Morning Briefing: South expected to dominate housing growth, Northeast concerns

South expected to dominate housing growth, Northeast concerns… Condo boom dominates Texas housing market… Backstreet home lists at $4.25 million…

South expected to dominate housing growth, Northeast concerns
The South is set to be the frontrunner in housing market growth for the rest of 2016 according to new data from Clear Capital.

The real estate valuer’s adjusted market report predicts that the impact of the spring buying season has been limited nationally, with quarter-over-quarter growth of 0.6 per cent and regional growth of 0.2 per cent in the West, 0.8 per cent in the South and 0.3 per cent in the Midwest.

There is a cautious note for the Northeast though with Clear Capital’s model showing zero growth in the region quarter-over-quarter, although New York and Hartford, CT have seen price increases of 0.5 per cent and 0.7 per cent respectively.

There is more bad news as the analysis shows a likely decline in home price growth for the Northeast and West over the next six months. The South and Midwest should see gains though.

“It's still far too early to tell how the recent global economic and financial market shakeups will affect the US housing market, but our initial forecasts are very cautious about overestimating potential growth, particularly in the Northeast and West," said Alex Villacorta, Ph.D., vice president of research and analytics at Clear Capital.
Condo boom dominates Texas housing market
Sales of condos in Texas have outpaced townhomes and single-family houses in the first half of 2016, according to new data from the Texas Association of Realtors.

Austin, Dallas, Houston and San Antonio all saw increased sales of condos year-over-year; double digit increases in all the major metros except Austin.

“Many young urban professionals and newly retired baby boomers are buying condos, as they provide an affordable alternative to single-family homes and townhomes,” said Leslie Rouda Smith, chairman of the Texas Association of Realtors. “These Millennials and retirees don’t want the upkeep of a traditional, single-family home and want to be close to nightlife and amenities.”

For first-time buyers the condos that are most affordable are older stock as high land costs mean newly-built units are generally not available at below $200,000.
Backstreet home lists at $4.25 million
A home in LA County’s Hidden Hills has been listed by Backstreet Boys star Nick Jonas for $4.25 million.

The 5,200 square foot home built in 1956 has been updated and a guesthouse has been added to the estate, along with a chicken coop which resembles the main house.

The LA Times reports that Jonas and actress-wife Lauren Kitt Carter, bought the home a year ago for $3.65 million.