DemographicsFlorida

Really? More High Rises in Southern Florida?

October 26, 2011
Condos in High Demand
For investors, current market conditions in the southern part of the Sunshine State couldn’t be better. Depressed pricing, low interest rates, a strong rental market and favorable foreign currency exchange rates are pumping up the housing market as domestic and international buyers snap up both single-family homes and condos. With its unique location as a gateway to South America, Miami in particular has an attractiveness that the rest of the country does not have for many Latin Americans.
Foreign Buyers are Driving Demand
A recent National Association of Realtors report pegged the national foreign home buyer market at $82 billion per year, with Florida’s share skyrocketing from 9 percent three years ago to 31 percent in 2011. Depending on their nationality, foreign buyers tend to be drawn to different parts of the state. Buyers from the United Kingdom dominate in Orlando, while Argentinians and Brazilians have made a big impact in Miami. The Miami Association of Realtors estimates that about 90 percent of sales in downtown Miami are to international buyers, and most pay all cash. Besides record low prices and a weak US dollar, many Latin American buyers from Brazil and Mexico are eager to invest in a country often perceived to be more secure. The prevalence of Mexican investors and 2nd home buyers in Miami is a relatively new trend, as previously they were primarily drawn to the western part of the country.
In the Southwest Florida markets, foreign investment is increasingly coming from Canada. Of the $1.7 billion in foreign ownership for Sarasota and Manatee counties, more than $1 billion can be tied to a Canadian address. Most of those owners are from Toronto, Ottawa or another city in Canada’s Ontario province. Florida is very attractive to Ontario-based buyers for several reasons: only a two hour plane flight from Ontario, a strong Canadian dollar makes pricing attractive, and a sales tax rate of 7% in Florida compared to 13% in Ontario. In addition to eastern Canadian buyers, the wealth generated by oil and gas price increases also seems to be bringing more people from resource-rich western Canadian cities like Calgary and Alberta.

Investor sales have helped lift total resale sales in Miami, Fort Lauderdaleand West Palm Beach back to levels not seen since 2006.

Encouraging More Investors
Last week, Senators Schumer and Lee proposed a bill offering expedited U.S. Visas to foreigners who buy $500K or more of residential real estate. The hope is that the expedited Visas create more housing demand without spending any money.
More Construction. Really?
How long will this Southern Florida investment phenomenon last? Many developers and city officials are betting that the recent boom in investor and foreign interest is here to stay. Developers recently announced plans to develop three new towers in Miami-Dade County and one project in Broward County. An additional project, the Sky Palace at Mary Brickell Village located in Greater Downtown Miami, that began presales prior to the South Florida real estate crash, is actively working with plans to initiate construction. It remains to be seen how much of an influence investors will have in the national housing recovery, but Southern Florida is proving that investors can play an important role in stabilizing pricing and absorbing the large number of distressed homes that continue to flood many major housing markets.
Summary
It is a testament to entrepreneurialism that Southern Florida developers have been able to sell so many homes to foreign buyers. Foreign buyers have been attracted by prices that are much cheaper to them than they appear to us, thanks to the purchasing power of their currency. However, before anyone commits more money to high-rise construction, we should remind them that high-rises are the riskiest type of housing investment possible, and should command a much higher required return on capital than other developments. This risk was lost on banks and equity groups last decade, who were investing “other people’s money” in order to meet production quotas or annual bonus goals. Let’s hope we don’t see a repeat as we assume that careful market research will be done before new projects are financed.
This is the most current available data for all variables and markets. Current as of: 8/2011
 
