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Thursday, April 28, 2022

Home Prices Continue to Rise

20-city price index: A 20.2% year-over-year gain in Feb; up from 18.9% in Jan. Tampa and Miami were in top 3 cities for highest rate of home-price growth.

NEW YORK – The S&P CoreLogic Case-Shiller 20-city price index posted a 20.2% year-over-year gain in February, up from 18.9% the previous month.

Meanwhile, the Case-Shiller national home price index increased 19.8% between February 2021 and February 2022. This represented the third-largest pace of home-price appreciation in the Case-Shiller report’s history.

As in previous months, Phoenix recorded the highest rate of home-price growth in February, with a 32.9% year-over-year increase, followed by Tampa (32.6%) and Miami (29.7%).

All 20 cities that the Case-Shiller report tracks not only recorded double-digit price growth in February but also a faster pace of growth than the month prior.

Meanwhile, the Federal Housing Finance Agency Housing Price Index found that prices rose 19.4% year over year in February and 2.1% from the previous month.

Source: MarketWatch (04/26/22) Passy, Jacob

© Copyright 2022 INFORMATION, INC. Bethesda, MD (301) 215-4688

Wednesday, April 27, 2022

Housing Shortage, Rents Squeeze College Students

 By Janie Har

Rising rents, not enough student housing being built and other increasing college costs are causing “a perfect storm” for students in Florida and other states.

BERKELEY, Calif. (AP) – UC Berkeley sophomore Terrell Thompson slept in his car for nearly two weeks at the start of the school year last fall, living out of a suitcase stashed in the trunk and texting dozens of landlords a day in a desperate search for a place to live.

The high-achieving student from a low-income household in Sacramento, California, was majoring in business administration at one of the most prestigious universities in the world. Yet, Thompson folded his 6-foot frame into the back seat of his Honda Accord at night, wondering how he would ever find a home in the exorbitantly expensive San Francisco Bay Area city.

“Academically it was hard, because I’m worried about finding housing and I’m worried about my clothes and I’m worried about getting my car broken into all the time,” said the 19-year-old Thompson, who now lives in a studio apartment he found last September. “I was anxious 24/7.”

College students across the U.S. are looking for housing for the 2022-23 school year and if 2021 was any indication, it won’t be easy. Students at colleges from California to Florida were denied on-campus housing last fall and found themselves sitting out the year at home or living in motel rooms or vehicles as surging rents and decades of failing to build sufficient student housing came to a head.

For some colleges, the housing crunch was related to increased demand by students who had been stuck at home during the pandemic. For others, including many in California, the shortage reflects a deeper conflict between the colleges and homeowners who don’t want new housing built for students who they say increase congestion and noise.

In March, the University of California, Berkeley, said it would have to cap student enrollment because of a lawsuit brought by irate neighbors over the school’s growth. State lawmakers fast-tracked a fix to allow the campus to enroll as many students as planned for the 2022 fall semester, but the legislation does nothing to produce more housing.

Nationally, 43% of students at four-year universities experienced housing insecurity in 2020, up from 35% in 2019, according to an annual survey conducted by The Hope Center for College, Community, and Justice at Temple University. Students reported being unable to pay utilities, rent or mortgage, living in overcrowded units, or moving in with others due to financial difficulties.

And for the first time since it began tracking basic needs in 2015, the survey found an equal percentage – 14% – of students at both four-year and two-year colleges who had experienced homelessness in the last year, said Mark Huelsman, the center’s director of policy and advocacy.

“This is a function of rents rising, the inability of communities and institutions to build enough housing for students and other costs of college going up that create a perfect storm for students,” he said.

For some students, the lack of affordable housing could mean the difference between going to college or not. Others take on massive debt or live so precariously they miss out on all the extracurricular benefits of higher education.

Jonathan Dena, a first-generation college student from the Sacramento area, almost rejected UC Berkeley over the lack of housing, even though it was his “dream program.” He found a studio at the heavily subsidized Rochdale Apartments for under $1,300 a month, but he might have to move because the bare-bones units may close for a seismic renovation.

