Survey of Realtor Perspectives on the Housing Market Nationally

March 14, 2019
Susan Maklari
Analyst
(212) 325-3134
susan.maklari@credit-suisse.com
Christopher Kalata
(212) 325-6654
christopher.kalata@credit-suisse.com
Amanda Luper
(212) 325-2690
amanda.luper@credit-suisse.com
Monthly Survey of Real Estate Agents – February 2019
DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE
STATUS OF NON-U.S ANALYSTS. U.S. Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be
aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment
decision.
A Little Too Chilly for Spring:
In order to better assess conditions across the largest housing markets in the US,
we surveyed ~500 real estate agents. Our February Buyer Traffic Index declined
11pts YOY to 37. This was up 1pt sequentially but is 7pts below the historical
average for the month. Consistent with expectations, results point to moderation
in activity across markets vs last year, partially exacerbated by inclement weather
including atypical rainfall, snow, and cold. Further to this, we have seen an uptick
in incentives in several markets (including Las Vegas, Houston, and Denver).
Regionally, Charlotte, Jacksonville, and NY – Northern NJ saw the largest traffic
gains while Phoenix, Dallas, and Washington DC declined YOY.
Pricing’s Back, But Is It Here to Stay?:
Our Home Price Index rebounded to 51, indicating sequential appreciation and
reversing trends seen over the last five months. This comes despite rising
existing home inventory as sellers anticipate spring demand, though we note
affordable supply (below ~$300k) remains constrained. Given expectations for a
stable rate environment, some respondents cited a lack of urgency among
buyers, reflected in our Time to Sell Index 10pts below the month’s average,
though up 5pts sequentially and showing continued improvement from
November’s low.
Housing Cycle in the Mid-to-Latter Stages:
We look for moderating growth to be driven by entry-level and first-time buyer
demand. Our Outperform rated names are DHI and PHM.

Executive Summary: Winter Chill Lingering Into Spring
 February Buyer Traffic Index Down 11pts YOY to 37: This month’s reading rose 1pt sequentially but was 7pts below the long-
term historical average for February. Consistent with expectations, results point to broader moderation in activity across markets vs
the robust levels seen last year. This was compounded by inclement weather including atypical rain, snow, and cold delaying the
start of the spring selling season in some geographies. That said, agents reported demand strength at entry-level price points
(below ~$300k) with in-migration and corporate relocations supporting sales in areas of relative affordability (i.e. Charlotte, Raleigh,
San Antonio). Overall, our surveyed realtors held two views of prospective buyers: 1) those encouraged by additional supply
coming online and hunting for deals ahead of the March rush and 2) those adopting a wait and see approach in hopes of
moderating prices and given accommodative rates.
 Traffic levels at or above agents’ expectations in 7 out of the top 20* markets (vs 10 last year and 3 last month):
– The Index was up 10+ points YOY in 3 MSAs (Charlotte, Jacksonville, and New York – Northern NJ);
– Was up 10 to down 5 points YOY in 6 (Atlanta, Denver, Austin, Tampa, San Antonio, and Miami); and
– Was down 5+ points YOY in the remaining 10 (Nashville, Seattle, Orlando, Los Angeles, Raleigh, Houston, Las Vegas,
Phoenix, Dallas, and Washington DC).
 Home Price Index Down 23pts YOY to 51: For the first time since August, the majority of our agents saw a sequential increase
in home prices. This comes despite increased existing home inventory as sellers prepare for spring demand, though we note
affordable supply remains constrained. Prices rose year over year in three of our surveyed MSAs (vs one last month). Days on
market elongated with our Time to Sell Index at 32, down 26pts year over year (though +5pts sequentially) and 10pts below the
long-term historical average for the month.
 Realtors Provide On-the-Ground Read on Conditions: We survey local agents on a monthly basis in order to better gauge
changes in supply and demand. Results are used to calculate a diffusion index, with a reading of 50+ indicating an improvement.
(*) Note: Inland Empire was excluded from our top 20 market summary this month due to lack of respondents
Please see appendix for a detailed description of our survey and index calculation methodology
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BuyerTrafficIndex
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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HomePriceIndex
<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Source: Credit Suisse

February Top Market Summary
Note: Inland Empire excluded from this month’s survey due to lack of respondents; Markets ranked according to YOY change in Buyer Traffic Index
Rank Top MSAs
Prior
Month
Rank
Buyer
Traffic
Index
Home
Price
Index
Home
Listings
Index
Sell Time
Index
Builder
Incentives
Index Agent Highlights
1 Charlotte, NC 12(+11) 50 (+21) 56 (-27) 36 (-36) 31 (-19) 44 (-6)
Traffic levels met agents' expectations as rising employment opportunities encourge in-migration. That said, closings are
constrained by the lack of inventory at more affordable price points.
2 Jacksonville, FL 10(+8) 57 (+20) 79 (-9) 57 (-18) 43 (-32) 36 (-2)
Moderating rates and snowbirds coming down from Northern states drove demand above realtors' expectations. In turn, the
persistent inventory shortage has buyers out and looking at any available property.
3 New York-Northern NJ 2(-1) 39 (+11) 42 (-32) 52 (-15) 42 (-20) 55 (-2)
Demand is concentrated at the more affordable price points, including first-time and multi-family properties. Given the potential
for further home price moderation, buyers seem willing to wait longer before purchasing.
4 Atlanta, GA 5(+1) 52 (+5) 59 (-25) 35 (-15) 41 (-25) 27 (-7)
Agents cited an early start to the spring market with buyers motivated by year over year price declines and improving inventory
levels. Days on market remain low with multiple offers on quality inventory, though we note 52% of our respondents saw greater
than anticipated incentives.
5 Denver, CO 7(+2) 40 (+3) 30 (-49) 10 (-69) 40 (-10) 20 (-26)
In-line with broader trends, realtors noted healthy demand at affordable price points vs sluggishness at the higher-end
($500k+). Easing rates and down payment assistance programs are also supporting entry-level traffic.
6 Austin, TX 11(+5) 50 (0) 50 (-40) 20 (-35) 30 (-25) 40 (-5)
Demand held steady sequentially and vs 2018 as buyers look to purchase before an increase in prices or rates. Although more
inventory is coming online, supply remains tight.
7 Tampa, FL 3(-4) 39 (-3) 72 (-9) 17 (-64) 33 (-36) 39 (-15)
Against a healthy local economic backdrop, realtors reported an increased number of both sellers and buyers in the market vs
the prior two months. In turn, home prices were up sequentally as inventory increases at the higher-end vs a shortage at the
entry-level (<$250k).
