States Where Owners Are Likely to Move
ATTOM Data Solutions article by Daily Real Estate News | May 17, 2018
Nevada has the highest share of homeowners who are likely to move, according to a new report released by ATTOM Data Solutions. Homeowners in Delaware, Florida, Colorado, and Virginia rounded out the top five places where homeowners are showing the greatest likelihood of moving.
ATTOM Data Solutions, a real estate research firm, culled data from purchase loan applications on residential real estate transactions for its first quarter Pre-Mover Housing Index. The index is based on the ratio of homes with a “pre-mover” flag during a quarter to total single-family homes and condos in a geographic area. An index reading above 100 indicates a home will likely be sold in the next 90 days in a given market.
By metro area, the top 10 highest pre-mover locales are in: Colorado Springs, Colo. (280 reading); Manchester-Nashua, N.H. (213); El Paso, Texas (213); Washington, D.C. (208); Orlando, Fla. (201); Tampa-St. Petersburg, Fla. (200); Las Vegas (199); Charleston, S.C. (198); Nashville, Tenn. (185); and Jacksonville, Fla. (184).
“The pre-mover index provides insight into which markets are poised to see a high percentage of homeowners moving this spring and which markets are likely to see a high percentage of homeowners staying put,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Markets with a high pre-mover index tend to be in areas where homes are still somewhat reasonably priced and have a growing job market, allowing for greater upward mobility. Markets with a low pre-mover index tend to be in areas with a struggling job market or with home prices that are out of reach for the average wage earner.”
The metros with the lowest pre-mover index were Cleveland (46 reading); Rochester, N.Y. (48); Boston (49); Pittsburgh (51); and Providence, R.I. (53).
Source: ATTOM Data Solutions; REALTOR® Magazine Online, Daily Real Estate News 051718