SEATTLE--(BUSINESS WIRE)--While home sales across 11 major West Coast markets hit a five-year low this year, several housing markets that less frequently make headlines are showing signs of strength. A report issued today by Redfin (www.redfin.com), the technology-powered real estate brokerage, highlights eight markets in Texas, North Carolina, Colorado and the Pacific Northwest where home-selling speeds have picked up and home sale volumes have remained steady this spring thanks to jobs and population growth.
“Stagnant wages and rising home prices have caused many Americans to reassess what makes sense for their family and their financial future,” said Redfin economist Ellen Haberle. “In these eight markets, a booming job market allows professionals to keep their careers on track while relatively affordable cost of living lets incomes stretch further for young families and retirees alike. It is no wonder that more and more Americans are making the move.”
As reported last week, Austin, Dallas, Denver, Houston, Portland, Raleigh, San Antonio and Seattle are among Redfin’s fastest markets. In February, 37.9 percent of homes went off the market within two weeks in these markets, compared with 30.7 percent last year, and 22.5 percent across 27 markets.
Home-Selling Speeds, February 2014
|Days on Market,||Days on Market,||% of Homes Selling in||% of Homes Selling in 2|
|Market||Feb 2014||Feb 2013||2 Weeks, Feb 2014||Weeks, Feb 2013|
While inventory hit a four-year low in each of these eight markets, home sales remained relatively steady in February. The most extreme case was Houston, where inventory fell 23.5 percent year over year and sales increased 6.4 percent. In contrast, across 27 markets, inventory fell 5.8 percent and sales dropped 7.3 percent.
It is not surprising that demand has been particularly strong in these areas given that they have been experiencing a population boom the past few years. These eight markets were among the fastest growing in the nation between July 2012 and July 2013, according to recently released Census data, growing between 1.1 percent and 2.6 percent that year compared with 0.7 percent in the U.S. as a whole. People are primarily drawn to these cities for jobs, lifestyle and affordability. Across the eight markets covered:
- Year-over-year job growth was between 2.3% and 4.5% in 2013, compared with 1.6% nationally.
- People who relocate to Denver, Portland or Seattle named lifestyle as the top reason for moving, followed by jobs and proximity to family and friends, according to the latest Redfin homebuyer survey.
- More than 45% of homes for sale in Raleigh, Houston and Dallas are affordable on two median incomes, compared with 12% in Los Angeles and 7% in San Francisco, cities typically noted for their strong housing markets.
To read the full report complete with charts and anecdotes from local market experts, click or paste the following link. http://www.redfin.com/research/reports/special-reports/2014/what-slowdown-8-housing-markets-that-are-speeding-up.html.
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves 23 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.