8 San Antonio, TX 17(+9) 63 (-4) 75 (-25) 63 (+46) 50 (-17) 25 (-8)
Activity held above expectations supported by corporate and military relocations. Despite continued price appreciation, 75% of
our respondents saw an uptick in incentives offered.
9 Miami, FL 9(+0) 21 (-5) 13 (-42) 17 (-31) 13 (-23) 27 (-9)
Agents reported move-up buyers looking for deals within a softer luxury market while others are opting to stay on the sidelines
in anticipation of further price reductions. As such, 75% saw elongated days on market.
10 Nashville, TN 4(-6) 50 (-6) 63 (0) 38 (-25) 38 (-5) 50 (+31)
Demand met realtors' expectations for the month with prospective buyers still scheduling tours despite inclement weather,
including record rainfall. Respondents saw prices flat year over year and up sequentially.
11 Seattle, WA 8(-3) 44 (-6) 65 (-23) 32 (-45) 33 (-35) 32 (-20)
Easing rates and additional supply have kept buyers out and looking despite several snowstorms and colder than usual weather.
Prices have risen steadily since autumn, though remain lower year over year.
12 Orlando, FL 6(-6) 22 (-9) 44 (+1) 36 (-8) 17 (-21) 39 (-30)
Although some additional supply has come online, the inventory shortage persists. As such, the length of time needed to sell
has increased as buyers search for affordable properties (<$300k) in good locations.
13 Los Angeles, CA 15(+2) 21 (-10) 50 (-1) 35 (-24) 7 (-45) 23 (-30)
Against a backdrop of elevated prices and lingering macro uncertainty, buyers are adopting a wait and see approach. Agents
cited affordability constraints and a mismatch in expectations between buyers and sellers.
14 Raleigh, NC 1(-13) 65 (-18) 50 (-42) 38 (-4) 50 (-25) 31 (-19)
Traffic rose above agents' expectations as significant job growth and in-migration (esp. from the Northeast) supplement the
seasonal increase. We note buyers encouraged by additional listings and stable prices.
15 Houston, TX 16(+1) 33 (-22) 25 (-25) 33 (-27) 17 (-53) 17 (-33)
Agents highlighted uncertainty prevailing in the MSA, with some buyers hunting for bargains as prices moderate. We note 67%
reported longer days on market despite heightened incentives.
16 Las Vegas, NV 19(+3) 30 (-24) 70 (-22) 0 (-62) 20 (-47) 10 (-40)
Home prices rebounded this month, with our Index at 70 (vs 92 in February 2018). This comes despite all respondents reporting
an increase in inventory levels.
17 Phoenix, AZ 14(-3) 24 (-26) 50 (-24) 44 (-32) 32 (-32) 44 (-3)
Although sales are down compared to the robust activity seen in 2017 and 2018, realtors are still seeing healthy traffic. That
said, some buyers are fatigued by the persistant price appreciation and lack of supply.
18 Dallas, TX 13(-5) 17 (-40) 38 (-20) 11 (-39) 22 (+1) 25 (-4)
Commentary centered on buyers taking a wait and see approach, given lingering concerns over the economy's trajectory and the
potential for further decelerating prices. We note the majority saw an increase in the number of listings.
19 Washington, DC 18(-1) 22 (-40) 61 (+2) 61 (-7) 17 (-48) 44 (-6)
Realtors cited poor weather conditions delaying the start of the spring selling season. Reflecting this, 71% reported less than
expected open house traffic.

Table of Contents
Key Housing Markets: Key Housing Markets Continued:
5 Atlanta, Georgia 27 Philadelphia-Southern New Jersey
6 Austin, Texas 28 Phoenix, Arizona
7 Baltimore, Maryland 29 Portland, Oregon
8 Boston, Massachusetts 30 Raleigh, North Carolina
9 Charlotte, North Carolina 31 Sacramento, California
10 Chicago, Illinois 32 San Antonio, Texas
11 Cincinnatti, OH 33 San Diego, California
12 Columbus, OH 34 San Francisco, California
13 Dallas, Texas 35 Sarasota, Florida
14 Denver, Colorado 36 Seattle, Washington
15 Detroit, Michigan 37 Tampa, Florida
16 Fort Myers, Florida 38 Tucson, Arizona
17 Houston, Texas 39 Virginia Beach, VA
18 Jacksonville, Florida 40 Washington, D.C.
19 Kansas City, Missouri
20 Las Vegas, Nevada 41 Appendix:
21 Los Angeles, California 42 Historical Trends by Market
22 Miami, Florida 47 Agent Recommendations
23 Minneapolis, Minnesota 49 Survey Methodology
24 Nashville, Tennessee 50 Disclosures
25 New York-Northern New Jersey
26 Orlando, Florida

Note: Adjusting for the merger, Lennar Corp. data has been revised to include CalAtlantic
Source: Credit Suisse; Census Bureau, Builder Magazine, Metrostudy, Company Data Slide 5
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
 “Buyers competing for a limited supply of good inventory.”
 “Interest rates lower than expected, spring market starting early.”
 “Multiple offers with buyers scrambling for quality inventory.”
 “Listing prices are not as over inflated as they were in 2018.”
 “Inclement weather with lots of rain and wind.”
 “Inventory is improving slightly and demand is still strong.”
 “Buyers willing to wait for the right property.”
 “Days on market are still low.”
 3rd largest market in the country
 2018 single family permits: 26,097
 The Buyer Traffic Index increased to 52 from 46 in 2018.
 The Home Price Index declined to 59 from 85 last year:
Moderating prices and rates drove traffic above expectations with
some agents’ citing multiple offers on listings.
Atlanta, GA
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HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Atlanta as a
% of Total
Closings
1 D.R. Horton 3,450 17.8% 7.3%
2 Century Communities 1,316 6.8% 36.2%
3 PulteGroup 1,039 5.3% 4.9%
4 Lennar Corp. 909 4.7% 2.1%
5 Smith Douglas Communities 692 3.6%
6 Taylor Morrison 628 3.2% 7.8%
7 Rocklyn Homes 529 2.7%
8 Ashton Woods Homes 479 2.5%
9 Green Brick Partners 441 2.3% 44.5%
Top 9 Totals 9,483 48.9%
31%
52%
38%
52%
13%
56%
26%
44% 42%
50%
13%
23% 19%
6%
37%
0%
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60%
80%
100%
Home Prices Number of
Listings
Time to Sell Incentives Open House
Traffic
How Do the Recent 30 Days Compare to the Prior 30 Days...
