of falling rents and declining home prices in most markets,” wrote Dameion Kennedy, Lima One’s in-house real estate research analyst. “The projections found in this outlook reflect a real estate market with slight improvements and more stability than last year.” Lima One experts compiled numerous data sources analyzing topics from inflation to economic growth to home prices to property development to investment prospects to construction starts to create projections and analysis for what to expect in the housing market in 2024. Insights in the Housing Outlook include: The Housing Outlook also specifically calls out the strength of single-family rental, the impact of the addition of more than 600,000 multi-family units to the market, and projected increases in single-family housing starts. Read the full report here: https://promo.limaone.com/2024-housing-market-outlook-analysis About Lima One Capital: Since its inception in 2011, Lima One Capital has funded over $9 billion in loans for real estate investors who are building, improving, and stabilizing neighborhoods across the nation. Lima One’s core loan products are New Construction loans for ground-up construction, in-fill, specs, and model homes; Fix and Flip, a 13-month bridge loan for investors who are buying, renovating, and selling properties; Rental property and portfolio loans for purchasing or refinancing residential rental properties; and Multifamily bridge lending for the purchase, rehab, or refinance of 5+ unit multifamily properties. For more information, visit limaone.com. Contact: Robert Neely rneely@limaone.com (864) 248-6066 Author admin View all posts

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Mortgage Rate Drops Begin to Encourage Market Activity Net New Listing and Contract Volume Marginally Up Versus December 2022 Interest Rate Shock Continues to Keep Inventory at Historically Low Levels HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, released its December Market Pulse Report, showing that activity in terms of net new listings placed on the market is up 5% versus December 2022. With the Federal Reserve keeping rates steady in December and mortgage rates dropping slightly, affordability has marginally improved. As a result, the market saw the first signs of positive activity in terms of both net new listings and properties under contract. Cooling inflation and anticipated rate cuts this year signal further positive momentum is to come. However, given inventory remains at historically low levels, sales growth is expected to be gradual and modest. Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented: “The slight increase in December listings indicates the impact of lower mortgage rates is beginning to trickle down into the market which comes as an optimistic sign as we head into the new year. With that said, any market turns are likely to be slow. The mortgage rate lock-in effect is going to keep many would-be sellers who secured pre-pandemic mortgage rates of sub 5% little incentive to move, meaning low inventory will be a continuing trend. As we enter the year ahead, promising signs that the Federal Reserve will cut rates persist, which will provide at least some relief for homebuyers looking to purchase in 2024.” Key Takeaways: Methodology The Market Pulse Report is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform, covering 22 listing-derived metrics and comparing data between December 2022 and December 2023. Author admin View all posts

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REI INK has partnered with National Private Lenders Association and John Burns Research and Consulting to give you the chance to participate in a survey of fix-and-flip market conditions. At the end of the survey, you can select a free metro-level data report for each market you rate (up to 3) to help inform you and your business. Data includes statistics on sales, prices, rents, demand, supply, and affordability. Participants can download 1 set of data for each market they rate (up to 3). Survey closes Friday, January 26th at 5pm EST. Click the link below or copy and paste into your browser to participate: https://jbrec.qualtrics.com/jfe/form/SV_do6LR7AMdV3itSe?Group=NPLA&Source=REIINK Your participation and responses are confidential. View our certification for compliance and industry best practices. Thank you in advance for your feedback. Author admin View all posts

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Affordability and job growth push the Great Lakes, Midwest regions to the forefront of the forecast Buffalo, New York, will be the hottest major housing market this year, according to a new analysis by Zillow®. Affordability is the most powerful force driving real estate, bringing lower-cost markets in the Great Lakes, Midwest and South regions to the top of Zillow’s 2024 rankings. “Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity,” said Anushna Prakash, data scientist for Zillow Economic Research. “I’m cautiously optimistic that the housing market will get back on stable footing in 2024 — we shouldn’t see the massive price spikes of the early pandemic or fast-rising mortgage rates of recent years.” This ranking of the nation’s 50 most populous metros takes into account Zillow’s forecast for local home value growth and the speed at which home sellers are entering contracts with buyers. It also considers job growth per new home permitted and growth in owner-occupied households. Among the front-runners, Buffalo has the highest number of new jobs per new home permitted — a measure of expected demand. New jobs often mean new residents, which increases competition and drives prices up unless new construction can match that additional demand. Inventory is moving extremely quickly in Cincinnati, and Columbus is home to the fastest expected rise in owner-occupied households, an indication of family formation and population growth. Housing costs hit record highs for both buyers and renters in 2023. This made buying and selling an expensive proposition, even for homeowners with plenty of equity. Zillow’s most popular markets in 2023 were relatively affordable, and a Zillow study of United Van Lines data shows relocating households were attracted to areas where houses were roughly $7,500 less expensive than in the area they were leaving. Affordability should improve in 2024, but it is still going to be the biggest driver of the housing market. Competition for homes is already high in affordable Great Lakes and Midwest markets. Homes listed in these areas tend to go under contract faster than the national average. Charlotte was dubbed Zillow’s hottest market for 2023, and Cleveland and Atlanta also returned from last year’s top 10. San Antonio took a long fall to the 49th spot, after ranking 13th last year and fourth in 2022. Latest stats for Zillow’s hottest markets in 2024 Market Typical Home Value Mortgage Payment (5% Down) Typical Rent Days on Market Buffalo, NY $248,445 $1,792 $1,257 14 Cincinnati, OH $270,826 $1,959 $1,527 11 Columbus, OH $301,138 $2,177 $1,431 11 Indianapolis, IN $268,125 $1,944 $1,468 19 Providence, RI $455,609 $3,288 $2,039 14 Atlanta, GA $373,212 $2,701 $1,903 26 Charlotte, NC $371,844 $2,688 $1,791 16 Cleveland, OH $215,597 $1,556 $1,330 12 Orlando, FL $388,048 $2,806 $2,013 23 Tampa, FL $375,338 $2,717 $2,091 24 United States(Average) $347,415 $2,514 $1,982 21 SOURCE Zillow Author admin View all posts