Permits Statistics
Employment Statistics
Affordability
12-
12-
Total
NF Payroll Employment
State Metro Area*
Month S. Fam. Permits
Month Total Permits
Permits / Peak Permits
1-Yr Growth
1-Yr Growth Rate
Unemp Rate
Median Home Price
Housing Costs / Income
JBREC Afford. Index
Alabama
Birmingham 1,543 3,166 41% 1,000 0.2% 9.0% $142,108 27% 1.8
Arizona
Phoenix 6,772 8,633 13% 31,300 1.9% 8.4% $117,000 16% 0.0
Tucson 1,350 1,847 14% 3,300 0.9% 8.4% $133,500 22% 0.0
Yuma 348 348 13% (100) (0.2%) 29.4% $115,000 21% 0.0
Arkansas
Fayetteville 1,060 1,208 16% (3,200) (1.6%) 6.6% $100,172 16% 0.0
Little Rock 1,574 3,133 55% (1,700) (0.5%) 7.2% $129,251 21% 1.3
California
Bakersfield 910 1,087 12% 4,300 1.9% 14.4% $125,000 19% 0.3
El Centro 147 199 9% 200 0.5% 32.4% $130,000 23% 1.4
Fresno 1,971 2,141 29% (2,800) (1.0%) 15.8% $140,000 22% 0.0
Hanford 122 126 9% (1,200) (3.3%) 15.3% $125,000 21% 1.1
Los Angeles (D) 2,370 8,553 12% 8,200 0.2% 12.7% $325,000 42% 1.0
Madera 83 89 4% (900) (2.8%) 14.4% $138,000 23% 0.6
Merced 118 120 3% (1,300) (2.3%) 17.5% $117,250 22% 1.0
Modesto 108 292 5% (300) (0.2%) 16.0% $137,500 20% 0.1
Monterey 92 168 6% (4,200) (3.4%) 10.7% $247,500 30% 0.6
Napa 126 150 15% 1,400 2.4% 8.8% $340,000 35% 1.1
Oakland (D) 1,511 3,379 15% 500 0.1% 10.6% $329,000 33% 1.6
Orange County (D) 2,026 4,419 18% 11,700 0.9% 9.0% $480,000 48% 3.7
Redding 103 170 7% 200 0.3% 14.2% $150,000 25% 0.0
Riverside-San Bernardino 4,015 4,957 9% (6,100) (0.6%) 14.1% $172,000 23% 0.5
Sacramento 1,786 2,386 10% 2,500 0.3% 11.9% $188,000 24% 0.0
San Diego 2,278 4,521 10% 13,500 1.1% 10.2% $355,000 42% 2.1
San Francisco (D) 344 2,536 38% 7,700 0.8% 8.4% $663,000 60% 2.3
San Jose 855 3,484 35% 29,200 3.4% 10.0% $550,000 46% 3.2
San Luis Obispo 245 261 7% 600 0.6% 9.7% $360,000 47% 2.8
Santa Barbara 164 275 10% (700) (0.4%) 8.8% $275,750 33% 0.0
Santa Cruz 83 91 6% 2,300 2.7% 10.7% $490,000 58% 3.4
Santa Rosa 412 577 10% (500) (0.3%) 10.0% $325,000 37% 0.3
Stockton 770 926 13% 2,300 1.2% 16.1% $155,000 21% 0.0
Vallejo-Fairfield 430 430 7% (2,600) (2.2%) 11.6% $190,000 21% 0.0
Ventura 285 596 8% 4,700 1.7% 10.5% $400,000 41% 3.2
Visalia-Porterville 916 1,114 31% 0 0.0% 15.7% $125,000 23% 0.7
Yuba-Sutter 146 146 5% 500 1.4% 17.0% $137,500 21% 0.1
Colorado
Boulder 284 403 8% 2,400 1.5% 6.5% $336,860 42% 5.4
Colorado Springs 1,495 1,991 18% (3,200) (1.3%) 9.3% $186,000 26% 2.3
Denver 3,483 5,906 21% (1,300) (0.1%) 8.5% $225,000 29% 4.0
Fort Collins 652 1,398 38% 1,700 1.2% 6.6% $225,000 31% 3.8
Greeley 685 782 18% 400 0.5% 9.4% $158,000 22% 0.8
Connecticut
Bridgeport 589 1,129 21% (1,600) (0.4%) 8.3% $430,226 38% 0.9
Delaware
Dover 616 752 35% (500) (0.8%) 8.2% $171,786 26% 3.3
Wilmington (D) 986 1,096 17% (5,500) (1.7%) 8.7% $199,088 26% 0.8
District of Columbia
Washington D.C. (D) 7,572 14,184 37% 1,900 0.1% 6.2% $309,440 26% 1.6
Florida
Daytona Beach 527 1,027 13% 4,300 2.8% 10.9% $95,000 15% 0.1
Fort Lauderdale (D) 1,127 1,633 8% 2,800 0.4% 9.5% $152,000 21% 0.0
Fort Myers 1,192 1,281 4% 300 0.2% 11.5% $96,000 15% 0.6
Jacksonville 3,063 3,305 13% 5,500 1.0% 10.4% $150,000 20% 1.7
Lakeland 1,020 1,032 8% (2,700) (1.4%) 12.1% $92,500 14% 0.0
Melbourne 817 977 10% (6,400) (3.3%) 11.7% $113,000 17% 1.0
Miami (D) 986 3,652 14% 13,900 1.4% 12.5% $165,000 27% 0.4
Naples 847 1,156 14% (3,000) (2.8%) 11.9% $194,056 25% 0.3
Ocala 358 358 5% (100) (0.1%) 12.7% $84,000 14% 0.0