More than expected Meets expectations Less than expected

Key Takeaways:
Austin, TX
 “Mortgage rates are still reasonable.”
 “Buyers looking to purchase before rates and prices rise.”
 “Strong open house traffic due to limited inventory.”
 “Prices remain elevated, outpacing wage growth.”
 5th largest market in the country
 The Buyer Traffic Index was unchanged at 50 YOY:
Demand held steady MoM and YOY as buyers look to purchase
before an increase in prices or rates.
 The Home Price Index decreased to 50 from 90 in
February 2018.0
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HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Austin as a %
of Total
Closings
1 D.R. Horton 2,374 15.8% 5.0%
2 Lennar Corp. 1,523 10.2% 3.5%
3 KB Home 1,017 6.8% 9.3%
4 PulteGroup 878 5.8% 4.2%
5
Milestone Community
Builders
797 5.3%
6 Meritage Homes 585 3.9% 7.6%
7 Pacesetter Homes 505 3.4%
8 Gehan Homes 490 3.3%
Top 9 Totals 8,635 57.6%
40%
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Listings
Traffic

Key Takeaways:
Baltimore, MD
 “More inventory and lower interest rates.”
 “Traffic has been good.”
 “Rates and buyer confidence.”
 “Poor weather conditions.”
 “Slight drop in mortgage rates, early spring shoppers.”
 32nd largest market in the country
 The Buyer Traffic Index declined to 50 from 83 in 2018:
Although down YOY, demand met realtors’ expectations as more
inventory provides buyers with additional options.
 The Home Price Index lowered to 60 from 83 in Feb ’18.
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HomePriceIndex
Note: Baltimore was excluded from March survey results due to lack of respondents
Rank Top Builders
Closings
2017
Market
Share
Baltimore as a
% of Total
Closings
1 NVR 1,419 36.5% 8.9%
2 Lennar Corp. 682 17.5% 1.6%
3 Beazer Homes USA 437 11.3%
4
Hovnanian Enterprises 158 4.1% 3.0%
5
Richmond American
Homes
150 3.9%
6 Toll Brothers 123 3.2% 1.7%
7 PulteGroup 102 2.6% 0.5%
8 Brookfield Homes 4 2.4%
9 Bob Ward Companies 75 1.9%
Top 9 Totals 3,150 83.4%
40%
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Listings
Traffic

Key Takeaways:
Boston, MA
 “Low inventory.”
 “Lack of available listings.”
 The Buyer Traffic Index fell to 25 from 40 last year.
 The Home Price Index decreased to 50 from 90 in
February 2018: Prices held flat sequentially for the second
consecutive month.
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HomePriceIndex
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33% 33%
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Listings
Traffic

Key Takeaways:
Charlotte, NC
 “Not enough homes in the lower or more affordable price
ranges; buyers waiting to find the right property.”
 “Mortgages are easier to obtain, jobs are plentiful and wages
are rising.”
 “Low inventory levels.”
 “Expecting traffic to further increase in March.”
 The Buyer Traffic Index rose to 50 from 29 last year:
Buyers are returning to the market despite the lack of
inventory at the affordable price points.
 The Home Price Index fell to 56 from 83 in Feb ‘18.
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Rank Top Builders
Closings
2017
Market
Share
Charlotte as a
% of Total
Closings
1 Lennar Corp. 1,842 17.3% 4.2%
2 D.R. Horton 1,243 11.7% 2.6%
3 True Homes 871 8.2%
4 PulteGroup 773 7.3% 3.7%
5 NVR 694 6.5% 4.3%
6 AV Homes 524 4.9% 21.0%
7 M/I Homes 478 4.5% 9.4%
8 Eastwood Homes 457 4.3%
9 LGI Homes 357 3.4% 6.1%
Top 9 Totals 7,239 68.1%
25%
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50%
13%
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63%
43%
38%
88%
67%
13% 14% 13%
0%
33%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Chicago, IL
 “Buyer traffic has been a bit slower but inventory has not
increased as much as usual post-Super Bowl.”
 “Brutal cold weather and low inventory.”
 “Homes in $500-$750k range seeing slower traffic with buyers
more cautious and searching for deals.”
 “Weather has not helped the market.”
 “Property tax uncertainty.”
 The Buyer Traffic Index declined to 18 from 29 in 2018:
Severe cold weather and the persistent inventory shortage kept
traffic below agents’ expectations this month.
 The Home Price Index fell to 45 from 67 last February.
 21st largest market in the country
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HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Chicago as a %
of Total Closings
1 Lennar Corp. 742 11.5% 1.7%
2 D.R. Horton 600 9.3% 1.3%
3 PulteGroup 452 7.0% 2.1%
4 M/I Homes 420 6.5% 8.3%
5 Olthof Homes 412 6.4%
6 Hovnanian Enterprises 237 3.7% 4.4%
7
Providence Real
Estate Development
200 3.1%
8 NVR 123 1.9% 0.8%
10 Lexington Homes 107 1.7%
Top 10 Totals 3,416 53.0%
21%
58% 58%
32%
0%
47%
32% 26%
63%
53%
32%
11% 16%
5%
47%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Cincinnati, OH
 “Fewer homes on the market.”
 “Limited number of listings.”
 The Buyer Traffic Index decreased to 0 from 40 in
February 2018.
 The Home Price Index decreased to 50 from 90 last year:
Prices were flat sequentially as all agents reported fewer than
anticipated listings.
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HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Cincinnati as a
% of Total
Closings
1 The Fischer Group 723 24.3%
2 NVR 590 19.8% 3.7%
3 The Drees Co. 497 16.7%
4 M/I Homes 335 11.3% 6.6%
5 Maronda Homes 84 2.8%
6 Arlinghaus Builders 82 2.8%
7 Hills Communities 78 2.6%
8 Cristo Homes 65 2.2%
9 Ashford Homes 62 2.1%
10 Meridian Mark 52 1.7%
Top 10 Totals 2,568 86.3%
0% 0% 0%
33%
0%
100%
0%
100%
67%
33%
0%
100%
0% 0%
67%
0%
20%
40%
60%
80%
100%
Listings
Traffic
Note: October 2017 results were excluded due to lack of respondents

Key Takeaways:
Columbus, OH
 “Continued low inventory and multiple offers on homes below
$400k.”
 “Slight pick-up in traffic, though demand mitigated by the extreme
cold weather.”
 “Some buyers waiting for the sellers market to end.”