Dena, 29, wants to continue living within walking distance of campus for a robust college experience.

But the urban studies major and student government housing commission officer said “it’s kind of scary” how high rents are near campus. Online listings showed a newer one-bedroom for one person at $3,700, as well as a 240-square foot (22 square-meter) bedroom for two people sharing a bathroom for nearly $1,700 per person a month.

“If I go to school in Berkeley, I would love to live in Berkeley,” he said.

Nationally, rents have increased 17% since March 2020, said Chris Salviati, senior economist with Apartment List, but the increase has been higher in some popular college towns. Chapel Hill, North Carolina, saw a 24% jump in rents and Tempe, Arizona, saw a 31% hike.

In some cases, the rental increases have been exacerbated by a lack of on-campus housing.

Last fall, demand for on-campus housing was so high that the University of Tampa offered incoming freshmen a break on tuition if they deferred until fall 2022. Rent in the Florida city has skyrocketed nearly 30% from a year ago, according to Apartment List.

Rent in Knoxville has soared 36% since March 2020, and it could get worse after the University of Tennessee announced a new lottery system for its dorms this fall, saying it needs to prioritize housing for a larger freshman class.

Even two-year community colleges, which have not traditionally provided dorms, are rethinking student needs as the cost of housing rises.

Last October, Long Beach City College launched a pilot program to provide up to 15 homeless students space in an enclosed parking garage. They sleep in their cars and have access to bathrooms and showers, electrical outlets and internet while they work with counselors to find permanent housing.

Uduak-Joe Ntuk, president of the college’s Board of Trustees, hesitated when asked if the program will be renewed.

“I want to say no, but I think we will,” he said. “We’re going to have new students come fall semester this year that are going to be in a similar situation, and for us to do nothing is untenable.”

California prides itself on its robust higher education system, but has struggled with housing at its four-year colleges. Berkeley is notoriously difficult, with cut-throat competition for the few affordable apartments within walking distance to campus.

"I definitely was not prepared to be this stressed about housing every year,” said Jennifer Lopez, 21, a UC Berkeley senior from Cudahy, in southeastern Los Angeles County, and the first in her family to attend college.

She imagined she would spend all four years on campus in dorms, but found herself in a scramble for a safe, affordable place to sleep. The urban studies major currently splits an attic space in what is technically a one-bedroom apartment shared by four undergraduates, one of whom sleeps in the dining room.

The total monthly rent is nearly $3,700 – laughably high in most U.S. cities – but she’s grateful for it.

“If I hadn’t heard about this place, I was either going to end up living in a basement, or in this other apartment I know (where) the girls are struggling with leaks and mold,” Lopez said.

The Basic Needs Center at UC Berkeley, which operates a food pantry for students and faculty, found in a snapshot survey that a quarter of undergraduates reported they “lacked a safe, regular and adequate nighttime place to stay and sleep” at some point since October.

“That’s huge,” said Ruben Canedo, co-chair of UC’s systemwide Basic Needs Committee. “This generation of students is navigating the most expensive cost-of-living market while at the same time having the least amount of financial support accessible to them."

Thompson, the business administration major, started looking for an apartment last May, after spending his first year at home taking classes remotely to save money. He quickly realized that his rental budget of $750 was wildly inadequate and as a second-year student, he no longer qualified for priority in the dorms.

By the time classes began in late August, he was in a panic. He tried commuting from his home in Sacramento, leaving before 6 a.m. for the 80-mile (130-kilometer) drive to Berkeley and returning home around midnight to avoid traffic.

But that was grueling so he took to sleeping in his car. Initially he parked far away in a spot without parking limits. Then he parked at a lot between two student dorm complexes closer to campus, where exuberant partying kept him up at night.

He attended classes, studied and ate sparingly to save on ballooning food costs. He looked at apartments where five people were squeezed into two bedrooms with pared-down belongings stored under beds.

He slept in his car for almost two weeks until a sympathetic landlord who had also grown up in a low-income home reached out, offering a studio within walking distance of campus. The rent is $1,000 a month, and he hopes to stay until he graduates.

