MReport July 2018

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TH E M R EP O RT | 51 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T 16 California Markets Seeing Demand WITH PRICES SOARING IN THE GOLDEN STATE, MANY POTENTIAL HOMEBUYERS ARE NOW OPTING OUT. CALIFORNIA // Since 2012, median list prices in California have increased 77 percent reaching $530,000 in April. Prices outpaced the local income growth thrice over, according to a recent analysis by, which looked at the effects of the record high home prices in 16 California markets that were driving housing demand out of those regions. The report found inventory accessibility was twice as much constricted in these markets com- pared to the national average and the rest of the Golden State with the typical household only being able to access 18 percent of avail- able inventory against a national average of 39 percent. All these factors together have led to an increase in outward migration of homebuyers and a rapid decline of inward migra- tion in these regions since 2016, the report found. The 16 counties include Santa Clara, San Mateo, Los Angeles, Napa, Monterey, Alameda, Marin, Orange County, Santa Barbara, San Diego, Imperial, Ventura, San Francisco, Santa Cruz, Tulare, and Sonoma. Citing the latest ACS Census migration estimates, the report revealed the 16 California counties saw domestic migration fall by more than 500 residents in 2017 and within those counties. "Domestic migration decreased by a total of 678,000 residents since 2010, losing an average of 97,000 residents to other counties each year," the re- port said. "In 2017, that annual rate of decline virtually doubled, and the counties combined lost 189,000 residents to domestic migration in just one year." Of the 16 counties, Santa Clara, San Mateo, and Los Angeles saw the sharpest drop in domestic migration with ratios ranging from 0.9 percent to 1.36 percent the report indicated. These markets remain among the hottest in the country with eight of the hottest 50 counties in the U.S. featuring in California. On a closer analysis though, "sustained pressures to prices, coupled with non-corresponding increments to local wages, are finally stress-testing demand past the boiling point," the report said. "It's not until recently that we've detected enough signs of buyer frustration in online search activ- ity that are consistent with recent drops in net migration." The report revealed that despite listing views for homes in these counties being 1.5 times higher this spring, the home purchases have stalled. found the average listing views in these counties were flat and demand too was down from a year ago. Taking it Easy NJ LEADS THE VACATION HOME MARKET, WITH CAPE COD CLOSE BEHIND. NEW JERSEY // Upper Township in New Jersey has the highest share of vacation homes in the country according to a recent Zillow report that listed the 12 metros with the most vacation homes. The report found that almost a third of all homes in Upper Township are for seasonal, recreational, or occasional use. With a median home value of $328,000, the report indicated that Upper Township in New Jersey had 50,490 vacation homes earning it the top spot on the list. Coming in a close second was East Falmouth in the Cape Cod area of Massachusetts. With a median home value of $403,000 and 63,890 vacation homes that made up around 27.5 percent of all homes in the area, East Falmouth's home values have risen 7.3 percent on an annual basis according to Zillow's home value data. Continuing the domination of the Northern and Northeastern regions on this list, Brainerd, Minnesota, with 26,600 vacation homes that made up 27.4 percent of all homes in the city came in at third spot. The median home values for holiday abodes in this city were pegged at $175,100. At fourth spot, Morehead City, North Carolina, had 23.7 percent vacation homes and a median home value of $242,500. Salisbury, Maryland rounded off the top five with 23.1 percent of total homes being used for recreation or occasionally and a median home value of $232,000 Three Florida cities—Naples, Key West, and Fort Myers—also made it to the list at ranks eight, nine, and 10 respectively. While the median values ranged be- tween $225,400 in Fort Myers and $527,000 in Key West, the share of homes used for recreation ranged between 20.1 percent and 19.2 percent in these coastal cities. Show Low, Arizona; Marinette, Wisconsin; Branson, Missouri; and Myrtle Beach, South Carolina were also among the Top 12 cities with more vacation homes than not according to Zillow. The Most Diverse City Is … A RECENT RANKING OF THE MOST POPULATED CITIES CONSIDERED IN FIVE DIVERSITY DIMENSIONS. NEW JERSEY // Jersey City, is the most diverse city in America according to a recent study by WalletHub. The city on the East Coast scored high on all five parameters used for this rank- ing of 501 cities across the U.S. including socio-economic diver- sity, cultural diversity, economic diversity, household diversity and religious diversity. For this ranking, WalletHub compared 501 of the most populated cities—limiting each state to no more than 10 cities each—across these five key dimensions. It then evaluated these dimensions using 13 relevant metrics with their corresponding weight and subcomponents. It then scored each city with 100 being the maximum based on these metrics. With a total score of 71.51, Jersey City got the top rank, fol - lowed by Houston, Texas, with a score of 71.49. New York, New York, with a score of 71.41 was the third most diverse city in the country with Silver Spring, Maryland; and Dallas, Texas, rounding off the top five most diverse cities across the nation. Coming in at the bottom of the 501 cities, Bangor, Maine, was the least diverse city followed by Provo and Orem, both in Utah; and Rochester and Keene, both in New Hampshire. In terms of diversity by household type, which included married couples, as well as singles and nonfamily households, New Jersey dominated the list of the top five cities with Union City, Paterson and Elizabeth ranked second, third, and fifth respec - tively in this subcategory. Central Falls, Rhode Island, won the top spot in this category while Reading, Pennsylvania, was ranked fourth. The least diverse cities by household type included John Creeks, Georgia; Ellicott City, Maryland; Tanaina, Arkansas; Naperville, Illinois; and Hockessin, Delaware. Waipahu in Hawaii emerged as the most diverse city by household size, followed by West Valley, Utah; Cicero, Illinois; Provo, Utah; and Kahului, Hawaii. The metrics to measure household size included the number of people in a household and the type of household, i.e., whether it was a family or nonfa - mily household. The least diverse cities by household size were Hilton Head Island, North Carolina; Anaconda, Montana; Atlanta, Georgia; Lebanon, New Hampshire; and Jamestown, North Dakota. DATA LOCAL EDITION

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