 “Lack of available inventory has kept traffic below expectations.”
 “Interest rate reductions and pent-up demand.”
 The Buyer Traffic Index was 42 this month: Agents
continue to see pent-up demand and multiple offers at the
affordable price points (<$400k).
 The Home Price Index came in at 67 in February.
Note: This market had been excluded from our survey from Nov 17 – April 18
Rank Top Builders
Closings
2017
Market
Share
Columbus as a
% of Total
Closings
1 PulteGroup 685 21.6% 3.3%
2 M/I Homes 474 15.0% 9.3%
3 The Fischer Group 303 9.6%
4 Westport Homes 271 8.6%
5
Epcon Communities
Franchising
229 7.2%
6 Rockford Homes 217 6.8%
7 NVR 214 6.8% 1.3%
9 Village Communities 114 3.6%
10 Homewood Homes 98 3.1%
Top 10 Totals 2,747 86.8%
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
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Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
42%
17%
50%
27% 27%
50%
83%
33%
64%
55%
8%
0%
17%
9%
18%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Dallas, TX
 The Buyer Traffic Index declined to 17 from 57 last year:
Commentary centered on buyers taking a wait and see
approach, hoping for additional price reductions.
 The Home Price Index lowered to 38 from 57 in the prior
year.
 Largest market in the country
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Dallas as a
% of Total
Closings
1 D.R. Horton 4,877 15.7% 10.3%
2 Lennar Corp. 2,318 7.5% 5.3%
3 Highland Homes 1,646 5.3%
4 PulteGroup 1,302 4.2% 6.2%
5 Bloomfield Homes 1,260 4.0%
6 First Texas Homes 1128 3.6%
7
HistoryMaker
Homes
915 2.9%
8 LGI Homes 835 2.7% 14.3%
9 Megatel Homes 794 2.6%
Top 9 Totals 15,075 48.5%
 “Buyers are in no hurry as they await a shift in the market.
Sellers still looking for top dollar and multiple offers. Mismatch
in expectations.”
 “Lower interest rates and higher inventory.”
 “Most are on the sidelines waiting for a buyers market.”
 “Concerns over the economy’s trajectory.”
 “Increased number of sellers.”
0%
78%
67%
50%
25%
75%
22% 22%
50%
38%
25%
0%
11%
0%
38%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Denver, CO
 “Low end market is okay, but above $500k is slow.”
 “Traffic is picking up.”
 “Seeing more flexible guidelines form lenders.”
 “Down payment assistance programs and more affordable
interest rates.”
 The Buyer Traffic Index rose to 40 from 38 last year: In-line
with broader trends, agents noted healthy demand at the entry-
level vs sluggishness at the higher-end ($500k+).
 The Home Price Index declined to 30 from 79 in February
2018.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Denver as a
% of Total
Closings
1 Lennar Corp. 1,285 14.6% 2.9%
2 M.D.C. Holdings 1,181 13.4% 21.3%
3
Century
Communities
699 8.0%
19.2%
4 KB Home 617 7.0% 5.7%
5 Oakwood Homes 578 6.6%
7 D.R. Horton 437 5.0% 0.9%
8 Shea Homes 333 3.8%
Top 9 Totals 5,821 66.2%
0%
80%
40%
60%
0%
60%
20%
40% 40%
60%
40%
0%
20%
0%
40%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Detroit, MI
 “Rates are leveling out and prices have actually come down
over the past 4-5 months, which has helped buyer traffic.”
 “Severe winter weather keeping buyers inside and sellers not
interested in showing their homes.”
 “Quality of buyer traffic has improved even though the gross
traffic numbers aren’t necessarily higher.”
 “Very cold weather has put some property searches on hold.”
 The Buyer Traffic Index increased to 25 from 17 last year:
Although traffic remains below expectations, agents cited more
serious buyers in the market.
 The Home Price Index declined to 33 from 67 in February
2018.
 41st largest market in the country
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Detroit as a %
of Total Closings
1 PulteGroup 628 20.0% 3.0%
2 Lombardo Homes 312 9.9%
3 Pinnacle Homes 217 6.9%
4 MJC Cos. 195 6.2%
5 Infinity Homes 166 5.3%
7
Robertson Brothers
Corp.
152 4.8%
8 Clearview Homes 99 3.2%
9
Hunter Pasteur
Homes
56 1.8%
10 Allen Edwin Homes 46 1.5%
Top 10 Totals 2,024 64.5%
0%
17%
83%
33%
0%
67%
33%
17%
67%
50%
33%
50%
0% 0%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Fort Myers, FL
 “February traffic relatively consistent with January.”
 “High prices, low inventory, algae in the news.”
 “Decent amount of lookers but few offers.”
 “Green and red tide algae has led to consumer wariness of
the Gulf Coast environment.”
 The Buyer Traffic Index decreased to 19 from 67 in
February 2018: Demand stayed below agents’ expectations
as 75% reported elongated days on market.
year.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Ft. Myers as a %
of Total Closings
1 Lennar Corp. 994 27.8% 2.3%
2 D.R. Horton 796 22.3% 1.7%
3 PulteGroup 424 11.9% 2.0%
4 LGI Homes 232 6.5% 4.0%
5
Neal Communities of
Southwest Florida
223 6.2%
6 Wade Jurney Homes 192 5.4%
7 GL Homes 132 3.7%
8 Adams Homes 124 3.5%
9 Stock Development 71 2.0%
Top 10 Totals 3,254 91.1%
0%
50%
75%
50%
0%
38% 38%
25%
38%
50%
63%
13%
0%
13%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Houston, TX
 “Improving crude oil prices.”
 “Buyers looking for a good deal.”
 “Poor housing sentiment beginning to wear off.”
 “Market seems to be in limbo.”
 “Still uncertainty in the market place.”
 The Buyer Traffic Index lowered to 33 from 55 in
February 2018.
 The Home Price Index decreased to 25 from 50 in the
prior year: Agents highlighted uncertainty prevailing in the
market, with some buyers bargain hunting as prices moderate.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Houston as a
% of Total
Closings
1 D.R. Horton 2,582 10.2% 5.5%
2 Lennar Corp. 2,221 8.8% 5.1%
3 Perry Homes 1,459 5.8%
4
Hovnanian Enterprises 1,204 4.8% 22.6%
5 Long Lake Limited 1,096 4.3%
7 KB Home 1073 4.2% 9.8%
8 PulteGroup 938 3.7% 4.5%
9 LGI Homes 901 3.6% 15.4%
Top 10 Totals 13,454 53.3%
0%
33%
67% 67%
0%
50%
67%
33% 33%
67%
50%
0% 0% 0%
33%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Jacksonville, FL
 “Seasonal purchasers as the temperature begins to rise.”