"I think I have a little bit of a PTSD factor,” he said.

Most students have no idea of the housing situation when they choose to attend UC Berkeley, said 19-year-old freshman Sanaa Sodhi, and the university needs to do more to prepare students and support them in their search.

The political science major is excited to move out of the dorms and into a two-bedroom apartment where she and three friends are taking over the lease. The unit is older but a bargain at $3,000 a month, she said. The housemates were prepared to pay up to $5,200 for a safe place close to campus.

“You don’t honestly know the severity of the situation before you’re in it,” she said, adding that landlords hold all the cards. “They know that whatever price they charge, we’ll inevitably have to pay it because we don’t really have a choice except maybe to live out of our cars.”

AP journalist Terence Chea contributed from Berkeley, California.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Fannie Mae Predicts ‘Moderate Recession’ for 2023

New 2023 forecast: Expect a modest economic contraction in 2023’s second half, but the housing market should help cushion that even if its pace slows a bit.

WASHINGTON – The housing market may save the economy from the severity of another Great Recession, according to a new report from Fannie Mae economists. But a recession is still likely on the horizon.

With inflation running at a 40-year high and uncertainties growing in the economy, economists are revising their outlooks for 2022 and 2023. Mortgage financing giant Fannie Mae says that expectations of aggressive monetary policy tightening through 2023 by the Federal Reserve will “likely further soften economic output already weighed down by decades-high inflation and the ongoing effects stemming from the Russian invasion of Ukraine.”

Fannie Mae’s Economic and Strategic Research Group outlined the latest predictions in its April 2022 commentary.

The group’s forecast downgrades real GDP growth and includes an expectation of a period of modest economic contraction in the second half of 2023. But economists are quick to note that the projected downturn will not likely resemble the severity or duration of the Great Recession in 2008.

They say the downturn will likely be less severe because of the housing market, stronger mortgage credit quality, a far less-leveraged residential real estate and mortgage financing system, and ongoing housing supply constraints compared to demographic demand.

“We continue to see multiple drivers of economic growth through 2022, but the need to rein in inflation combined with other economic indicators, such as the recent inversion of the Treasury yield curve, led us to meaningfully downgrade our expectations for economic growth in 2023,” says Doug Duncan, Fannie Mae’s senior vice president and chief economist. “The tight labor market and continued demand for workers, the need for firms to rebuild inventories, and the slowing of some transitory inflation impulses all suggest to us that 2022 will grow a bit faster than long-run trend growth.

“However, as the remaining fiscal policy stimuli fade and the predicted tightening of monetary policy works its way through the economy, we expect the impact of these factors to diminish.”

Fannie Mae’s updated 2023 forecast includes a “modest recession.”

But while the housing market is expected to help cushion a lot of that, economists also note that the housing market will likely slow in the coming months as well. Higher mortgage rates are pricing out more would-be homebuyers.

The National Association of Realtors® predicts a 10% decrease in home sales for 2022.

“The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power,” Lawrence Yun, NAR’s chief economist, said in response to NAR’s latest existing-home sales report which showed a contraction in home purchases.

Home sales remain quick and prices are still rising, but “sellers should not expect the easy-profit gains and should look for multiple offers to fade as demand continues to subside,” Yun added.

Source: “Inflation Rate Signals Tighter Monetary Policy and Threatens ‘Soft Landing,’” Fannie Mae (April 19, 2022)

© Copyright 2022 INFORMATION, INC. Bethesda, MD (301) 215-4688

Thursday, April 21, 2022

Florida’s Median Home Prices Up in March, Supply Tight

 Florida Realtors: Florida’s single-family median price is up 21.3% to $396,500. Condo median price up 27.3% to $308K. Rising rates, prices, and tight supply impact sales.

ORLANDO, Fla. – Florida’s housing market in March and 1Q 2022 showed the impact of rising mortgage rates, increased home prices, and a shortfall of for-sale supply, with fewer closed sales compared to a year ago, according to Florida Realtors®’ latest housing data.

