Tag Archives: economy

Slower Market Means Homebuyers Have “Newfound ability to negotiate”

SOURCE: NWMLS

KIRKLAND, Washington (November 6, 2018) – Seven months of steadily rising housing inventory
reversed course in October when Northwest Multiple Listing Service brokers added the fewest new
listings since February, according to a new report. MLS members believe the onset of wintry weather and
transition to the holiday season are factors, but suggested the slower pace also signals improving
conditions for house-hunters.

“After months of inventory growth that more than quadrupled the number of homes buyers have to
choose from, things got back on a seasonal track with new listings and total supply falling in October,”
said Robert Wasser, a director with Northwest MLS, when comparing those metrics with September.
“Buyers are catching on to their newfound ability to negotiate. For the first time since 2012, closed sales
system-wide rose from September to October,” noted Wasser, a branch manager with Windermere Real
Estate in Bellevue.

Northwest MLS members added 8,865 new listings to inventory last month in the 23 counties it
encompasses, down from September’s volume of 10,458, but up 4.7 percent from the year-ago total of
8,466 new listings. Compared to September, last month’s number of total active listings shrunk nearly 6.7
percent, but year-over-year inventory rose 33.2 percent, from 13,680 to 18,223 offerings.

Brokers generally welcomed the bump-up in inventory.

Real estate veteran Mike Grady, the president and COO of Coldwell Banker Bain, commented on the
current “win-win” conditions. “We’re entering that time of year when historically the market slows a bit
as we head into the holidays. Buyers continue to see an improving market compared to last year with the
inventory increasingly to 2.4 months of supply in King County, compared to the year-ago figure of less
than a month (0.98),” he stated.

Area-wide there is nearly 2.3 months of inventory, slipping from more than 2.5 months in September, and
improving on the year-ago figure of about 1.5 months of supply.

The year-over-year gains in supply, while notable, are still “way off from a balanced market that provides
five to six months of inventory,” Grady remarked, adding, “Contrary to recent media reports, the sky is
not falling,” he emphasized, pointing to rising prices and strong jobs reports as factors for a positive
outlook. (The State Employment Security Department reported Washington gained 4,500 jobs in
September.)

“Home prices in King County are up nearly 8.6 percent year over year, so we’re still experiencing
significant appreciation,” Grady stated. Given continued reports of hiring by companies in the Puget
Sound region and recent increases in inventory, he expects homebuyers will continue entering the market,
adding, “And sellers can still expect to get good prices — all this without the frenzy. A win-win,” he
proclaimed.

Balance “Finally returning” to Housing Market as Buyers Welcome More Choices, Moderating Prices

Source: NWMLS

KIRKLAND, Washington (October 4, 2018) – Housing inventory continued to improve during September
while the pace of sales slowed in many counties served by Northwest Multiple Listing Service. “Balance is
finally returning to the market, and with it, slowing home price growth,” stated OB Jacobi, president of
Windermere Real Estate.

A new report from Northwest MLS shows double-digit increases in inventory in several of the 23 counties it
serves, led by a 78 percent year-over-year gain in King County. Despite improving selection in the central
Puget Sound region, a dozen counties reported drops in the number of active listings compared to last year.

System-wide, the month ended with 2.56 months of supply of single family homes and condos, well below
the 4-to-6 months analysts use as an indicator of a balanced market between sellers and buyers. The current
level is the highest since February 2015 when member-brokers reported 3.56 months of inventory. In King
County, supply exceeded two months for the first time since January 2015.

Condo inventory remains sparse, with only 0.34 months of supply area wide, despite improving inventory (up
nearly 70 percent from a year ago). The shortage is expected to ease as construction progresses on several
recently-announced high-rise projects.

Brokers added 10,458 new listings of single family homes and condos to the MLS database during
September, slightly more than the year-ago figure of 10,120. At month end, buyers could choose from 19,526
listings, a 22.9 percent improvement from twelve months ago when selection totaled 15,888 listings.

Commenting on the wider selection, Mike Grady said buyers “are at long last now seeing properties that stay
on the market longer.” Listings that are priced appropriately, “and not based on the feverish market we saw
just a few months ago are still selling quickly, and home prices are still showing 8 percent appreciation year-
over-year – more than double the rate of inflation,” added Grady, the president and COO of Coldwell Banker
Bain.

