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Housing Market, HousingPulse Results Show - Investors Not the Dominant Force in 2013

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Sat, Apr 27, 2013 at 2:50PM

Investors Not the Dominant Force in 2013
Housing Market, HousingPulse Results Show

Despite concerns that investors are driving a resurgent housing market in early 2013, the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey results suggest first-time homebuyers and current homeowners are in fact the major
players in this year’s marketplace.

And the active presence of non-investor homebuyers is helping create a remarkably strong market for non-distressed properties leading into the important spring-summer home buying season.

HousingPulse nationwide data for March show that current homeowners continued to dominate the overall home purchase market with a 42.2 percent market share, based on a three-month moving average. While that was down from the levels
seen last fall, it was still up on a year-over-year basis.

Meanwhile, first-time homebuyers stepped up their activity, reaching an eightmonth market share high of 36.1 percent in March, according to HousingPulse results.

Although investors have been getting a lot of media attention recently in terms of driving – if not dominating – home purchase activity, their share of the national housing market was just 21.8 percent in March. HousingPulse data show the investor share nationwide hovering between 19 and 23 percent for much of the past year.  If you look at just non-distressed properties, the largest segment of the housing market, the investor share was only 13.3 percent in March. Current homeowners had a 50.0 percent market share and first-time homebuyers a 36.8 percent of the nondistressed
housing market last month.

Distressed Property Share Slips in March. The distressed property share of total home purchases fell to 35.6% in March, ending a threemonth climb that peaked at 36.2% in February.

Although a lack of inventory is continuing to plague many areas around the country, the non-distressed housing sector is posting some very impressive numbers that point to a robust market. “We are seeing a very strong market for non-distressed properties and that is important because the metrics for this segment are not affected by policy decisions at mortgage servicers to release or not release distressed properties onto the market,” noted Thomas Popik, research director for Campbell Surveys. “It bodes well for the spring-summer buying season.”

The average number of offers for non-distressed properties, based on a three-month moving average, hit a three-and-a-half year high of 2.2 in March, HousingPulse results show. In the hot California housing market, the average number of offers for non-distressed properties was 4.0 in March.

Another important measure of the strength of the non-distressed market is the average time it takes to sell a property. In March, the average time-on-market for non-distressed properties fell to 10.9 weeks – the lowest level recorded by HousingPulse in three-and-a-half years.

The ratio of a home listing price to its actual sales price, a key gauge of homebuyer demand, also reached new highs for non-distressed properties in March, according to HousingPulse results. The average sales-to-list-price ratio for non-distressed properties was 96.8 percent last month. That compared to 94.9 percent a year ago.

Here is a list of the average sales to list price key ratios for Florida:

Damaged REOs for the last twelve months in Florida was 97%

Move in ready REOs the list price ratios was 96%

Short Sale list price ratio was 95%

Non-distressed sales the list price ratio was  94%.  

This is a survey from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey and it involves approximately 2,000 real estate agents nationwide each month and provides up-to-date intelligence on home sales and mortgage usage patterns for the month of March 2013.

 

 

 


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