“Buyers and sellers in Florida in March continued to see rising mortgage rates, a very limited supply of for-sale homes and rising prices,” said 2022 Florida Realtors President Christina Pappas, vice president of the Keyes Family of Companies in Miami. “Housing affordability remains a challenge, and higher mortgage rates may mean some buyers who had previously qualified under a lower rate are forced to rethink their plans. The continued limited supply means that homes are selling at a fast pace. The median time to contract statewide for single-family existing homes in March was nine days compared to 15 days during the same month a year ago. And the median time to contract for existing condo-townhouse units was 11 days compared to 32 in March 2021.

“Now more than ever, consumers can benefit from the expertise of a local Realtor, who can guide them through current market conditions.”

Last month, closed sales of single-family homes statewide totaled 30,793, down 6.2% year-over-year, while existing condo-townhouse sales totaled 14,631, down 11.4% over March 2021. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Higher mortgage rates and less pandemic-driven buyer demand helped drive the drop in closed sales, according to Florida Realtors Chief Economist Dr. Brad O’Connor. He pointed out several factors that make it difficult to make exact comparisons between last year’s spring homebuying season and this year’s, now underway with the March data.

“First, last year could really be considered our first spring buying season in two years, with the 2020 season having been snuffed out by the onset of the pandemic,” he said.

“So there was an excess of pent-up demand there. Second, the pandemic was still quite severe a year ago and was spurring relocations and second home purchases in Florida from out-of-state buyers. That’s still happening now, but not to the same extent. Third, while our single-family inventory was severely depleted by the beginning of 2021, there was still some slack in our condo and townhouse inventory at the time. That inventory cushion allowed for last year’s massive statewide boom in condo and townhouse sales. And last, but certainly not least, mortgage rates were still near record lows last spring. It simply can’t be understated how much these low rates helped fuel housing demand during the pandemic.”

The statewide median sales price for single-family existing homes in March was $396,558, up 21.3% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $308,000, up 27.3% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Dr. O’Connor said, “With the rising prices we’re seeing, despite fewer sales so far this year, the dollar volume of closed sales remains high. Single-family dollar volume in the first quarter of 2022 came in at $42.1 billion, an 11.5% increase over the same quarter last year, while condo-townhouse dollar volume was up 16.3%, to $16.1 billion.

“The big question over the next few months will be how much the recent elevation in mortgage rates will slow price growth.”

On the supply side of the market, inventory (active listings) remained tightly constrained in March as well as for all of Q1 2022: Single-family existing homes were at a restricted 1-months’ supply while condo-townhouse inventory was at a 1.2-months supply.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.17% in March 2021, significantly higher than the 3.08% average during the same month a year earlier.

Wednesday, April 13, 2022

The Rising Homelessness Problem: Baby Boomers

 By Anita Snow

About half of U.S. adults age 55 and older have only Social Security for income, and the rising cost of rent is forcing more of them into the street.

PHOENIX (AP) – Karla Finocchio’s slide into homelessness began when she split with her partner of 18 years and temporarily moved in with a cousin.

The 55-year-old planned to use her $800-a-month disability check to get an apartment after back surgery. But she soon was sleeping in her old pickup protected by her German Shepherd mix Scrappy, unable to afford housing in Phoenix, where median monthly rents soared 33% during the coronavirus pandemic to over $1,220 for a one-bedroom, according to

Finocchio is one face of America’s graying homeless population, a rapidly expanding group of destitute and desperate people 50 and older suddenly without a permanent home after a job loss, divorce, family death or health crisis during a pandemic.

“We’re seeing a huge boom in senior homelessness,” said Kendra Hendry, a caseworker at Arizona’s largest shelter, where older people make up about 30% of those staying there. “These are not necessarily people who have mental illness or substance abuse problems. They are people being pushed into the streets by rising rents.”

Academics project their numbers will nearly triple over the next decade, challenging policy makers from Los Angeles to New York to imagine new ideas for sheltering the last of the baby boomers as they get older, sicker and less able to pay spiraling rents. Advocates say much more housing is needed, especially for extremely low-income people.