With improving inventory, some brokers suggest the market may be showing signs of pausing, if not
softening. A market shift may be under way, but they believe activity will stay strong.

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, encouraged would-be buyers to “put extra
focus on October,” which he described as the last great month for new listings until March 2019. “Over the
winter, new monthly resale listings will lower by approximately 50 percent compared to summer months.” He
also noted interest rates, currently in the upper 4 percent, are projected to rise in the coming months.

“This is a more traditional yearly market cycle taking the place of the unusually overheated real estate market
of the past several years,” said John Deely, principal managing broker at Coldwell Banker Bain.

A Decade Low in Housing Affordability Won’t Kill the Real Estate Boom

Source: Dr. Steve Sjuggerud, Stansberry Research

I’ve spent years urging anyone who would listen to buy a house…

Folks didn’t want to hear that story back in 2011, when I first began pounding the table. Investors were scared. Nobody wanted to buy.

That’s why housing was such a great deal, though. It was dirt-cheap and hitting all-time levels of affordability.

Plenty has changed since then…

U.S. home prices have steadily climbed, and housing affordability has fallen as a result.

Today, housing affordability is at a decade low. But as I’ll show, that doesn’t mean the boom is dead.

Let me explain…

The idea of housing affordability is simple. When someone buys a home, he doesn’t worry so much about the purchase price… He worries about the monthly payment. If he can afford the payment, he can afford the house.

The monthly payment includes a few numbers… namely the home’s price and the interest rate. Compare that with the person’s income, and you know how affordable (or not) a home would be.

Importantly, these numbers are similar for a lot of folks. So the National Association of Realtors uses median home prices, median income, and mortgage rates to build an overall measure of housing affordability in America.

This indicator tells us if housing is cheap, expensive, or somewhere in between.

Again, things have changed since I first began urging readers to buy real estate. Housing affordability is now at a 10-year low. Take a look…

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A high affordability number indicates housing is cheap… signaling a great time to buy. A low number indicates an expensive market, where folks will have to stretch to buy.

You can see that housing is getting less affordable. It recently fell to affordability levels not seen since 2008. But that doesn’t tell the full story.

Despite a decade low for affordability, we’re now right at the long-term average. Check it out…

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It’s true that the easy money in real estate might be behind us. But affordability hasn’t completely dried up.

We are clearly in the late innings of this boom. The great deals are getting harder to find, but certain markets still have plenty of value remaining.

I’ve personally put a large chunk of my net worth into Florida real estate. I’ve sold some of those properties for big profits… but I’ve been able to find new deals too.

So while affordability is down, I remain bullish on U.S. housing. We’re still near the long-term average for affordability in U.S. housing. And folks can still make money in U.S. real estate.

If you’re looking to put money to work, buying a house is still a solid deal today.

Improving Supply Helps Slow Escalating Home Prices in Western Washington

SOURCE: NWMLS

KIRKLAND, Washington (September 7, 2018) – House-hunters in Western Washington can choose from
the largest supply of homes in three years, and they are facing fewer bidding wars, according to officials
from Northwest Multiple Listing Service.

New statistics from the MLS show prices appear to be moderating (up about 6.7 percent overall), but
brokers say they are not bracing for a bubble, or even anticipating a quick shift to a buyers’ market.

“There have been incremental increases in listing inventory the past few months,” noted Gary O’Leyar, the
designated broker/owner at Berkshire Hathaway HomeServices Signature Properties, but, he added, “By no
means have inventory levels reached a point that is deemed to be a balanced market.”

Area-wide, the number of active listings of single family homes and condos (combined) rose 16.2 percent,
but 16 counties reported year-over-year drops in inventory; of those, nine had double-digit decreases from
twelve months ago. At month end there were 18,580 active listings, the highest level since September 2015
when buyers could choose from 19,724 listings. Compared to July, inventory was up nearly 11 percent.

The latest numbers from Northwest MLS show wide-ranging changes in the volume of active listings when
comparing the 23 counties in the report. In Clark County, inventory doubled from a year ago to lead the list
based on percentage gains. King County was runner-up with a 74.3 percent increase, rising from 3,329
active listings a year ago to 5,803 at the end of August.

