The best-selling metros are benefitting from robust labor markets, relatively high incomes, foreign buyer demand, and an elevated quality of life.
Costa Mesa, CA (PRWEB) April 18, 2017
Homebuilders in San Jose, San Francisco, Los Angeles, and Miami have the highest average sales rates by project per month of the top new home markets across the country. Builders in Phoenix and Las Vegas, two quintessential boom/bust markets, are selling an average of 3.0 homes per month. Phoenix and Las Vegas are still plagued with some distress from the Great Recession, but more buyers are regaining equity and seeing their foreclosures drop of their credit score. Home prices remain 11% and 25% below the previous peak for Phoenix and Las Vegas, respectively. Markets like Tampa, Houston, and Atlanta are selling around the national average of 2.0 sales per month.
The Manager of Housing Economics at Meyers Research, Ali Wolf, explains, “The best-selling metros are benefitting from robust labor markets, relatively high incomes, foreign buyer demand, and an elevated quality of life. These markets are burdened by a dearth of inventory, so when homes hit the market, consumers are eager to purchase.”
The data is based on the actively selling new home projects in Zonda, Meyers Research’s iPad application that tracks top economic and housing data across the country. Zonda targets the nation’s 50 top metropolitan areas in terms of housing construction and includes market insight from more than 270 counties. The pace is calculated by looking at the average sales rate per month since all actively selling communities opened in their respective MSA.
About Meyers Research
Meyers Research, a Kennedy Wilson Company, combines experienced real estate and technology advisors with leading data to provide our clients with a clear perspective and a strategic path forward. Based in Beverly Hills, we are home to 80 experts in 10 offices across the country.