 “Low inventory has buyers ready to pounce when a new listing
is available.”
 “Mortgage rates and down payment assistance programs have
spiked the activity.”
 “Colder weather up North.”
 “Lack of available supply.”
 The Buyer Traffic Index rose to 57 from 38 last year.
 The Home Price Index decreased to 79 from 88 in the
prior year: The majority saw home prices rise sequentially
driven by the lack of available inventory.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Jacksonville as a
% of Total
Closings
1 D.R. Horton 1,805 24.4% 3.8%
2 Lennar Corp. 940 12.6% 2.1%
3
Dream Finders
Homes
806 10.9%
4 Mattamy Homes 492 6.6%
5 KB Home 468 6.3% 4.3%
6 PulteGroup 366 4.9% 1.7%
7
David Weekley
Homes
251 3.4%
8 M.D.C. Holdings 248 3.3% 4.5%
9 ICI Homes 201 2.7%
Top 9 Totals 5,577 75.1%
71%
29% 29%
43%
14%14%
29%
57%
43% 43%
14%
43%
14% 14%
43%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Kansas City, MO
 “Buyers trying to take advantage while rates are still low.”
 “Seeing younger buyers actively looking to purchase.”
 “Poor weather during the month.”
 “Inventory levels remain low.”
 “Homes selling quickly with multiple offers.”
 “Some buyers fatigue.”
 The Buyer Traffic Index fell to 31 from 70 in the prior
year: Agents cited activity at the first-time and entry-level price
points.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Kansas City as a
% of Total
Closings
1
Summit Custom
Homes
273 7.1%
2 Prieb Homes 270 7.0%
3
James Engle Custom
Homes
116 3.0%
4 Johnnie Adams Homes 103 2.7%
5 Don Julian Builders 100 2.6%
6 Rodrock Homes 96 2.5%
7 Robertson Construction 88 2.3%
8 SAB Construction 78 2.0%
9
Hearthside Homes of
Kansas City
63 1.6%
10 Integrity Homebuilders 62 1.6%
Top 10 Totals 1,249 32.4%
25% 25%
50%
43%
13%
50%
13%
38%
57%
38%
25%
63%
13%
0%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Las Vegas, NV
 “Buyers lack urgency as more properties come on the market.”
 “Better rates and sustainable inventory levels.”
 “Many purchasers are using companies like Open Door and
other online sites.”
The majority noted lower than anticipated open house traffic
with buyers adopting a “wait and see” approach as more
inventory comes online.
 The Home Price Index fell to 70 from 92 in Feb ’18.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Las Vegas as a
% of Total
Closings
1 Lennar Corp. 1,598 18.3% 3.6%
2 D.R. Horton 1,221 13.9% 2.6%
3 KB Home 1,013 11.6% 9.3%
4 M.D.C. Holdings 870 9.9% 15.7%
5
American West
Homebuilding Group
630 7.2%
6 PulteGroup 602 6.9% 2.9%
7 Century Communities 519 5.9%
14.3%
8 TRI Pointe Group 479 5.5% 10.2%
9 Woodside Homes 384 4.4%
Top 9 Totals 7,316 83.6%
40%
100%
60%
80%
0%
60%
0%
40%
20% 20%
0% 0% 0% 0%
80%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Los Angeles, CA
 “Buyers waiting to see if rates move lower and how the new tax
rules impact the bottom line.”
 “Clients taking a wait and see approach.”
 “Dip in interest rates and a concurrent increase in inventory.”
 “High prices constraining affordability.”
 “Still demand for housing but sellers have yet to fully
comprehend they are no longer in the driver’s seat.”
 The Buyer Traffic Index fell to 21 from 31 in Feb ’18:
Demand remains muted against a backdrop of elevated prices
and tax uncertainty.
 The Home Price Index declined to 50 from 77 last year.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Los Angeles as a
% of Total
Closings
1 The Irvine Co. 855 9.9%
2 Lennar Corp. 797 9.2% 1.8%
3 KB Home 672 7.7% 6.2%
7
California Pacific
Homes
371 4.3%
8 William Lyon Homes 354 4.1% 10.9%
9 Brookfield Homes 310 3.6%
Top 9 Totals 4,696 54.2%
21%
54%
86%
55%
10%
57%
23%
14%
45% 40%
21% 23%
0% 0%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Miami, FL
 “Move-up buyers are bargain hunting in a softer luxury market.”
 “Relocation to the area.”
 “Buyers waiting for luxury prices to fall further.”
 “Buyers waiting for an expected price reduction.”
 “Low consumer confidence.”
 The Buyer Traffic Index declined to 21 from 26 last Feb.
 The Home Price Index lowered to 13 from 54 last year:
Buyers are opting to stay on the sidelines in anticipation of
further price reductions.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Miami - Ft.
Lauderdale as a %
of Total Closings
1 Lennar Corp. 2,651 27.9% 6.0%
2 The Related Group 1,350 14.2%
3 D.R. Horton 753 7.9% 1.6%
4 GL Homes 518 5.5%
5
Eastview
Development
390 4.1%
6 Key International 380 4.0%
7
Century
Homebuilders
343 3.6%
8
Hovnanian
Enterprises
224 2.4%
4.2%
9
Plaza Equity
Partners
207 2.2%
Top 9 Totals 6,816 71.8%
0%
67%
75%
55%
17%
25%
33%
25%
36% 33%
75%
0% 0%
9%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Minneapolis, MN
 “Bad weather and not enough quality listings coming on.”
 “Extreme cold weather and record monthly snow.”
 “Buyers looking to get a jump on the selling season and avoid
multiple offer situations.”
 “Shortage of properties and lower interest rates.”
 “Crippling cold alternating with deep snows and ice.”
 “Weather and higher prices.”
 The Buyer Traffic Index lowered to 27 from 64 in the
prior year: Severe cold weather and record snowfall likely
discouraged activity this month.
 The Home Price Index lowered to 58 from 88 in Feb ‘18.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
120
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Minneapolis as a
% of Total
Closings
1 Lennar Corp. 1,197 21.6% 2.7%
2 PulteGroup 462 8.3% 2.2%
3 D.R. Horton 427 7.7% 0.9%
4 M/I Homes 251 4.5% 4.9%
6 Capstone Homes 207 3.7%
7
Robert Thomas
Homes
191 3.4%
8 R Home 144 2.6%
9 Hanson Builders 141 2.5%
Top 9 Totals 3,230 58.1%
38%
25%
15%
36%
20%
38% 42%
69%
64%
30%
23%
33%
15%
0%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Nashville, TN
 “Record rain fall in the area.”