System-wide there is about two months of supply, but less than that in the four-county Puget Sound region
– well below the “balanced market” range of four-to-six months.

Supply was replenished in part by the addition of 11,994 new listings during the month, up slightly from the
year-ago total of 11,781.

A slower pace of sales also contributed to the boost in supply. Brokers reported 10,109 mutually accepted
offers last month, a drop of 14.8 percent from a year ago when they tallied 11,867 pending sales.

“The Puget Sound residential housing market remains positive, though the market has transitioned from a
frenzied state to one of strong sales activity,” remarked J. Lennox Scott, chairman and CEO of John L. Scott
Real Estate. “We are seeing stability in the affordable and mid-price ranges in all market areas,” he said,
citing “one of the best job growth markets in the nation” and favorable interest rates as contributing factors.

George Moorhead, designated broker at Bentley Properties, commented on buyers “still sitting on the
sidelines despite clear indicators.” He believes, “This is the best time in three years to be aggressive in the
marketplace” given rising inventory, a significant increase in the number of cancelled and expired listings,
and more incentives being offered by builders. “We are now seeing price reductions in new home
communities as builders try to move inventory of completed homes,” he noted.

Is the Housing Market Normalizing? One Sign the Tide’s Turning

Source: Suzanne De Vita RISMedia

 

With demand strong and supply weak, the housing market is overwhelmingly partial to sellers. The average homeowner is profiting $40,000 at resale (with decade-high returns in 2017), and higher in the hottest markets, where they’re attracting multiple offers in record time.

Now, there’s an early indicator that the market may shift. At the start of summer, 14.2 percent of listings nationwide had their prices reduced, according to a new report by Zillow. At the beginning of the year, 13 percent had cuts, and at the close of 2016, 11.7 percent were lowered. The increase between January and June is the largest on record in the report, and doubled the jump in the same six months in 2017.

The bigger bounds are generally on higher-priced properties, and on the West Coast, the report shows. Of costlier listings, 16.2 percent have been slashed since the start of the year—up 0.9 percent. By comparison, 11.2 of lower-priced properties have been reduced—down 0.1 percent. The disparity illustrates the immense interest in more practically priced properties, which are in scarcer supply.

The amount of discounted homes increased the most in San Diego, up 7.7 percent in the last six months, to 20 percent. The amount climbed in Denver, Las Vegas, Orlando, Portland, Ore., Sacramento and Seattle, as well. On the flip side, the share shrank in Philadelphia, from 17.2 percent to 16.2 percent, as well as in Indianapolis, Pittsburgh and San Antonio.

Is the change a change in dynamic? According to Aaron Terrazas, senior economist at Zillow, the concessions could be a premature sign of a swing, but not yet.

“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever so slightly,” says Terrazas. “A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price points and primarily in markets that have seen outsized price gains in recent years.

“It’s far too soon to call this a buyer’s market,” Terrazas says. “Home values are still expected to appreciate at double their historic rate over the next 12 months, but the frenetic pace of the housing market over the past few years is starting to return toward a more normal trend.”

For more information, please visit www.zillow.com.

The Biggest Homeownership Hurdles for Millennials

Source: Liz Dominguez-RISMedia

Millennials should be making a sizable stamp in homeownership, but they have been largely absent from the housing space. Why is it that the largest generation in U.S. history isn’t participating in real estate as heavily as its predecessors? There are many difficulties standing in their way, according to new research.

A recent report by the Urban Institute, “Millennial Homeownership: Why Is It So Low, and How Can We Increase It?” delves deeper into the generational home-buying gap to assess the factors that are holding millennials back from their homeownership goals. When looking at the 25-34 age group, millennials are behind Gen Xers and baby boomers in homeownership rates by 8-9 percentage points, according to the report. When comparing overall homeownership rates in 2015, millennials were behind baby boomers by 42.8 percent and Gen Xers by 28.2 percent.

While factors such as parental wealth and creditworthiness play a role, there are more overarching influences on the millennial homeownership rate. The biggest obstacles?

Settling down is being pushed further out.
Millennials are delaying major life events such as marriage and childbearing. These milestones are typically associated with higher homeownership rates; in fact, the possibility of owning a home increases by 17.9 and 6.2 percentage points, respectively, for those who are married or have children.

