6 Housing Markets Surged to All-Time Highs

DAILY REAL ESTATE NEWS | FRIDAY, JUNE 20, 2014

The housing market is bouncing back strong in some areas of the country. In fact, some markets have soared to new record highs.

For example, home prices in Jefferson County, Ky., were 63 percent higher in March 2014 than they were in 2007, according to an analysis by 24/7 Wall St., using RealtyTrac housing data.

Middle America tends to have most of the counties that have fared the best post-housing crisis, mostly because home prices there did not fall as great or fluctuate as much as some other markets during the housing bubble. But these markets now soaring to new highs need to make sure they don’t outpace salary growth, says Daren Blomquist, vice president at RealtyTrac. When home prices start to outpace incomes, there is cause for concern, Blomquist says. According to RealtyTrac and 24/7 Wall St.’s analysis, homes in half of the counties that have appreciated the most were valued at more than four times the estimated median household income for 2014.

The following are the counties that have recovered the most since the housing crisis, according to 24/7 Wall St.

Current home price trends:

• Experts: Home-Price Appreciation to Slow Down Through 2016
• Report: Despite Price Gains, Homes Still Undervalued

1. Jefferson County, Ky.
Home price percent change compared to 2007-2008: 63.1%
Average price (as of March 2014): $160,000

2. Delaware County, Pa.
Home price percent change compared to 2007-2008: 54.9%
Average price: $295,000

3. Buchanan County, Mo.
Home price percent change compared to 2007-2008: 41.1%
Average price: $139,450

4. Marion County, Ind.
Home price percent change compared to 2007-2008: 39.4%
Average price: $116,000

5. Henderson County, Texas
Home price percent change compared to 2007-2008: 30.2%
Average price: $192,500

6. Johnson County, Iowa
Home price percent change compared to 2007-2008: 25.5%
Average price: $192,000

View the full list of the housing markets reaching all-time highs at 24/7 Wall St.

Source: “Eight Housing Markets at All-Time Highs,” 24/7 Wall St. (June 17, 2014)

http://realtormag.realtor.org/daily-news/2014/06/20/6-housing-markets-surged-all-time-highs

www.rebeccasellsaz.com

Millennials Poised to Put Their Mark on Housing

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 01, 2013

Sixty-five percent of the millennial generation, ranging in age roughly from 18 to 34, say that their intention to purchase a house has significantly increased in the past year, according to a survey from PulteGroup.

“As the economy continues to stabilize, more young adults will wean off of mom and dad and start to live on their own, spurring added economic growth,” HousingWire reports. 

Nearly 20 percent of men ages 25 to 34 reportedly live with their parents, while 9.7 percent of women that age still live at home. 

As this generation gains greater financial security, more millennials will begin to embark on their own. 

A recent article from Barron’s notes that Generation Y could surprise the nation in upcoming years with their spending power and economic growth. The generation is 7 percent larger than the baby boom generation. 

"Millennials have witnessed the housing boom and bust, but still believe home ownership is a good investment," says Fred Ehle, vice president for PulteGroup.

Source: “Millennials Rightly Positioned to Boost Economy,” HousingWire (April 29, 2013)

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