Orlando 4,198 5,458 15% 3,500 0.3% 10.3% $123,650 18% 0.0
Panama City 232 307 6% (1,000) (1.3%) 9.5% $143,100 21% 0.4
Pensacola 1,164 1,166 18% (800) (0.5%) 10.3% $132,753 19% 0.0
Port St. Lucie 427 490 5% 500 0.4% 12.8% $106,600 15% 0.0
Punta Gorda 320 365 8% 300 0.8% 11.3% $95,000 16% 0.2
Sarasota 1,710 2,234 15% 500 0.2% 11.1% $145,000 21% 0.7
Tallahassee 531 558 13% (200) (0.1%) 8.8% $145,338 24% 0.4
Tampa 4,365 6,948 18% 14,800 1.3% 11.0% $112,000 17% 0.3
Vero Beach 333 385 9% (100) (0.2%) 13.9% $104,000 17% 0.0
West Palm Beach (D) 1,510 1,668 7% 8,100 1.6% 11.0% $184,500 25% 0.6
Georgia
Atlanta 6,003 8,013 11% (30,800) (1.4%) 10.4% $102,298 14% 0.0
Savannah 1,059 1,293 27% (600) (0.4%) 9.5% $127,562 22% 0.0
Hawaii
Honolulu 822 1,178 24% 9,000 2.1% 5.5% $607,177 73% 5.1
Idaho
Boise City 1,440 1,567 14% 4,000 1.6% 9.0% $134,244 19% 0.1
Illinois
Chicago (D) 2,744 4,974 11% 14,000 0.4% 10.4% $193,000 25% 1.1
Lake-Kenosha (D) 502 939 15% 3,000 0.8% 9.1% $202,393 22% 0.0
Indiana
Bloomington 167 269 22% 200 0.3% 7.7% $122,381 26% 0.0
Columbus 162 162 27% 1,500 3.6% 7.3% $115,358 18% 0.0
Indianapolis 3,602 5,251 31% (10,300) (1.2%) 8.3% $117,714 18% 1.7
Lafayette 457 635 35% 1,700 1.9% 7.9% $105,649 19% 0.0
Iowa
Des Moines 2,260 2,748 44% 3,300 1.1% 5.9% $147,669 19% 0.0
Kentucky
Lexington 904 1,218 24% 2,200 0.9% 7.4% $136,461 20% 0.0
Louisville 1,734 2,381 27% 8,800 1.5% 9.2% $129,277 19% 0.0
Louisiana
Baton Rouge 2,680 3,167 35% (4,900) (1.4%) 7.6% $163,620 22% 0.0
New Orleans 2,029 2,520 19% 10,500 2.0% 7.3% $152,652 21% 0.0
Maryland
Baltimore 3,296 4,964 25% 900 0.1% 7.9% $250,000 29% 4.3
Bethesda (D) 1,620 2,602 21% (1,800) (0.3%) 5.6% $425,000 36% 5.4
Massachusetts
Boston-Cambridge 3,395 5,867 21% 50,600 2.1% 6.4% $341,513 33% 0.0
Michigan
Detroit (D) 533 883 14% 9,400 1.4% 14.4% $79,266 16% 0.0
Warren (D) 2,214 2,495 13% 15,100 1.4% 11.9% $131,395 18% 0.0
Minnesota
Minneapolis 3,541 5,019 18% 26,300 1.6% 6.7% $144,780 16% 0.0
Missouri
Kansas City 2,301 3,375 18% (12,600) (1.3%) 8.7% $133,230 18% 0.0
Springfield 684 1,265 25% 2,200 1.2% 8.2% $113,023 22% 0.0
St. Louis 3,442 4,974 27% 10,100 0.8% 9.1% $120,349 17% 0.0
Nebraska
Omaha 2,085 3,172 48% 5,500 1.2% 4.6% $137,499 18% 0.0
Nevada
Las Vegas 3,711 5,181 13% 200 0.0% 14.2% $119,000 16% 0.0
Reno 475 497 8% (3,300) (1.7%) 13.0% $154,000 21% 0.0
New Jersey
Atlantic City 373 410 10% (5,100) (3.6%) 11.6% $227,831 30% 3.5
Edison (D) 2,442 3,745 15% (15,900) (1.6%) 8.3% $290,000 27% 4.4
Newark-Union (D) 1,309 2,341 25% 2,100 0.2% 8.8% $364,059 36% 1.8
Trenton 160 548 15% (2,700) (1.1%) 7.7% $248,592 24% 1.3
New Mexico
Albuquerque 1,376 1,632 18% (1,600) (0.4%) 7.2% $167,426 24% 0.0
Santa Fe 94 94 7% (100) (0.2%) 5.3% $201,769 26% 0.0
New York
Nassau (D) 1,129 1,727 15% (13,000) (1.1%) 6.8% $375,508 31% 2.9
New York (D) 1,352 13,661 33% 84,200 1.7% 8.5% $452,148 55% 3.0
North Carolina
Asheville 906 990 23% (1,800) (1.1%) 8.4% $164,083 29% 1.3
Burlington 382 539 27% (100) (0.2%) 10.9% $110,120 18% 0.0
Fayetteville 1,482 3,068 71% 2,700 2.1% 10.4% $111,959 20% 0.0
Greensboro 962 1,876 29% (900) (0.3%) 11.0% $124,414 22% 0.0
Ohio
Akron 754 844 21% 9,400 3.0% 8.3% $115,000 17% 1.6
Canton 228 353 23% 600 0.4% 9.4% $95,665 15% 1.3
Cincinnati 2,509 3,393 22% 12,300 1.2% 8.7% $121,070 16% 0.0
Cleveland 1,612 1,756 22% 8,400 0.8% 8.0% $125,000 19% 1.5
Columbus 2,304 3,835 22% (4,700) (0.5%) 7.8% $138,000 19% 1.2