According to the 2015 American Community Survey by the U.S. Census Bureau, 40 percent of millennials are married. This is 7.5 percent lower than the 2000 rate for similar age groups, and 13.8 percent lower than the 1990 rate. The average marriage age is being pushed out further out: Between 1990 and 2015, the proportion of 18- to 34-year-olds who never married increased by nearly 20 points to 53.9 percent. Many millennials are also waiting longer to have children. Between 1990 and 2015, the proportion of married households with children (with a household head age group of 18-34) decreased from 36.9 percent to 25.7 percent.

High student loan debt is tightening millennials’ wallets.
When compared to preceding generations, millennials are more likely to pursue higher education. According to 2015 rates, 65.8 percent of millennial household heads received some level of college education, a 10.1 percentage point increase from 1990 and a 13.3 point increase from 2000.

However, rising education costs have far exceeded income increases, creating a debt challenge. An estimated 36 percent of millennials have student loan debt, compared to 18 percent of Gen Xers and 4.1 percent of baby boomers.

Data from the Federal Reserve Bank of New York show that a 25-year-old’s average education debt has increased from $4,516 in 2003 to $10,033 in 2015. These high levels of debt are proving to be homeownership barriers for millennials who are struggling to save for a down payment while paying off their loans. They also increase debt-to-income ratios, potentially making it more difficult for them to obtain a mortgage.

Exorbitant home values are pricing them out of homeownership.
Members of the millennial generation, especially those with higher levels of education, typically flock to more populous locations, such as New York City and San Francisco, in search of high-skilled cities with employment opportunities and urban amenities. These areas tend to be more expensive, with low housing elasticity due to a shortage of new construction for starter homes, the report states.

Additionally, many millennials are rent-burdened, paying more than 30 percent of their income toward rent, leaving them less room in their budget to save for a down payment. According to research by the Pew Charitable Trust, the transition to homeownership is slower for rent-burdened individuals. The demand and pricing for rental housing dramatically increased after the financial crisis.

The racial divide remains a far-reaching challenge.
Millennials are the most racially and ethnically diverse generation. The increasing share of minority members, and the added home-buying challenges they experience, is lowering millennial homeownership rates on average, cites the report. According to 2015 statistics, white households represent the highest share of homeowners, making up 39.6 percent of all households. Meanwhile, the Hispanic homeownership rate decreased to 24.6 in 2015, and the black homeownership rate has been in continuous decline since 2000, sitting at 13.4 percent in 2015. The Asian household rate has fluctuated, dropping between 1990 and 2000 from 30.6 to 26.6 percent, before increasing to 27.2 percent in 2015.

How can the industry overcome these challenges?
According to the report, many potential homebuyers are not aware of down payment assistance, especially first-time buyers. The first step to correcting this problem? Increasing awareness of government-sponsored programs through financial education as part of a high school or college curriculum.

Additionally, the Urban Institutes proposes a streamlined and tech-centered mortgage application that shortens the process and more thoroughly assesses risk. The underwriting process should also be revised to include factors not typically within a credit score assessment, such as rental payment history, in order to assist consumers with low credit or a lack of credit history. Other proposed solutions take the form of revised student loan debt reporting, changes to land-use and zoning regulations, and reduced racial and ethnic disparities.

Brokers Seeing “Simple Economic Recipe For a Softening Housing Market”

Source: NWMLS

KIRKLAND, Washington (July 5, 2018) – Home buyers around many parts of Washington state had
more choices and less competition during June, prompting some industry leaders to comment on “a
feeling of change in the market.”

“Inventory is up and demand has dropped,” reported Robert Wasser, an officer with the board of directors
at Northwest Multiple Listing Service. That combination is “a pretty simple economic recipe for a
softening market,” he added in commenting on the latest MLS statistics.

Figures for June show a 5.2 percent improvement in the number of active listings system-wide, coupled
with drops in the volume of pending sales (down 8.4 percent) and closed sales (down .07 percent)
compared with a year ago. Despite the shift of some indicators favoring buyers, prices area-wide
continued to rise, increasing more than 10 percent from twelve months ago.