 “Weather has been an issue, however buyers are still
scheduling tours and signing offers.”
 The Buyer Traffic Index decreased to 50 from 56 last year:
Demand met expectations despite inclement weather and rising
prices.
 The Home Price Index was unchanged at 63 YOY.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top 10 Builders
Closings
2017
Market
Share
Nashville as a %
of Total Closings
1 Ole South Properties 811 9.2%
2 NVR 658 7.4% 4.1%
3 Goodall Homes 504 5.7%
4 Regent Homes 354 4.0%
5 Beazer Homes 290 3.3% 5.2%
6 PulteGroup 271 3.1% 1.3%
7 Lennar Corp. 212 2.4% 0.5%
8 Signature Homes 203 2.3%
9
The Jones Company
of Tennessee
199 2.3%
10 The Drees Co. 189 2.1%
Top 10 Totals 3,691 41.8%
25%
50% 50%
25%
50%
75%
25% 25%
50%
0%0%
25% 25% 25%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
New York – Northern NJ
 “Buyers are out in force, but seem reluctant to purchase as
prices creep higher.”
 “Multi-family properties are red hot.”
 “Majority of home buyers are in first-time price ranges.”
 “Some concern about taxes and the possibility of declining home
prices in the future.”
 “Buyers willing to wait longer to find a well-priced property.”
 The Buyer Traffic Index rose to 39 from 28 in the prior
year: Agents cited heightened demand at the more affordable
price points (including multi-family and first-time properties).
 The Home Price Index fell to 42 from 74 in Feb 2018.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
NY - Northern NJ -
Long Island as a %
of Total Closings
2 ONEX 463 4.5%
4 PulteGroup 343 3.3% 1.6%
5 Lennar Corp. 237 2.3% 0.5%
6
Magnum Real Estate
Group
179 1.7%
7 Greenland USA 176 1.7%
8 NVR 173 1.7% 1.1%
9
Flushing Commons
Property Owner, LLC
140 1.4%
10
Elad Group and
Silverstein Properties
137 1.3%
Top 10 Totals 2,976 28.8%
18%
33%
39%
18% 19%
48%
30%
36%
54% 56%
33% 36%
24% 29% 25%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Orlando, FL
 “Cold weather up North has brought buyers to Florida.”
 “More inventory on the market. Buyers looking for homes under
$300k in good locations.”
 “Prices are rising.”
 “Still a shortage of inventory.”
 The Buyer Traffic Index declined to 22 from 31 in Feb
2018: Activity is concentrated at the entry-level price points
below ~$300k.
 The Home Price Index was unchanged at 44 YOY.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Orlando as a %
of Total
Closings
1 Lennar Corp. 2,629 20.7% 6.0%
2 D.R. Horton 1,049 8.3% 2.2%
3
The Villages of Lake
Sumter
982 7.7%
4 PulteGroup 770 6.1% 3.7%
6 AV Homes 636 5.0% 25.5%
9 KB Home 489 3.9% 4.5%
Top 9 Totals 8,308 65.5%
33%
43%
78%
33%
0%
22%
43%
11%
56%
33%
44%
14% 11% 11%
67%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Philadelphia – Southern NJ
 “Buyers trying to get a jump on the spring market due to the
limited amount of inventory.”
 “Rising prices.”
 “Buyers looking for amenities with their homes.”
 The Buyer Traffic Index was higher at 70 vs 46 in 2018:
Agents cited motivated buyers looking to get a head start on the
spring market given the lack of supply.
 The Home Price Index came in lower at 50 vs 75 last
February.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Philadelphia as a
% of Total
Closings
1 NVR 1,223 23.7% 7.7%
3 Lennar Corp. 546 10.6% 1.2%
4 D.R. Horton 171 3.3% 0.4%
5 PulteGroup 147 2.9% 0.7%
6 W.B. Homes 100 1.9%
7 T.H. Properties 98 1.9%
9 V2 Properties 80 1.6%
Top 9 Totals 3,136 60.8%
20% 20%
0% 0% 0%
60% 60% 60%
67%
33%
20% 20%
40%
33%
67%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Phoenix, AZ
 “Buyers feel home properties are priced too high. Investors
are low balling properties that have been sitting on the market
longer than 60 days.”
 “Transactional volume down from two banner years; still a
good market but 2017/18 spoiled agents and sellers.”
 “Buyers waiting for tax returns.”
 “Inventory levels are low; serious buyers in the market.”
 The Buyer Traffic Index fell to 24 from 50 last year:
Although serious buyers remain in the market, others are
discouraged by the elevated home prices.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Phoenix as a
% of Total
Closings
1 Lennar Corp. 2,000 11.5% 4.6%
2 D. R. Horton 1,937 11.2%
3 Meritage Homes 1,295 7.5% 16.8%
4 Taylor Morrison 1,183 6.8% 14.7%
5 PulteGroup 1,138 6.6% 5.4%
6 Fulton Homes 794 4.6%
8 KB Home 590 3.4% 5.4%
9
Richmond
American Homes
569 3.3%
Top 9 Totals 10,294 59.4%
18%
41%
47%
24%
0%
65%
29%
41%
65%
50%
18%
29%
12% 12%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Portland, OR
 “Seeing the most activity in the more affordable range of homes
(under $500k).”
 “Attractive mortgage rates and softened prices.”
 “Low inventory levels, lower interest rates and moderation of
home price increases.”
 “Activity from mid-January through February has been quite
busy – sellers taking offers and rates are lower.”
 The Buyer Traffic Index ticked up to 50 from 46 in 2018:
As rates and prices moderate, demand remains healthy –
especially below $500k.
year.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Portland as a %
of Total Closings
1 D.R. Horton 842 16.7% 1.8%
3 Lennar Corp. 382 7.6% 0.9%
4 New Tradition Homes 169 3.3%
5 Pahlisch Homes 121 2.4%
6
Pacific Lifestyle
Homes
119 2.4%
7
Stone Bridge Homes
NW
116 2.3%
8 Urban NW Homes 98 1.9%
9
Everett Custom
Homes
90 1.8%
10 Manor Homes 86 1.7%
10
Renaissance Custom
Homes
86 1.7%
Top 11 Totals 2,856 56.6%
27%
38%
63%
40%
18%
33%
25% 25%
60%
73%
40% 38%
13%
0%
9%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Raleigh, NC
 “Dip in interest rates, corporate hiring with relocations from
the Northeast and California.”
