TheMReport — News and strategies for the evolving mortgage marketplace.
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TH E M R EP O RT | 9 1 Minneapolis, Minnesota with its affordable housing markets, high paying jobs, and low unemploy- ment rates, leads a list of 20 cities that aspiring millennial homeowners would like to call home, according to a survey by GOBankingRates. At 42.4 percent, the city also has the highest number of millennial homeowners compared to other metros that were analyzed for this survey. 2 San Jose, California topped a list of cities that are predicted to be the hottest housing markets of 2018, according to a survey by Zillow. The survey indicated that home values in this Silicon Valley hub rose 17.4 per- cent over the past year, showing the fastest growth among the 50 largest metro areas as high-paying tech jobs continued to keep pace with climbing housing costs. 3 Denver, Colorado is home to the country's most overvalued hous- ing market among cities Amazon is considering for its second headquar- ters, according to a study by research firm CoreLogic. The city has shown home price increases of more than 8 percent in recent months, according to the analysis. 4 San Francisco is the most competitive housing market in the United States, according to a study by LendingTree. The city leads a list of locations ranked based on the share of buyers shopping for a mortgage be- fore identifying the house they want, average down payment percentage, and percentage of buyers who have prime credit above 680. 5 Sarasota, Florida topped the list of cities where the prices of luxury homes saw maximum growth, according to a study by real estate broker Redfin. With an average sales price of $2.5 million, the beach com- munity in South Florida saw a growth of 45.6 percent in luxury home prices, according to the report. 6 Millennial renters without college degrees will need well over 20 years to save for a down payment on a condo in Austin, Texas, according to a study by ApartmentList.com on how student debt is affecting millennial homeownership. 7 Midland, Texas is among the five hottest housing markets, accord- ing to a survey by Realtor.com. The Texas city jumped 13 spots to occupy the fifth place among the 20 hottest U.S. real estate markets, according to the survey. 8 Tacoma, Washington has seen the largest increase in rent, ac- cording to a study by online housing portal Trulia. With a median monthly rent of $1,795, the rent in this location has increased 8.8 percent within a year. 9 The South Atlantic region of the United States showed a growth of 12 percent in new construction of single family homes, according to data by Dodge Data and Analytics. 10 Existing home sales in the Northeast fell 7.5 percent to an annual rate of 740,000, and are now down 2.6 percent from a year ago, according to a report by the National Association of Realtors. The median price in the Northeast was $261,400, according to the report. MONTH IN REVIEW City Hopping What is the most expensive American city to live in? Where do millennials prefer to set up their home? Which region registered the least growth in existing home sales or the most growth in new construction of homes? This month researchers sifted through the cities and regions across the United States to understand the latest trends in the housing market.