“There was a feeling of change in the market this June and the numbers supported that feeling,” remarked
John Deely, principal managing broker at Coldwell Banker Bain. He noted many brokers also reported an
increase in properties going past their offer review date, more price reductions, and an increase in reverse
prospecting (a tool that allows the listing broker to view a list of brokers with potential buyers for that
listing). “We’re also experiencing a decrease in multiple offers and the number of buyers participating in
multiple offers,” added Deely.

Northwest MLS brokers added 13,153 new listings to inventory during June, a drop from both a year ago
when they added 13,658, and from May when 14,524 new listings were added. With new listings
outgaining sales, total inventory as measured by active listings and months of supply improved.

At month end, Northwest MLS reported 15,234 active listings and 1.5 months of supply. Inventory of
single family homes and condos reached its highest level since October. The supply of active listings in
King County surged 47 percent from a year ago, boosting the months of supply to just under 1.3 months –
the highest level since September 2016 when there was 1.37 months of supply.

“Although still a quick response market, with more new listings coming on the market during the summer
months, we experienced dispersed buyer energy due to the greater availability and selection,” stated J.
Lennox Scott, chairman and CEO of John L. Scott Real Estate. He estimates sales activity is off 15-to-20
percent for each new listing’s first 30 days on the market. “Now through October will be the best time of
year for homebuyers,” he remarked.

“Sellers are becoming more active in the market as they sense buyers pulling back,” suggested George
Moorhead, designated broker and owner at Bentley Properties. Improving supply, a marked increase in
expired or cancelled listings, and market times almost doubling are factors he mentioned when describing
the market as “more than just lackluster” with summer showing no sign of improvement.

June Is National Homeownership Month

Source:  Liz Dominiguez/RISMedia

June is National Homeownership Month, and the industry is recognizing the importance of homeownership as a milestone of the American Dream.

This year’s theme, set by the Department of Housing and Urban Development (HUD), is “Find Your Place.” HUD is one of many agencies that provide resources to help consumers obtain and sustain homeownership. Through its network of housing agencies, consumers can seek out counselors for homeowner education, foreclosure prevention and budgeting assistance. With mortgage options through the Federal Housing Administration (FHA), consumers with low credit or low-down payment funds can reach their homeownership goals faster—a significant method of aid for millennials and upcoming buyer generations flooded with student loans, making it difficult to amass the funds needed for conventional financing. According to HUD, over 47 million homeowners since 1934 purchased a home with a mortgage insured by FHA, and around 40 percent of all borrowers purchase their first home using an FHA loan.

“Homeownership serves as an enduring symbol of security and prosperity, and it provides many Americans with a legacy they can pass down to their children and grandchildren,” said HUD Secretary Ben Carson in a statement. “During National Homeownership Month, we recognize the abiding value of owning a home, and we rededicate ourselves toward helping hard-working families to find their place in the American dream.”

Although homeownership rates are currently stalled at 64.2 percent, experts say the lack of dramatic increase is a reflection of a market that is withstanding challenges such as low inventory and rising interest rates. While the number has not moved much since the first quarter of 2017, there have been gradual increases since 2016, following a significant drop after the housing crisis.

While the National Association of REALTORS® (NAR) celebrates its commitment to homeownership year-round through resources provided on its Homeownership Matters and HouseLogic sites, NAR President Elizabeth Mendenhall recognized June as a pivotal time to reaffirm the association’s mission to promote homeownership.

“National Homeownership Month is a time to celebrate and promote the modern American Dream of owning a home,” said Mendenhall in a statement. “Homeownership changes lives and enhances futures, and many Americans see it as one of their greatest hopes. These individuals are counting on the nation’s 1.3 million REALTORS® to champion and protect homeownership and help make it more affordable, attainable and sustainable. REALTORS® pledge to continue to lead efforts to ensure that the dream of homeownership is not only possible, but very real, for any and all who want to achieve it, so they can have a place of their own to make memories, start growing their financial futures, and build strong communities.”

In addition, Freddie Mac’s website for National Homeownership Month provides valuable resources for homeowners, such as educational articles, homeownership program statistics and opportunities consumers can take advantage of in order to make their homeownership dream a reality.

According to the National Association of Home Builders (NAHB), primary residences are ahead of all other financial assets, business interests and retirement accounts, accounting for nearly one-quarter of all assets held by households in 2016, as reported in the latest edition of the Federal Reserve’s Survey of Consumer Finances.

