Last week, NAR released its latest quarterly metropolitan price and affordability figures. The lion’s share of metropolitan areas continued to experience strong year-over-year price growth in the fourth quarter. A companion metro area annual affordability report shows less favorable conditions, particularly in the West.
The median existing single-family home price increased in 73 percent of measured markets, with 119 out of 164 metropolitan statistical areas (MSAs) showing gains based on closings in the fourth quarter compared with the fourth quarter of 2012.
NAR’s national annual Housing Affordability Index, with breakouts for metropolitan areas, fell to 175.8 in 2013 from a record high 196.5 in 2012. For first-time buyers making small downpayments, the affordability levels are relatively lower. The index is calculated on the relationship between median home price, median family income and average effective mortgage interest rate. The higher the index, the stronger household purchasing power; recordkeeping began in 1970.
- Earlier today we took a look at labor productivity. REALTORS® on average are very productive, and labor productivity across the board has long term ramifications on homebuyers’ purchasing power.
- In 2012, the typical agent had 12 residential transaction sides—an increase from 10 transaction sides in 2011 and eight in 2010.
- Additionally, 26 percent of members reported having at least one commercial transaction side. Members who are residential specialists typically had a total of 12 transaction sides overall compared to commercial specialists who typically had a total of 10 transaction sides overall.
- REALTORS® with two years of experience or less had a median of four transactions, compared to brokerage specialists with 16 years of experience or more who had a median of 13 transactions.
- The typical member had one transaction side involving a short sale and one transaction involving a foreclosure.
- REALTORS® are hard working. The typical REALTOR® worked 40 hours per week in 2012, a trend that has continued for several years. Managers and appraisers reported working the most hours, at 50 per week. All other members reported working 40 hours per week.
Last week NAR Research held a Twitter chat on home buyer and seller generational trends. The information for this chat was taken from our recent 2013 Home Buyer and Seller Generational Trends report, and echoes many of the observations that real estate professionals are seeing in their own markets. There were too many responses to include them all, but the recap of the major highlights is below. Thank you to all who participated!
This summer, NAR Research will be premiering a series of free webinars that take an in-depth look at several of our most popular surveys and profiles. Manager of Member and Consumer Survey Research Jessica Lautz will be leading the webinars and discussing the highlights of each report. The summer webinar series kicks off next Tuesday, July 9th at 2pm EDT with an overview of the annual Profile of Home Buyers and Sellers.
Here is the schedule of webinars on offer during this summer series (all are offered at 2pm EDT):
- July 9th: Overview of the latest Profile of Home Buyers and Sellers
- July 16th: Overview of the 2013 Profile of Home Buyers and Sellers Generational Trends Report
- July 23rd: Overview of the 2013 Home Features Survey
- July 30th: Overview of the 2013 Commercial Member Profile, and the 2013 Member Profile
- August 6th: Overview of the 2013 Investment and Vacation Home Buyers Survey
You can register for the July 9th webinar here. Follow NAR Research on Twitter or Facebook to get updates on the other webinar links as well as information on upcoming Twitter chats, the latest data releases, and more.
Yesterday, NAR Research held a Twitter chat on home feature preferences for recent buyers. The information for this chat was taken from our recent 2013 Home Features Survey and echoes many of the experiences real estate professionals are having in their own markets. There were too many responses to include them all, but the recap of the major highlights is below. Thank you to all who participated!