 “Low inventory of resale homes.”
 “More listings coming on the market has increased traffic.”
 “Significant job growth in the area and in-migration.”
 “Seasonal increase combined with continued tight resale
inventory and retreat of interest rates from November highs.”
 “Strong last two months in the market.”
 The Buyer Traffic Index declined to 65 from 83 in Feb 2018:
Increased listings are exciting buyers with demand strength
supported by corporate relocations and in-migration.
 The Home Price Index lowered to 50 from 92 last year.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Raleigh as a %
of Total Closings
1 Lennar Corp. 982 12.2% 2.2%
2 Dan Ryan Builders 524 6.5%
3 PulteGroup 482 6.0% 2.3%
4 M/I Homes 399 5.0% 7.8%
5
Royal Oaks Building
Group
331 4.1%
6 D.R. Horton 330 4.1% 0.7%
7 Terramor Homes 277 3.4%
8 Mungo Homes 220 2.7%
Top 9 Totals 3,765 46.7%
23%
50%
31%
46% 50%54%
25%
38%
46%
17%
23% 25%
31%
8%
33%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Sacramento, CA
 “More available homes on the market.”
 “Steady prices and rates are making purchasing palatable.”
 “Coldest and wettest February in recent history.”
 “Low inventory levels.”
 “Buyers looking for competitive loan rates.”
 The Buyer Traffic Index decreased slightly to 57 from 58
in the prior February.
 The Home Price Index fell to 64 from 75 last year: Prices
moderated YOY, but increased sequentially alongside
inventory levels.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Sacramento as a
% of Total
Closings
1 Lennar Corp. 1,212 21.9% 2.8%
3 KB Home 391 7.1% 3.6%
4 Woodside Homes 368 6.6%
5 Hovnanian Enterprises 293 5.3%
5.5%
6 Elliott Homes 288 5.2%
7 JMC Homes 287 5.2%
8 D.R. Horton 267 4.8% 0.6%
9 Beazer Homes 243 4.4% 4.3%
Top 9 Totals 3,758 67.9%
43% 43%
57%
43% 43%43% 43% 43%
57%
43%
14% 14%
0% 0%
14%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
San Antonio, TX
 “Continued military moves; in-migration for employment and
family.”
 “It’s becoming a buyers’ market.”
 “Rain and cold weather, but buyers emerge when the sun
comes out.”
 The Buyer Traffic Index declined to 63 from 67 in
February 2018: Activity held above expectations supported
by corporate and military relocations.
 The Home Price Index decreased to 75 from 100 last
year.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
120
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
San Antonio
as a % of
Total Closings
1 D.R. Horton 1,833 17.7% 3.9%
2 KB Home 1,115 10.7% 10.2%
3 PulteGroup 821 7.9% 3.9%
4 Lennar Corp. 742 7.1% 1.7%
6 LGI Homes 480 4.6% 8.2%
7 Chesmar Homes 337 3.2%
8 M/I Homes 325 3.1% 6.4%
9 Armadillo Homes 320 3.1%
10 Legend Homes 316 3.0%
Top 10 Totals 6,784 65.2%
50%
0%
25%
75%
0%
50%
75%
50%
0%
50%
0%
25% 25% 25%
50%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
San Diego, CA
 “High prices and general uneasiness in California.”
 “Interest rates still good, inventory picking up.”
 “Interest rates and home prices have settled down, increasing
buyers’ interest.”
 “Favorable rates brought some buyers back to the market.”
 The Buyer Traffic Index declined to 32 from 44 last year.
 The Home Price Index decreased to 36 from 69 in Feb
2018: The majority of agents continue to report home price
moderation as the number of listings increase.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
San Diego as a
% of Total
Closings
1 Lennar Corp. 607 24.0% 1.4%
4 KB Home 225 8.9% 2.1%
7 Baldwin & Sons 98 3.9%
8
Cornerstone
Communities
88 3.5%
Top 9 Totals 1,958 77.6%
9%
70%
50%
22%
0%
55%
30%
50%
67%
60%
36%
0% 0%
11%
40%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
San Francisco, CA
 “Stable interest rates and more inventory on the market.”
 “Attractive rates have encouraged buyers.”
 “Prices remain elevated.”
 “Buyers still waiting for additional inventory in the spring.”
 The Buyer Traffic Index lowered to 55 from 70 in the prior
year: Easing rates and additional supply have encouraged
buyers to return to the market.
 The Home Price Index fell to 45 from 73 last year.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
San Francisco
as a % of Total
Closings
1 KB Home 530 10.1% 4.9%
2 Lennar Corp. 357 6.8% 0.8%
3 D.R. Horton 354 6.7% 0.8%
8
A.D. Seeno
Construction Co.
287 5.5%
9 PulteGroup 260 4.9% 1.2%
10 Trumark Cos. 233 4.4%
Top 10 Totals 3,297 62.6%
18%
55% 55%
30%
36%
55%
27%
36%
70%
45%
27%
18%
9%
0%
18%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Sarasota, FL
 “Lingering red tide algae concerns.”
 “Buyers taking more time.”
 “People are wary of the uncertain economic conditions.”
 “Winter temperatures encouraged travel to the south.”
 “Strong interest in second/retirement homes has rebounded.”
 The Buyer Traffic index decreased to 28 from 40 last
year: Notably, demand held below expectations despite the
majority (78%) reporting heightened incentives.
 The Home Price Index lowered to 22 from 50 in February
2018.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Sarasota - North
Port as a % of
Total Closings
1 Lennar Corp. 1,225 23.4% 2.8%
2
Neal Communities of
Southwest Florida
861 16.4%
3 D.R. Horton 767 14.6% 1.6%
4 PulteGroup 699 13.3% 3.3%
7 The Kolter Group 114 2.2%
9 Medallion Homes 89 1.7%
Top 9 Totals 4,553 86.8%
11%
67%
89%
78%
11%
22% 22%
11%
22%
33%
67%
11%
0% 0%
56%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Seattle, WA
 “Traffic volume is increasing, but at a slower pace than anticipated
due to the unusually inclement weather.”
 “Three major snow storms back to back.”
 “Low interest rates and the start of the spring market.”
 “More inventory coming online.”
 “Moderating rates.”
 The Buyer Traffic Index lowered to 44 from 50 in February
2018: Moderating rates and additional supply have kept buyers
out and looking despite the colder than usual weather.