Oklahoma
Oklahoma City 2,985 3,236 15% 9,100 1.6% 5.0% $136,006 19% 0.0
Tulsa 1,906 2,950 24% 8,800 2.2% 6.0% $128,001 18% 0.0
Oregon
Bend 449 458 10% (200) (0.3%) 11.4% $129,978 19% 0.0
Portland 3,067 4,602 23% 10,200 1.1% 9.0% $219,900 29% 3.1
Salem 328 411 12% (3,000) (2.1%) 9.6% $156,750 26% 3.5
Pennsylvania
Allentown 1,089 1,227 23% 2,500 0.8% 9.0% $160,000 20% 0.4
Philadelphia (D) 2,678 3,572 20% (7,700) (0.4%) 9.0% $218,481 26% 3.2
Rhode Island
Providence 988 1,201 10% 3,800 0.7% 10.4% $221,896 30% 0.4
South Carolina
Charleston 2,578 3,153 29% 3,800 1.3% 9.6% $205,000 32% 2.9
Columbia 2,321 2,805 35% 1,900 0.6% 9.8% $127,000 20% 0.4
Florence 325 380 29% 1,700 2.1% 11.9% $110,833 21% 0.1
Myrtle Beach 1,404 1,473 13% 6,600 5.4% 10.0% $144,192 25% 0.0
Spartanburg 544 544 20% (300) (0.3%) 11.3% $111,674 22% 1.2
Tennessee
Knoxville 1,242 1,495 23% 4,100 1.3% 7.9% $141,051 24% 0.0
Memphis 1,509 1,829 17% 6,200 1.1% 10.3% $110,035 21% 0.5
Nashville 3,902 4,323 24% 11,900 1.6% 8.5% $152,593 22% 1.1
Texas
Austin 5,988 12,228 46% 15,500 2.0% 7.3% $194,600 25% 2.1
Dallas (D) 10,308 18,594 25% 35,100 1.7% 8.4% $163,500 21% 0.6
Fort Worth (D) 4,417 6,210 16% 15,100 1.8% 8.3% $145,353 19% 1.3
Houston 21,354 28,039 37% 65,600 2.6% 8.6% $157,700 21% 1.4
Killeen 1,793 2,304 50% 800 0.6% 8.5% $130,403 22% 3.2
McAllen 3,117 3,322 36% 6,900 3.2% 12.6% $109,700 25% 0.8
San Antonio 4,313 5,802 26% 15,200 1.8% 7.8% $153,500 23% 2.5
Sherman 58 310 29% 400 0.9% 8.8% $77,500 13% 0.2
Utah
Ogden-Clearfield 1,131 1,657 32% 7,200 3.7% 7.8% $128,709 16% 0.0
Provo-Orem 1,362 1,590 25% 5,500 3.1% 7.8% $131,594 17% 0.0
Salt Lake City 2,110 3,477 28% 9,900 1.6% 7.4% $190,234 25% 2.9
St. George 831 851 22% 0 0.0% 9.4% $118,014 20% 0.1
Virginia
Richmond 2,252 2,627 23% (8,900) (1.5%) 7.4% $195,000 28% 2.4
Virginia Beach 2,918 4,502 19% (1,400) (0.2%) 7.3% $179,782 26% 1.5
Winchester 268 268 15% 1,100 2.0% 6.6% $142,716 20% 0.0
Washington
Bremerton 455 610 24% (600) (0.7%) 7.8% $249,000 27% 1.7
Kennewick 1,551 2,291 70% (500) (0.5%) 7.4% $179,245 21% 1.0
Mount Vernon 185 189 17% 500 1.1% 9.7% $165,790 20% 0.0
Olympia 897 999 31% 200 0.2% 8.3% $223,634 27% 3.3
Seattle (D) 4,486 8,836 32% 32,400 2.4% 8.3% $320,000 32% 1.8
Spokane 755 1,524 35% 400 0.2% 9.2% $153,000 24% 1.2
Tacoma (D) 1,557 2,266 33% 2,400 0.9% 9.9% $182,500 22% 0.0
Wisconsin
Madison 752 1,424 23% 2,500 0.7% 5.3% $214,372 29% 3.3
Milwaukee 899 1,873 22% 20,700 2.5% 8.0% $186,211 27% 1.2
Barnstable Town 365 407 8% (200) (0.2%) 7.7% $307,125 38% 0.5
Boston (D) 1,081 2,779 26% 13,800 0.8% 6.3% $353,966 37% 2.1
Cambridge (D) 1,291 2,114 28% 21,500 0.9% 6.6% $375,490 34% 0.4
Pittsfield 102 116 13% 500 1.4% 7.4% $184,482 32% 2.5
Springfield 533 577 12% 3,500 1.2% 8.4% $182,905 27% 0.8
Worcester 907 1,141 15% 3,200 1.3% 7.9% $210,754 23% 0.2
Michigan
Ann Arbor 296 602 21% 700 0.4% 6.8% $151,299 22% 0.0
Battle Creek 29 29 5% (700) (1.2%) 9.2% $76,157 16% 0.1
Bay City 18 18 4% 500 1.4% 9.6% $76,866 14% 0.0
Detroit (D) 521 713 11% (3,800) (0.5%) 12.7% $79,331 17% 0.0
Flint 70 70 2% (1,100) (0.8%) 10.9% $68,743 13% 0.0
Grand Rapids 727 732 15% 4,000 1.1% 8.3% $88,420 15% 1.0
Holland 409 453 17% 900 0.9% 8.4% $123,887 20% 0.0
Jackson 65 70 7% 200 0.4% 10.1% $83,505 14% 0.2
Kalamazoo 328 344 14% 1,300 1.0% 8.7% $104,717 21% 0.2
Lansing 373 589 19% 800 0.4% 7.9% $75,469 13% 0.3
Monroe 113 120 10% (700) (1.8%) 9.6% $107,690 16% 0.0