“Homeownership is a primary source of net worth for many Americans, and is an important step in accumulating personal financial assets over the long term,” said Randy Noel, chairman of the NAHB, in an interview on NAHBNow.

In recognition of National Homeownership Month, NAHB is making a toolkit available for its members; the toolkit includes a video on the value of homeownership, sample social media posts, radio scripts and other talking points, relevant articles, and even print ads showcasing the benefits of homeownership.

Citing the passing of the Economic Growth, Regulatory Relief and Consumer Protection Act and this past year’s tax reform bill as recent progress, President Donald Trump released a statement pledging the administration’s commitment toward increasing homeownership incentives across the country:

“During National Homeownership Month, we affirm the joy and benefits of homeownership. For millions of Americans, owning a home is an important step toward financial security and achieving the American Dream. My Administration is committed to fostering an economic environment in which every family has the opportunity to enjoy the sense of pride and stability that can come with owning a home.”

Home Prices: Boom Continues, but Leveling Out Needed

Source: RISMedia

The boom is continuing for home prices, with a gain in March of 6.5 percent, according to the S&P CoreLogic/Case-Shiller Indices.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index’s 10-City Composite, which is an average of 10 metros (Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington, D.C.), rose 6.5 percent year-over-year, an increase from 6.4 percent in February. The 20-City Composite—which is an average of the 10 metros in the 10-City Composite, plus Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa—rose 6.8 percent year-over-year, which is comparable to February. Month-over-month, both the 10-City Composite and the 20-City composite rose, 0.9 percent and 1 percent, respectively.

“The home price increases continue, with the National Index rising at 6.5 percent per year,” says David M. Blitzer, chairman and managing director of the S&P Dow Jones Indices Index Committee.

“Looking across various national statistics on sales of new or existing homes, permits for new construction, and financing terms, two figures that stand out are rapidly rising home prices and low inventories of existing homes for sale,” Blitzer says. “Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s before the housing boom and bust.

“Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising,” says Blitzer. “Compared to the price gains of the last boom in the early 2000s, things are calmer today.”

“The solid gain in home prices of 6.5 percent in March added roughly $150 billion to housing wealth during the month,” said Lawrence Yun, chief economist at the National Association of REALTORS® (NAR), in a statement. “The continuing run-up in home prices above the pace of income growth is simply not sustainable. From the cyclical low point in home prices six years ago, a typical home price has increased by 48 percent, while the average wage rate has grown by only 14 percent. Rising interest rates also do not help with affordability; therefore, more supply is needed to level out home prices. Homebuilding will be the key as to how the housing market performs in the upcoming years.”

The complete data for the 20 markets measured by S&P:

Atlanta, Ga.
Month-Over-Month (MoM): 0.8%
Year-Over-Year (YoY): 6.2%

Boston, Mass.
MoM: 1.2%
YoY: 5.8%

Charlotte, N.C.
MoM: 1%
YoY: 6.2%

Chicago, Ill.
MoM: 1.1%
YoY: 2.8%

Cleveland, Ohio
MoM: 0.3%
YoY: 4.6%

Dallas, Texas
MoM: 0.7%
YoY: 5.8%

Denver, Colo.
MoM: 1.4%
YoY: 8.6%

Detroit, Mich.
MoM: 1.1%
YoY: 7.9%

Las Vegas, Nev.
MoM: 1.5%
YoY: 12.4%

Los Angeles, Calif.
MoM: 0.9%
YoY: 8.1%

Miami, Fla.
MoM: 0.7%
YoY: 5%

Minneapolis, Minn.
MoM: 1.7%
YoY: 6.1%

New York, N.Y.
MoM: 0.1%
YoY: 5.2%

Phoenix, Ariz.
MoM: 0.9%
YoY: 6.8%

Portland, Ore.
MoM: 1%
YoY: 6.7%

San Diego, Calif.
MoM: 1%
YoY: 7.7%

San Francisco, Calif.
MoM: 2.1%
YoY: 11.3%

Seattle, Wash.
MoM: 2.8%
YoY: 13%

Tampa, Fla.
MoM: 0.6%
YoY: 7.5%

Washington, D.C.
MoM: 1.1%
YoY: 3%