Navigating sidewalks in wheelchairs and walkers, the aging homeless have medical ages greater than their years, with mobility, cognitive and chronic problems like diabetes. Many contracted COVID-19 or couldn’t work because of pandemic restrictions.

“It’s so scary,” said Finocchio, her green eyes clouding with tears while sitting on the cushioned seat of her rolling walker. “I don’t want to be on the street in a wheelchair and living in a tent.”

It was Finocchio’s first time being homeless. She’s now at Ozanam Manor, a transitional shelter the Society of St. Vincent de Paul runs in Phoenix for people 50 and up seeking permanent housing. At the 60-bed shelter, Finocchio sleeps in a college-style women’s dorm, with a single bed and small desk where she displays Scrappy’s photo. The dog with perky black ears is staying with Finocchio’s brother.

A stroke started 67-year-old Army veteran Lovia Primous on his downward spiral, costing him his job and forcing him to sleep in his Honda Accord. He was referred to the transitional shelter after recovering from COVID-19.

“Life has been hard,” said Primous, who grew up on in a once- segregated African American neighborhood of south Phoenix. “I’m just trying to stay positive.”

Cardelia Corley ended up on the streets of Los Angeles County after the hours at her telemarketing job were cut. Now 65, Corley said she was surprised to meet so many others who were also working, including a teacher and a nurse who lost her home following an illness.

“I’d always worked, been successful, put my kid through college,” the single mother said. “And then all of a sudden things went downhill.”

Corley traveled all night aboard buses and rode commuter trains to catch a cat nap.

“And then I would go to Union Station downtown and wash up in the bathroom,” said Corley. She recently moved into a small East Hollywood apartment with help from The People Concern, a Los Angeles nonprofit.

The U.S. Department of Housing and Urban Development (HUD) said in its 2017 Annual Homeless Assessment Report the share of homeless people 50 and over in emergency shelters or transitional housing jumped from 22.9% in 2007 to 33.8% in 2017. More precise and recent nationwide figures aren’t available because HUD has since changed the methodology in the reports and lumps older people in with all adults over 25.

A 2019 study of aging homeless people led by the University of Pennsylvania drew on 30 years of census data to project the U.S. population of people 65 and older experiencing homelessness will nearly triple from 40,000 to 106,000 by 2030, resulting in a public health crisis as their age-related medical problems multiply.

Dr. Margot Kushel, a physician who directs the Center for Vulnerable Populations at the University of California, San Francisco, said her research in Oakland on how homelessness affects health has shown nearly half of the tens of thousands of older homeless people in the U.S. are on the streets for the first time.

“We are seeing that retirement is no longer the golden dream,” said Kushel. “A lot of the working poor are destined to retire onto the streets.”

That’s especially true of younger baby boomers, now in their late 50s to late 60s, who don’t have pensions or 401(k) accounts. About half of both women and men ages 55 to 66 have no retirement savings, according to the census.

Born between 1946 and 1964, baby boomers now number over 70 million, the census shows. With the oldest boomers in their mid 70s, all will hit age 65 by 2030.

The aged homeless also tend to have smaller Social Security checks after years working off the books. A third of some 900 older homeless people in Phoenix said in a recent survey they have no income at all.

Teresa Smith, CEO of the San Diego nonprofit Dreams for Change, said she’s also noticed the homeless population is trending older. The group operates two safe parking lots for people living in cars.

Susan, who stayed at one lot, spoke only if her last name wasn’t used because of the stigma surrounding homelessness. The 63-year-old had kidney cancer while caring for her mother, then lost their two-bedroom apartment after her mom died. The cancer is now in remission.

Susan slept in her car with her dog at one of the gated parking lots that provide a bathroom, showers and a shared refrigerator and microwave. She was stunned to see a man in his 80s living in a car there, calling it “just wrong.” But residents enjoyed the community, grilling meals together and even surprising one in their group with a birthday cake.