Muskegon 84 107 11% (600) (1.0%) 10.4% $75,569 16% 0.0
Niles 119 119 15% 400 0.7% 10.0% $111,304 22% 3.1
Saginaw 100 141 15% 1,200 1.4% 9.6% $56,709 11% 1.6
Warren (D) 2,134 2,596 13% 9,800 0.9% 10.8% $133,680 19% 0.0
Minnesota
Duluth 320 421 25% 300 0.2% 7.3% $105,179 18% 1.8
Minneapolis 3,385 4,995 18% 2,000 0.1% 6.3% $154,017 18% 0.3
Rochester 284 328 16% 1,200 1.2% 5.4% $122,279 15% 0.0
St. Cloud 259 261 13% (1,400) (1.4%) 6.3% $118,188 19% 0.0
Mississippi
Gulfport-Biloxi 1,374 1,882 34% 0 0.0% 8.8% $112,108 24% 1.8
Hattiesburg 69 81 7% (100) (0.2%) 8.7% $92,441 19% 0.0
Jackson 1,167 1,270 28% 1,600 0.6% 7.7% $137,513 28% 5.0
Pascagoula 305 342 22% (2,500) (4.2%) 10.2% $94,214 17% 0.0
Missouri
Columbia 533 814 35% 0 0.0% 6.1% $150,087 25% 0.7
Jefferson City 178 200 17% 700 0.9% 6.9% $106,347 16% 0.0
Joplin 123 175 24% 2,100 2.6% 7.7% $81,638 16% 0.0
Kansas City 2,214 2,576 14% (5,300) (0.5%) 8.4% $134,400 19% 0.0
Springfield 763 1,234 24% 100 0.1% 8.0% $113,507 23% 0.8
St. Joseph 112 153 36% 100 0.2% 7.9% $85,270 15% 0.0
St. Louis 3,554 5,041 28% 10,000 0.8% 8.6% $122,021 18% 0.0
Montana
Billings 287 397 27% 1,200 1.5% 5.2% $120,212 20% 0.2
Great Falls 114 126 39% (400) (1.1%) 6.2% $101,041 19% 0.5
Missoula 147 296 26% (2,600) (4.6%) 6.9% $160,806 33% 2.6
Nebraska
Lincoln 612 1,141 42% 3,000 1.7% 3.7% $132,126 20% 1.2
Omaha 1,983 3,059 46% 4,800 1.0% 4.6% $133,184 18% 0.0
Nevada
Carson City 10 52 7% 0 0.0% 11.5% $128,689 19% 0.0
Las Vegas 3,776 4,780 12% (5,600) (0.7%) 12.4% $123,000 17% 0.0
Reno 477 554 9% (4,100) (2.1%) 11.8% $150,000 22% 0.0
New Hampshire
Manchester 332 793 11% 300 0.3% 4.8% $217,544 22% 0.0
New Jersey
Atlantic City 388 419 11% (5,600) (4.0%) 12.9% $219,048 30% 3.9
Camden (D) 1,080 1,936 23% (10,200) (2.0%) 9.8% $191,534 20% 0.0
Edison (D) 2,516 4,195 17% (10,700) (1.1%) 8.6% $330,739 33% 4.3
Newark-Union (D) 1,397 2,458 27% (9,100) (0.9%) 9.2% $376,024 38% 3.0
Ocean City 321 455 19% (1,800) (4.2%) 11.6% $226,181 36% 4.0
Trenton 198 672 19% (4,500) (1.9%) 7.7% $244,315 25% 1.6
Vineland 182 197 27% (1,900) (3.2%) 13.1% $126,464 19% 0.0
New Mexico
Albuquerque 1,424 1,659 19% (3,700) (1.0%) 6.8% $187,255 28% 0.3
Farmington 170 170 29% 100 0.2% 6.7% $175,790 26% 0.0
Las Cruces 676 856 34% (1,700) (2.4%) 6.7% $98,204 19% 0.0
Santa Fe 95 95 7% 400 0.7% 5.2% $198,671 27% 0.0
New York
Albany 942 1,678 31% (5,300) (1.2%) 6.8% $190,935 25% 1.7
Binghamton 99 105 8% 200 0.2% 7.6% $117,218 20% 2.8
Buffalo 838 1,222 26% 2,200 0.4% 7.5% $127,705 21% 3.2
Elmira 52 60 20% 600 1.5% 7.5% $95,633 16% 1.1
Glens Falls 239 263 16% (1,900) (3.4%) 7.6% $151,527 23% 1.5
Ithaca 97 132 20% 600 0.9% 5.4% $153,744 27% 2.0
Kingston 133 309 22% (1,600) (2.6%) 7.8% $207,596 28% 1.3
Nassau (D) 1,217 1,681 15% (4,800) (0.4%) 6.7% $377,340 33% 3.7
New York (D) 1,392 12,110 29% 7,300 0.1% 8.5% $445,393 57% 3.5
Poughkeepsie 771 1,012 20% (500) (0.2%) 7.4% $208,761 23% 0.0
Rochester 931 1,432 28% 9,300 1.8% 7.1% $120,675 19% 1.5
Syracuse 755 1,015 30% (800) (0.3%) 7.7% $122,220 19% 1.0
Utica-Rome 240 272 21% (1,300) (1.0%) 7.6% $107,303 18% 0.0
North Carolina
Asheville 950 1,824 42% (200) (0.1%) 7.7% $164,251 31% 2.4
Burlington 325 400 20% 900 1.6% 9.9% $109,622 19% 0.0
Charlotte 3,825 4,678 19% 0 0.0% 10.4% $184,505 27% 4.6
Durham 1,488 1,873 29% (600) (0.2%) 7.2% $195,000 30% 1.5
Fayetteville 1,553 3,529 82% (900) (0.7%) 9.4% $109,293 21% 0.3
