Morning Briefing: 7-figure homes increasing in these metros

by Steve Randall20 May 2016
7-figure homes increasing in these metros
Million-dollar homes are not as rare in US cities these days according to a new report from Trulia. Its research found that San Francisco has seen the largest increase in 7-figure homes; in 2012 they made up less than 20 per cent of all homes in the metro – now 57.4 per cent of homes cost a million dollars or more.

The Bay Area also has the 2nd and 3rd highest share of million dollar homes -  San Jose (46.3 per cent) and Oakland (19.7 per cent) - while California’s Orange County (16.3 per cent) and LA (16.1 per cent) complete the top 5.

Honolulu (15.4 per cent), San Diego (10.7 per cent), and New York (12 per cent) all have a double-digit share of homes valued in 7-figures.
 
Young Americans still want to be realtors
Young Americans are still attracted to the world of buying and selling property with the percentage of older realtors declining. The National Association of Realtors survey found that the median age of realtors in 2015 was 53, the lowest since 2008 and down from 57 in 2014.

The proportion of realtors aged 60 or older was down to 30 per cent last year compared to 41 per cent in last year’s report and 5 per cent were under 30, compared to 2 per cent a year earlier.

"The median age of Realtors® is younger than in the past because more people entered the real estate profession this year than in past years, with 20 percent of members reporting one year or less of experience" said NAR president Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida.

The NAR report also shows positive moves for diversity with the proportion of white realtors at 78 per cent for those with two years experience or less, compared to 89 per cent among those with at least 16 years in the industry.
The report also reveals that 26 per cent of realtors made $100,000 or more in 2015, although the same percentage made less than $10,000.
 
Virginia home sales up more than 8 per cent
The number of home sales in Virginia rose by 8.46 per cent in the year to April with 9,945 sales through the MLS of Virginia Association of Realtors. The median price was up 1.9 per cent to $265,000.

In the month from March, April sales were up 16.5 per cent as the spring market got underway. Prices rose 5.2 per cent in the month.

“Virginia’s residential sales market is roaring with the start of spring,” according to 2016 VAR President Bill White. “Sellers are well positioned to capitalize on increasing demand, while buyers are able to take advantage of sustained low interest rates. We are seeing a boom in the spring housing market and a growing impact to Virginia’s economy.”

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