Dreams for Change recently helped Susan get a one-bedroom apartment with a housing voucher after months of waiting. With a washer and dryer, patio, dishwasher and bathtub, “I feel like I’m at the Ritz,” she said.

Donald Whitehead Jr., executive director of the Washington-based advocacy group National Coalition for the Homeless, said that seeing older people sleep in cars and abandoned buildings should worry everyone. “We now accept these things that we would have been outraged about just 20 years ago,” said Whitehead.

Whitehead said Black, Latino and Indigenous people who came of age in the 1980s amid recession and high unemployment rates are disproportionately represented among the homeless. Many nearing retirement never got well-paying jobs and didn’t buy homes because of discriminatory real estate practices.

“So many of us didn’t put money into retirement programs, thinking that Social Security was going to take care of us,” said Rudy Soliz, 63, operations director for Justa Center, which offers meals, showers, a mail drop and other services to the aged homeless in Phoenix.

The average monthly Social Security retirement payment as of December was $1,658. Many older homeless people have much smaller checks because they worked fewer years or earned less than others.

People 65 and over with limited resources and who didn’t work enough to earn retirement benefits may be eligible for Supplemental Security Income of $841 a month.

Finocchio said limited contributions were made for her into Social Security and Medicare because most of her jobs were off the books in telephone sales or watering office plants.

“The programs approved by Congress to prevent destitution among the elderly and the disabled are not working,” said Dennis Culhane, a University of Pennsylvania professor who led the 2019 study of the aging homeless in New York, Boston and Los Angeles County. “And the problem is only going to get worse.”

Jennifer Molinsky, project director for the Aging Society Program at Harvard University’s Joint Center for Housing Studies, agreed the federal government must do more to ensure older Americans are better housed.

“The younger boomers were hit especially hard in the Great Recession, many losing their homes close to retirement,” Molinsky said.

Longer term shelters specifically for older people are helping get some off the streets at least temporarily. The Arizona Department of Housing last year provided a $7.5 million block grant for the state’s largest shelter to buy an old hotel to temporarily house up to 170 older people without a place to stay. The city of Phoenix kicked in $4 million for renovations.

CEO Lisa Glow of Central Arizona Shelter Services, which runs the state’s biggest shelter in downtown Phoenix, said the hotel is expected to open by year’s end. Residents will stay around 90 days while caseworkers help find permanent housing.

“We need more dignified, safer and comfortable places for our seniors,” said Glow, noting that physical limitations make it difficult for older people at the 500-bed shelter downtown.

Nestor Castro, 67, was luckier than many who lose permanent homes.

Castro was in his late 50s living in New York when his mother died and he was hospitalized with bleeding ulcers, losing their apartment. He initially stayed with his sister in Boston, then for more than three years at a YMCA in Cambridge, Massachusetts. Just before last Christmas, Castro got a permanent subsidized apartment through Hearth Inc., a Boston nonprofit dedicated to ending homelessness among older adults. Residents pay 30% of their income to stay in one if Hearth’s 228 units.

Castro pays with part of his Social Security check and a part-time job. He also volunteers at a food pantry and a nonprofit that assists people with housing.

“Housing is a big problem around here because they are building luxury apartments that no one can afford,” he said. “A place down the street is $3,068 a month for a studio.”

Hearth Inc. CEO Mark Hinderlie said far more housing needs to be built and made affordable for the aged, especially now as the numbers of graying homeless people surge.

“It’s cheaper to house people than leave them homeless,” Hinderlie said. “You have to rethink what housing can be.”

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Janie Har in Marin County, California, and Christopher Weber in Los Angeles contributed to this report.

Thursday, April 7, 2022

Big Wave of Sellers Might Emerge this Year

 Survey: 44% of Gen Z (18-25) and 35% of millennials (26-41) say they’ll sell their starter home this year. Many have lots of equity and a fear of rising mortgage rates.

NEW YORK – Millennials and their younger Gen Z cohorts are showing an increased interest in moving. Many of these first-time buyers now want to become first-time sellers.