Goldsboro 195 251 36% (1,400) (3.2%) 8.5% $99,410 18% 0.0
Greensboro 995 1,829 29% (1,700) (0.5%) 10.2% $127,065 23% 0.3
Greenville 299 588 23% (500) (0.7%) 10.0% $103,133 22% 0.0
Hickory 360 408 17% (2,500) (1.7%) 11.9% $104,008 22% 0.0
Jacksonville 1,990 2,256 95% (600) (1.2%) 8.3% $130,094 25% 1.3
Raleigh-Cary 4,238 5,356 30% 7,800 1.6% 7.9% $201,600 25% 2.3
Rocky Mount 183 185 18% 1,200 2.0% 12.7% $90,474 20% 0.2
Wilmington 1,429 1,701 19% (1,500) (1.1%) 9.6% $237,300 42% 5.7
Winston-Salem 903 1,111 25% 800 0.4% 9.2% $120,193 20% 0.0
North Dakota
Bismarck 561 657 60% 1,500 2.4% 2.9% $160,120 18% 0.3
Fargo 575 1,415 50% 300 0.2% 3.5% $141,830 19% 0.0
Grand Forks 147 288 43% 2,400 4.5% 4.0% $121,531 19% 0.0
Ohio
Akron 734 823 21% 6,100 1.9% 8.2% $120,000 18% 2.3
Canton 267 363 23% 300 0.2% 9.3% $98,050 16% 1.6
Cincinnati 2,447 3,025 19% 3,100 0.3% 8.5% $120,744 17% 0.0
Cleveland 1,636 1,748 22% 3,500 0.4% 7.7% $101,485 16% 1.1
Columbus 2,601 4,117 24% 11,600 1.3% 7.4% $140,000 20% 1.9
Dayton 610 616 15% (600) (0.2%) 9.3% $91,651 15% 0.4
Lima 40 44 9% 1,700 3.3% 9.4% $87,010 18% 1.4
Mansfield 36 36 6% (400) (0.8%) 10.5% $83,182 15% 0.2
Sandusky 47 47 8% 3,200 8.3% 7.4% $107,989 17% 0.0
Springfield 55 59 9% 1,700 3.5% 8.8% $88,263 15% 0.0
Toledo 500 734 18% 3,600 1.2% 9.3% $73,909 13% 0.0
Youngstown 280 311 16% 2,300 1.0% 9.1% $60,579 11% 0.4
Oklahoma
Lawton 249 269 25% (1,100) (2.4%) 5.4% $95,244 12% 0.1
Oklahoma City 2,951 3,185 15% 6,800 1.2% 4.9% $135,629 20% 1.5
Tulsa 1,890 2,747 23% 1,900 0.5% 6.0% $127,411 18% 0.0
Oregon
Bend 392 398 9% (1,200) (2.0%) 11.6% $130,270 19% 0.0
Corvallis 68 201 25% 900 2.4% 5.8% $180,390 33% 3.5
Eugene 394 495 18% (800) (0.6%) 8.8% $182,656 36% 5.5
Medford 275 415 19% 500 0.7% 10.9% $130,187 21% 0.0
Portland 3,017 4,494 23% 9,500 1.0% 8.6% $218,000 30% 3.6
Salem 369 639 19% (2,400) (1.7%) 9.4% $144,480 25% 2.5
Pennsylvania
Allentown 1,201 1,418 26% 1,500 0.4% 8.4% $196,559 26% 2.4
Altoona 96 119 24% 600 1.0% 6.4% $97,135 19% 1.4
Erie 323 449 44% 2,200 1.7% 7.7% $103,088 18% 1.2
Harrisburg 1,159 1,350 36% (3,100) (1.0%) 6.9% $140,292 20% 1.5
Johnstown 88 88 24% 1,400 2.3% 8.0% $80,289 17% 1.3
Lancaster 947 1,135 31% (1,700) (0.7%) 6.4% $161,227 22% 1.4
Lebanon 214 218 26% 1,000 2.0% 6.1% $135,851 21% 1.8
Philadelphia (D) 2,679 3,891 22% 700 0.0% 7.9% $217,004 28% 4.0
Pittsburgh 3,327 3,507 50% 9,200 0.8% 6.9% $120,703 20% 1.7
Reading 345 349 16% 2,000 1.2% 7.9% $145,898 21% 3.5
Scranton 630 652 30% 2,600 1.0% 8.7% $115,470 21% 0.7
State College 317 408 37% (700) (0.9%) 5.3% $157,205 24% 0.0
Williamsport 182 190 36% 0 0.0% 7.4% $111,637 22% 2.1
York 802 1,029 33% 2,000 1.1% 7.4% $145,548 19% 0.5
Rhode Island
Providence 1,069 1,339 11% 1,100 0.2% 11.1% $220,593 32% 1.0
South Carolina
Anderson 225 363 19% 2,300 3.9% 9.8% $100,014 19% 0.0
Charleston 2,560 2,987 28% 3,200 1.1% 8.7% $211,000 34% 4.4
Columbia 2,245 2,729 34% (2,100) (0.6%) 9.0% $125,000 21% 1.1
Florence 333 383 29% (100) (0.1%) 11.4% $112,721 23% 1.1
Greenville 1,490 1,554 28% 0 0.0% 8.8% $139,000 25% 5.1
Myrtle Beach 1,280 1,372 12% 4,900 4.1% 10.4% $147,499 27% 0.0
Spartanburg 529 529 19% 500 0.4% 10.5% $112,654 23% 2.6
Sumter 306 306 33% 300 0.8% 11.4% $98,946 20% 0.0
South Dakota
Rapid City 364 450 33% (900) (1.5%) 4.9% $122,133 20% 1.2
Sioux Falls 618 957 38% 1,100 0.8% 4.6% $142,706 23% 4.0
Tennessee
Chattanooga 876 1,004 26% 1,600 0.7% 8.4% $122,831 24% 1.2
