Valuation Management Group enjoys sharing appraisal and general real estate topics with our client and appraiser partners. We hope you find the following statistical data for 2016 and early 2017, as it relates to single family housing and trends, to be of interest.
One data source we consulted was First Multiple Listing Service, Inc. (FMLS). FMLS is a paid service that is available to realtors and appraisers. According to FMLS data, nationally, there are a total of 2,233,787 active residential real estate listings. These listings are in major cities throughout the United States. FMLS shows that the 2 states with the largest number of properties available for sale are Florida with 121,469 active listings and Texas with 101,334 active listings. The States with the least number of listings were Alaska with 1,969 active listings and the District of Columbia with only 379 active listings.
According to the United States Census Bureau, Texas ranks number two in population with 27,862,596 people. Florida has the 4th highest population with 20,612,439, and California ranks number one with the population of 39,250,017 people. Interestingly, FMLS reports that California only has 71,994 active listings.
Other interesting facts are that, according to National Association of REALTORS (NAR), https://www.nar.realtor/, in 2016 people under 35 years old accounted for 61% of first time homebuyers, and nationally the average inventory of homes was less than 4.5 months.
According to the Federal Housing Finance Agency (FHFA) US House Price Index as of November 23, 2016, nationally, US house prices rose 1.5 percent in the third quarter of 2016. House prices increased by 6.1 percent from the third quarter of 2015 through the third quarter of 2016. The only states that did not see an increase during the same period were Delaware and the District of Columbia. Single family housing in Florida experienced the highest appreciation from the third quarter of 2015 through the third quarter of 2016. Oregon, Washington, Colorado and Utah followed in the top 2-5th with the highest appreciation by state. To see how your state ranked, you can visit: https://www.fhfa.gov/AboutUs/Reports/Pages/US-House-Price-Index-Report-3Q2016-September-2016.aspx
Valuation Management Group believes these statistics bode well for most Americans.
Valuation Management Group is a national residential and commercial appraisal management services company that manages the appraisal process, including the appraisal review, for financial institutions, banks, mortgage bankers, and credit unions. VMG offers a full array of commercial and residential appraisal products and services. The company’s goal is to take the appraisal process from ordinary to extraordinary for its clients and appraisers.