According to a new Harris Poll survey conducted for Coldwell Banker of more than 2,000 U.S. adults, 44% of Gen Z and 35% of millennial homeowners say they plan to sell their homes in the next 12 months.

“With more than two in five Gen Z and over a third of millennial homeowners planning to sell their homes in the next 12 months, reaching these generations is key to unlocking inventory in 2022,” says Ryan Gorman, CEO of Coldwell Banker Real Estate LLC.

While the number seems high, many of these first-time buyers opted for smaller starter homes that have gone up in value over the past few years. If they now have enough equity to make a sizable down payment on a larger home and a fear that waiting will only force them to pay a higher mortgage rate, they may see this as their best time to upgrade.

How do you attract this new crop of sellers? Having a strong social media presence is key, the survey finds: 65% of millennials and 59% of Gen Z say they think more highly of a real estate agent with a strong social media presence.

Overall, 61% of Americans expect good real estate agents to use social media apps like Facebook, TikTok and Instagram to promote themselves in real estate or to post home listings, as do 60% of baby boomers and 58% of Gen Xers.

Americans, by age, planning to sell within 12 months

  • Baby boomers (age 58-76): 4%
  • Gen X (42-57): 14%
  • Millennials (26-41): 35%
  • Gen Z: (18-25): 44%
  • All Americans: 18%

Coldwell Banker says it responded to this expected surge of move-up sellers by creating its “Dream” ad campaign. The effort includes instant estimates of their current home, a “Move Meter” to evaluate moving from one place to another, and a “Seller’s Assurance Program” that includes renovation and staging services, as well as cash offers on eligible homes.

Coldwell Banker says the goal is to entice homeowners to “dream” about moving to that place they’ve always desired.

Source: Coldwell Banker

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Prices Tripled in 13 U.S. Cities Since 2000 – 2 in Florida

 By Alix Martichoux

In two Florida cities, Miami and Tampa, prices rose more than 200% in a little over 20 years – No. 8 and No. 9 in the U.S. for price increase percentages.

SAN FRANCISCO – The cost of housing – much like everything else – has gone way up over the past year. Low inventory and low interest rates have thrust the median price of a home in the U.S. up by nearly 20% in a single year.

But the latest jump is just an acceleration of what’s been happening for 20 years. Most major cities have seen home prices increase substantially since 2000, with many seeing home values double or even triple.

In some cities, the typical home value has more than tripled. San Francisco, for example, had a typical home value of $356,800 in 2000, according to data analyzed by real estate brokerage Clever; in 2022, the typical home value is nearly $1.4 million – a 290% increase, or nearly quadruple the value 22 years ago.

San Francisco is often held up as the most extreme example of a housing market gone wild, but it’s not the only city where home values rose astronomically, even with falling home prices during the Great Recession around 2010.

Clever analyzed the median sale price of homes in the 50 largest metro areas around the country and found 13 cities saw home values more than triple since 2000. The 13 cities where home values have gone up by more than 200% – i.e. tripled – since 2000 are:

  1. San Francisco (290% increase)
  2. Los Angeles (280% increase)
  3. Riverside, Calif. (278% increase)
  4. San Diego (275% increase)
  5. San Jose, Calif. (261% increase)
  6. Sacramento, Calif. (237% increase)
  7. Seattle (235% increase)
  8. Tampa, Fla. (223% increase)
  9. Miami (220% increase)
  10. Austin, Texas (209% increase)
  11. Portland, Ore. (207% increase)
  12. Phoenix (206% increase)
  13. Denver (204% increase)

Several cities saw slower growth in home values, according to Clever:

  1. Cleveland (60% increase)
  2. Detroit (62% increase)
  3. Memphis, Tenn. (72% increase)
  4. Chicago (73% increase)
  5. Hartford, Conn. (87% increase)
  6. Cincinnati (88% increase)
  7. Birmingham, Ala. (90% increase)
  8. St. Louis (98% increase)

Over the same time period, the national average increased 156% – or roughly 2.5 times – from $127,215 to $325,677, according to Clever’s full report.

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