Real Estate News

Latest Realty News from NAR

President’s Day 2019: How Does the White House Compare to the Average Home?

In the spirit of President’s Day we can use data from the 2018 Profile of Home Buyers and Sellers to see how the typical home differs from the White House.

Typical Home Purchased in the U.S.

  • 86% of buyers purchased a previously owned home, with 82% of buyers choosing a detached single-family home.
  • Looking by first-time and repeat buyers, both also purchased detached single-family homes more often with 80% of first-time buyers and 83% of repeat buyers.
  • 51% of all buyers purchased their home in a suburb/subdivision.
  • The typical detached single-family home purchased was 1,980 square feet.
  • Recent homes purchased also had a median of 3 bedrooms, 2 bathrooms, and were built in 1991.
  • Among all buyers, the expected length of tenure in the home purchased was 15 years.

The White House

  • The White House was built in 1792, and in comparison is located in an urban or central area.
  • The White House contains 6 levels, has 132 rooms, including 35 bathrooms.
  • It also includes features such as: a tennis court, jogging track, swimming pool, billiard room, movie theatre, and bowling alley.
  • While the median expected tenure in a home lasts around 15 years, in the White House the expected tenure is between 4 and 8 years.

 

For more information on this data check out the President’s Day Infographic and the 2018 Profile of Home Buyers and Sellers.

Home Buyer Households: Valentine’s Day 2019

Using data from the 2018 Profile of Home Buyers and Sellers we can break down household composition, and the relationship it has to home purchasing choices.

  • Among all recent home buyers, 63 percent were married couples, 18 percent were single females, nine percent were single males, and eight percent were unmarried couples.
  • Four percent of recent buyers identified as gay or lesbian, and one percent identified as bisexual.
  • Among first-time buyers, 54 percent were married couples, and 67 percent of repeat buyers were married couples.
  • Among first-time buyers, 16 percent were unmarried couples, and five percent of repeat buyers were married couples.
  • Among all home buyers, 82 percent purchased a detached single-family home, eight percent purchased a townhouse/row house, four percent purchased an apartment or condo.
  • Eighty-seven percent of married couples, and 83 percent of unmarried couples purchased a detached single-family home.
  • Married couples were typically 45 years old with a household income of $106,300. They typically purchased a home that was a median of 2,070 sq. ft., for $289,000.
  • Unmarried couples were typically 34 years old with a household income of $88,800. They typically purchased a home that was a median of 1,630 sq. ft., for $219,000.
  • Single females were typically 54 years old with a household income of $61,400. They typically purchased a home that was a median of 1,550 sq. ft., for $189,000.
  • Single males were typically 52 years old with a household income of $73,200. They typically purchased homes that were a median of 1,590 sq. ft., for $215,000.
  • Fifteen percent of all buyers were influenced to choose their neighborhood based on the convenience to a vet or outdoor space for their pet. 20 percent of unmarried couples chose their neighborhood based on the convenience to a vet or outdoor space for their pet.

For more information on how relationship status and household composition affects homeownership choices, check out the 2018 Profile of Home Buyers and Sellers and the Valentine’s Day infographic.

December 2018 Housing Affordability Index

At the national level, housing affordability is up from last month but down from a year ago. Mortgage rates were unchanged from last month at 4.99 percent this December, and up 18.2 percent compared to 4.22 percent a year ago.

  • Housing affordability declined from a year ago in December moving the index down 8.4 percent from 161.2 to 147.6. The median sales price for a single family home sold in December in the US was $256,400 up 3.4 percent from a year ago.
  • Nationally, mortgage rates were up 77 basis point from one year ago (one percentage point equals 100 basis points).
  • The payment as a percentage of income was down from last month at 16.9 percent this December and up from 15.5 percent from a year ago. Regionally, the West has the highest payment at 23.4 percent of income. The South had the second highest payment at 16.7 percent followed by the Northeast at 16.5 percent. The Midwest had the lowest payment as a percentage of income at 13.1 percent.

  • Regionally, the Northeast recorded the biggest increase in home prices at 9.2 percent. The South had an increase of 2.7 percent while the West had a gain of 2.3 percent. The Midwest had a modest decline in price of 0.1 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The Northeast had the biggest drop in affordability of 14.3 percent. The South had a decline of 8.2 percent followed by the Midwest that fell 5.8 percent. The West had the smallest drop of 5.6 percent.
  • On a monthly basis, affordability is up from last month in all of the four regions. The Midwest region had the biggest increase of 4.7 percent. The Northeast had a decline of 3.1 percent followed by the West with a dip of 2.3 percent. The South had the smallest gain in affordability of 0.3 percent.
  • Despite month-to-month changes, the most affordable region was the Midwest, with an index value of 191.5. The least affordable region remained the West where the index was 106.9. For comparison, the index was 149.3 in the South, and 151.8 in the Northeast.

  • Mortgage applications are currently down while credit availability is up. Home prices are up 3.4 percent while median family incomes are growing 3.6 percent. Sales declined this year due to affordability issues, which has been more impactful than a healthy job market. Gains in affordability in all four regions are a good sign in the current market. Rate changes have an impact on the housing sector so small hikes can influence the effect on finances for potential homebuyers.

  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

DON'T MISS A NEW LISTING AGAIN!

Register Now
Already registered? 
Login

FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*

Michael Call
Michael Call Realty

18682 Beach Blvd. #165
Huntington Beach, CA 92663
Phone: 714-791-1102
Email: onecall4all1@verizon.net
agent photo

Testimonials

"It is my pleasure to write this letter of recommendation for our realtor Mr. Michael Call. Michael was instrumental in helping us purchase a new home in Huntington Beach, California. Michael is from Huntington Beach and he possesses extensive knowledge of the neighborhoods and schools in Huntington Beach as well as in many of the surrounding cities. Having come from Phoenix Arizona, we had no idea which neighborhood would work best for our family, but Michael took the time to show us several great family neighborhoods with amazing schools. He also showed us many homes in these areas, but never rushed us. Instead he carefully listened to what we liked and disliked from each of those homes until he was able to find us the perfect home. In fact, it was Michael’s history as a great realtor in Huntington Beach that helped us locate our new home. Michael is well organized, creative, and he is constantly looking for ways to help his clients find the home of their dreams. With all of his real estate skills and knowledge however, Michael’s greatest assets are that he is patient, thoughtful, a great listener, and an advocate for his clients. He is the only realtor that I have worked with who took the time to call the home warranty company when our furnace stopped working and he personally saw to it that we were reimbursed for repairing the furnace. Michael has an excellent understanding of real estate practices in California. Michael has impeccable character; he is intelligent, honest and extremely hard working. It is my opinion that Michael Call is a person who is very proactive, and he has the ability to help you find and purchase an amazing home. It has been a wonderful experience to work with Michael Call and I will not hesitate to recommend him to others looking for a new home in Southern California." Cean R. Colcord Ph. D.
"Michael Call did an excellent job selling our home. He came to look at the home before it went on market, made recommendations which we followed through with and within that week of listing we had an offer. Once the process began, Michael was very diligent in tracking all aspects of the sale. He made sure all items got into escrow, let us know when items where due and followed up quickly on any questions or requests that were made. He continually checked in with us to make sure the process was going smoothly. Michael always responded to any email and/or voice mail that was sent very quickly. We highly recommended using Michael for your home purchase or sale, knowing he will do an excellent job for you." Danielle & Greg Winchell
View All



Michael Call | 714-791-1102 | Contact Me
18682 Beach Blvd. #165 - Huntington Beach, CA 92648
Copyright © 2017, All Rights Reserved

house realtor mls