IRVINE, Calif., June 1, 2017 /PRNewswire/ -- ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its first-ever Pre-Mover Housing Index, which shows that in Q1 2017 the markets with the highest pre-mover indices were Colorado Springs, Colorado, Charleston, South Carolina, and Raleigh, North Carolina.
Using data collected from purchase loan applications on residential real estate transactions, the ATTOM Data Solutions Pre-Mover Housing Index is based on the ratio of homes with a "pre-mover" flag in a quarter to total homes in a given geography, indexed off the national average. An index above 100 is above the national average and indicates an above-average ratio of homes that will likely be sold in the next 30 days in a given market. Historical pre-mover data going back to Q1 2014 shows that 62.2 percent of homes with a pre-mover flag sell within 30 days of the estimated loan settlement date that is provided in the pre-mover data.
"The first quarter pre-mover data reinforces that home buyers in 2017 are more likely to be moving to markets — or moving up within markets — that still have relatively affordable housing inventory along with access to jobs," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "The pre-mover data also shows a similar migration toward affordability at the county level within some higher-priced markets such as New York, Seattle and Southern California."
Metro areas with highest and lowest pre-mover indices in Q1 2017
Among 120 metropolitan statistical areas analyzed with at least 100,000 single family homes and condos and sufficient pre-mover data, those with the highest pre-mover indices in the first quarter of 2017 were Colorado Springs, Colorado; Charleston, South Carolina; Raleigh, North Carolina; Tampa-St. Petersburg, Florida; and Washington, D.C.
Among those same 120 metro areas, those with the lowest pre-mover indices in the first quarter of 2017 were San Francisco, California; Providence, Rhode Island; Hartford, Connecticut; Boston, Massachusetts; and Rochester, New York.
"Seattle is currently experiencing an incredibly busy housing market, but the number of homes for sale remains at historic lows, causing the pre-mover index in King County to run below the national average," said Matthew Gardner, chief economist with Windermere Real Estate, covering the Seattle market. "In contrast to this, our neighbors to the south in Pierce County have a pre-mover index well above the national average which suggests that prices are more affordable and home availability relatively plentiful, leading to strong demand for homes in their area and pushing their index level higher."
Counties with highest and lowest pre-mover indices in Q1 2017
Among 317 U.S. counties analyzed with at least 50,000 single family homes and condos and sufficient pre-mover data, those with the highest pre-mover indices in the first quarter of 2017 were Forsyth County, Georgia (Atlanta); Loudon County, Virginia (DC); Prince William County, Virginia (DC); Henry County, Georgia (Atlanta); and Berkeley County, South Carolina (Charleston).
Among those same 317 counties, those with the lowest pre-mover indices in the first quarter of 2017 were Wayne County, Michigan (Detroit); Queens County, New York; Honolulu County, Hawaii; Cameron County, Texas (Brownsville); and San Mateo County, California (San Francisco).
Markets with highest share of second home pre-movers
Among the 120 metro areas analyzed in the report, those with the highest share of pre-mover-flagged homes that were identified as second homes were Naples, Florida (28.5 percent); Cape Coral-Fort Myers, Florida (17.4 percent); Myrtle Beach, South Carolina (17.2 percent); Sarasota, Florida (17.2 percent); and Portland, Maine (11.7 percent).
Markets with highest share of investment home pre-movers
Among the 120 metro areas analyzed in the report, those with the highest share of pre-mover-flagged homes that were identified as investment homes were Memphis, Tennessee (29.6 percent); Indianapolis, Indiana (13.9 percent); Cleveland, Ohio (11.0 percent); Durham-Chapel Hill, North Carolina (10.3 percent); and Dayton, Ohio (10.1 percent).
About ATTOM Data Solutions
ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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SOURCE ATTOM Data Solutions