Clarksville 1,013 1,993 62% 1,000 1.2% 10.1% $101,647 18% 0.0
Cleveland 260 322 34% 0 0.0% 9.5% $107,407 22% 0.1
Jackson 212 212 19% 0 0.0% 10.2% $87,042 18% 0.0
Johnson City 356 702 49% 1,300 1.7% 8.6% $113,816 25% 0.0
Kingsport 407 435 28% 1,000 0.8% 8.1% $110,481 24% 0.0
Knoxville 1,293 1,922 30% 3,800 1.2% 7.7% $141,587 25% 0.5
Memphis 1,468 2,073 19% (9,500) (1.6%) 10.1% $115,099 22% 1.3
Morristown 156 161 21% (400) (0.9%) 11.4% $101,308 21% 0.0
Nashville 3,801 4,342 24% 7,000 1.0% 8.5% $143,700 22% 0.6
Texas
Abilene 251 253 12% (2,500) (3.8%) 6.6% $120,600 20% 4.3
Amarillo 554 893 24% 900 0.8% 5.4% $126,600 21% 2.5
Austin 6,035 10,009 38% 13,700 1.8% 6.7% $196,800 26% 3.3
Beaumont 806 974 39% 2,600 1.6% 11.0% $120,700 21% 2.3
Brownsville 1,042 1,217 31% (600) (0.5%) 11.8% $120,700 29% 3.9
College Station 582 1,138 32% 2,300 2.3% 6.0% $120,700 27% 1.7
Corpus Christi 773 1,309 21% 3,700 2.1% 7.8% $130,800 24% 2.5
Dallas (D) 10,174 16,536 22% 49,600 2.5% 7.9% $166,000 22% 2.2
El Paso 3,087 4,142 64% 3,400 1.2% 10.0% $95,000 20% 0.0
Fort Worth (D) 4,270 5,583 15% 9,300 1.1% 7.8% $135,065 19% 0.7
Houston 20,461 25,884 35% 45,000 1.8% 8.2% $155,100 21% 1.9
Killeen 1,816 2,136 47% 1,700 1.3% 7.8% $124,990 21% 3.0
Laredo 621 768 32% 100 0.1% 8.1% $87,972 16% 0.0
Longview 212 258 16% 1,600 1.7% 6.7% $129,600 22% 3.0
Lubbock 829 1,432 34% 400 0.3% 5.9% $114,900 22% 1.6
McAllen 3,078 3,445 37% 300 0.1% 11.9% $114,300 27% 2.0
Midland 426 426 11% 1,500 2.2% 4.6% $131,037 18% 0.1
Odessa 275 603 29% 2,600 4.3% 6.1% $142,700 25% 4.8
San Angelo 153 153 10% (300) (0.7%) 6.3% $124,300 23% 4.9
San Antonio 4,366 5,775 26% 5,000 0.6% 7.3% $151,800 24% 3.2
Sherman 66 318 29% (100) (0.2%) 8.5% $77,000 13% 0.5
Texarkana 104 251 30% (600) (1.1%) 7.4% $83,610 15% 0.2
Tyler 183 250 9% 700 0.8% 7.4% $136,100 22% 1.5
Victoria 112 112 6% 800 1.6% 7.0% $125,000 20% 2.0
Waco 401 476 16% 500 0.5% 7.3% $117,300 22% 1.8
Wichita Falls 120 134 15% (1,100) (1.9%) 7.1% $109,400 18% 3.1
Utah
Logan 293 587 42% 2,700 5.2% 5.2% $121,052 21% 0.4
Ogden-Clearfield 1,106 1,156 23% 2,900 1.5% 7.2% $128,545 17% 0.0
Provo-Orem 1,289 1,762 27% 3,300 1.9% 7.5% $132,285 18% 0.0
Salt Lake City 1,830 2,601 21% 5,600 0.9% 7.2% $191,409 26% 3.5
St. George 765 772 20% (500) (1.1%) 9.1% $119,904 21% 0.0
Virginia
Charlottesville 573 1,359 52% 1,500 1.5% 4.9% $209,223 27% 0.0
Danville 125 170 33% 1,800 4.6% 9.3% $88,077 19% 0.1
Harrisonburg 349 425 33% 1,100 1.8% 5.8% $160,406 25% 0.0
Lynchburg 440 548 30% 2,200 2.1% 6.6% $135,054 23% 0.0
Richmond 2,338 3,045 27% (9,400) (1.5%) 6.7% $175,000 26% 0.7
Roanoke 405 425 22% (800) (0.5%) 6.3% $140,348 23% 0.0
Virginia Beach 3,022 3,889 16% (900) (0.1%) 6.6% $193,995 29% 3.7
Winchester 318 318 18% 1,500 2.7% 6.3% $139,967 21% 0.0
Washington
Bellingham 382 429 17% (1,500) (1.9%) 8.4% $195,381 29% 0.6
Bremerton 470 625 24% (1,400) (1.7%) 7.9% $253,000 28% 2.7
Kennewick 1,517 2,073 64% (200) (0.2%) 7.4% $178,972 22% 1.5
Longview 125 138 20% (1,000) (2.8%) 11.7% $125,061 19% 0.0
Mount Vernon 188 192 17% (500) (1.1%) 10.0% $169,163 22% 0.0
Olympia 967 1,098 34% (1,200) (1.2%) 8.3% $215,000 26% 3.1
Seattle (D) 4,281 8,877 32% 26,900 2.0% 8.2% $321,000 33% 2.4
Spokane 843 1,734 39% 500 0.2% 9.0% $152,800 24% 1.9
Tacoma (D) 1,631 1,821 27% (700) (0.3%) 9.8% $190,000 24% 0.0
Wenatchee 304 311 28% 300 0.8% 8.8% $169,379 24% 0.0
Yakima 355 636 52% (1,100) (1.4%) 10.3% $149,188 26% 1.8
West Virginia
Charleston 263 325 39% 3,000 2.0% 8.0% $128,001 21% 0.1
Huntington 159 266 42% (200) (0.2%) 8.4% $90,154 17% 0.0
Morgantown 35 137 46% (100) (0.2%) 6.3% $128,329 29% 2.3
Parkersburg 98 98 22% 300 0.4% 8.6% $88,769 16% 0.0
Weirton 18 18 10% 1,600 3.6% 11.0% $74,355 13% 0.0
Wheeling 17 22 8% 300 0.4% 8.6% $77,195 15% 0.0
Wisconsin
Appleton 326 552 25% (1,300) (1.1%) 6.8% $116,328 16% 0.6
Eau Claire 232 356 25% 1,100 1.3% 6.6% $113,848 20% 1.8
Fond Du Lac 73 205 33% 0 0.0% 7.1% $114,994 17% 0.0
Green Bay 487 940 30% (400) (0.2%) 7.2% $131,565 20% 1.7
Janesville 126 136 11% 200 0.3% 9.4% $103,559 16% 0.0
La Crosse 260 343 40% (1,200) (1.6%) 5.8% $119,551 18% 0.0
Madison 756 1,353 22% 3,700 1.1% 5.3% $218,887 30% 4.4
Milwaukee 922 2,012 23% 19,400 2.4% 8.0% $197,247 30% 4.4
Oshkosh-Neenah 202 294 20% (200) (0.2%) 6.7% $110,097 19% 0.9
Racine 130 212 17% 600 0.8% 9.0% $128,288 19% 0.0
Sheboygan 66 66 9% 900 1.5% 7.5% $119,461 17% 0.0
Wausau 231 281 20% (500) (0.7%) 7.7% $112,563 18% 0.5
Wyoming
Casper 277 343 40% 900 2.3% 5.8% $111,896 15% 0.0
Cheyenne 206 206 24% (100) (0.2%) 6.4% $116,543 20% 1.3
* The government defines metro areas and includes metro divisions within some areas. In these instances, we report at the more detailed division level, because that is what most of our clients use for decision making. For example, we report on the Los Angeles and Orange County divisions separately, rather than the Los Angeles MSA, which includes both Los Angeles and Orange counties. We also use the more colloquial names used by business people, so we refer to the "Santa Ana-Anaheim-Irvine" division as "Orange County." For the government definitions, visit: http://www.census.gov/population/www/metroareas/lists/2009/List1.txt

Building Market Intelligence™

Every week, we deliver analysis to over 40,000 subscribers with our Building Market Intelligence™ newsletter. Subscribe to our weekly BMI newsletters to stay current on pressing topics in the housing industry.

About The Author

Contact Us

If you have any questions about our services or if you would like to speak to one of our experts about we can help your business, please contact Client Relations at clientservices@jbrec.com.

Products and Services Mentioned

Research Membership

Our research services enable our clients to gauge housing market conditions and better align their business and strategic investments in the housing industry. We provide a thoughtful and unique holistic approach of both quantitative and qualitative analysis to help clients make informed housing investment decisions.

Real Estate Consulting

Our experienced team of consultants helps clients make sound housing investment decisions. We thrive on their success and work with many clients over multiple years and numerous projects. ​

New Home Trends Institute

The New Home Trends Institute pairs design inspiration with exclusive insights into the “why” behind consumers’ housing choices. Gain exclusive insight into housing preferences and pain points through our monthly survey insights reports, webinars, and proprietary surveys of builders, architects, designers, and other industry professionals.

Latest Insights

Time to Reflect: Five 2023 Trend Predictions We Nailed and One We Didn’t See Coming.
The Missing Resale Market
How Meritage Homes Drew Up a New Blueprint for Success