 The Home Price Index declined to 65 from 88 last year.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Seattle as a %
of Total Closings
1 D.R. Horton 950 12.0% 2.0%
2 William Lyon Homes 516 6.5%
15.9%
3 Lennar Corp. 427 5.4% 1.0%
4 M.D.C. Holdings 358 4.5% 6.5%
7 PulteGroup 236 3.0% 1.1%
8 Mainvue Homes 222 2.8%
9 LGI Homes 200 2.5% 3.4%
10 SEA PAC Homes 162 2.0%
Top 10 Totals 3,703 46.7%
35%
47% 44%
36%
25%
59%
41% 44%
64%
38%
6%
12% 11%
0%
38%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Tampa, FL
 “Few homes available under $250k vs more inventory above
$500k.”
 “Good economic outlook with general job stability and a slight
increase in inventory levels.”
 “More sellers listing and buyers in the market compared to the
prior two months.”
 The Home Price Index lowered to 72 from 81 in Feb 2018:
Home prices rose sequentially as inventory increases at the
higher end vs a shortage at the entry-level (<$250k).
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Tampa as a %
of Total Closings
1 Lennar Corp. 3,025 32.9% 6.9%
2 D.R. Horton 959 10.4% 2.0%
4 M/I Homes 572 6.2% 11.2%
5 PulteGroup 500 5.4% 2.4%
6 Homes by Westbay 440 4.8%
7 NVR 363 3.9% 2.3%
8
David Weekley
Homes
320 3.5%
9 GL Homes 301 3.3%
Top 9 Totals 7,134 77.5%
56%
78%
56%
33%
0%
33%
11%
22%
56%
38%
11% 11%
22%
11%
63%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Tucson, AZ
 “Lack of lower priced home inventory.”
 “Uncertainty over the economic forecast.”
 “Reasonable prices leading to healthy demand.”
 “Cold and wet February weather.”
 The Buyer Traffic Index fell to 30 from 78 in the prior year.
 The Home Price Index ticked down to 70 from 72 in
February 2018: Prices appreciated for the third consecutive
month although the area remains relatively affordable vs other
west coast MSAs.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
50%
30%
40%
33% 30%
40% 40%
30%
67%
50%
10%
30% 30%
0%
20%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Key Takeaways:
Virginia Beach, VA
 “Reduced listings.”
 “Typical seasonal traffic given this is a vacation area.”
 “Spring is one of the busiest traffic seasons.”
 The Buyer Traffic Index unchanged at 50 YOY: Traffic met
agents’ expectations for the time of year.
 The Home Price Index increased to 83 from 63 in
February 2018.
Rank Top Builders
Closings
2017
Market
Share
Virginia Beach
as a % of Total
Closings
1 NVR 510 18.8% 3.2%
2 Chesapeake Homes 257 9.5%
3 The Dragas Companies 227 8.4%
4 HHHunt Homes 90 3.3%
5
Eagle Construction of
Virginia
88 3.2%
6 Equity Development 82 3.0%
7 Napolitano Homes 80 2.9%
8 Wetherington Homes 78 2.9%
8 Hearndon Construction 78 2.9%
10
Terry-Peterson
Residential Cos.
75 2.8%
Top 10 Totals 1,565 57.7%
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
67%
33% 33%
0%
33%33%
0% 0%
67%
33%
0%
67% 67%
33% 33%
0%
20%
40%
60%
80%
100%
Listings
Traffic
Note: This market had been excluded from our survey from Jul-Oct 2018

Key Takeaways:
Washington D.C.
 “Terrible weather has delayed the spring market.”
 “Weather and lingering concerns over the federal government
shut down.”
 “Poor weekend weather and general market uncertainty.”
 The Buyer Traffic Index fell to 22 from 63 last year: The
majority of agents cited poor weather conditions delaying the
spring selling season.
 The Home Price Index ticked up to 61 from 59 in the
prior February.
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
BuyerTrafficIndex
0
20
40
60
80
100
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
HomePriceIndex
Rank Top Builders
Closings
2017
Market
Share
Washington D.C.
as a % of Total
Closings
1 NVR 3,446 28.9% 21.6%
3 Lennar Corp. 724 6.1% 1.7%
4 Stanley Martin Homes 611 5.1%
5 Hovnanian Enterprises 536 4.5%
10.0%
6 Van Metre Cos. 493 4.1%
8 D.R. Horton 456 3.8% 1.0%
9 PulteGroup 422 3.5% 2.0%
Top 9 Totals 8,049 67.4%
33%
22%
67%
13%
0%
56%
33% 33%
88%
29%
11%
44%
0% 0%
71%
0%
20%
40%
60%
80%
100%
Listings
Traffic

Historical Trends: Buyer Traffic Index
Source: Credit Suisse
BUYER TRAFFIC INDEX Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19
Atlanta, GA 50.0 71.4 53.6 31.8 46.9 50.0 25.0 36.4 40.0 31.3 36.7 33.3 39.3 46.2 57.1 56.3 45.0 22.2 25.0 25.0 28.1 20.9 32.9 33.3 38.7 51.6
Austin, TX 61.1 57.7 54.5 58.3 54.5 35.0 38.9 22.2 38.5 34.4 20.0 50.0 61.1 50.0 50.0 57.1 50.0 64.3 50.0 50.0 42.9 25.0 50.0 25.0 50.0 50.0
Baltimore, MD 66.7 57.1 37.5 50.0 10.0 35.7 75.0 62.5 12.5 16.7 50.0 50.0 66.7 83.3 50.0 40.0 57.1 37.5 37.5 25.0 7.1 75.0 31.3 33.3 50.0
Boston, MA 45.5 46.7 45.5 58.3 40.6 45.8 22.2 40.0 35.7 16.7 19.2 12.5 38.5 40.0 35.7 18.2 45.0 34.6 33.3 50.0 50.0 15.4 31.8 32.1 31.8 25.0
Charleston, SC 8.3 31.3 25.0 41.7 35.7 31.3 41.7 50.0 12.5 16.7 41.7 70.0 12.5 37.5 10.0 25.0 50.0
Charlotte, NC 50.0 57.1 40.0 41.7 28.6 25.0 40.0 27.8 27.8 25.0 37.5 33.3 50.0 28.6 28.6 42.9 28.6 25.0 22.7 35.0 23.1 7.9 27.3 42.1 37.5 50.0
Chicago, IL 47.8 39.1 50.0 39.3 43.9 36.5 40.6 25.0 30.4 25.0 38.5 39.7 31.3 28.6 37.5 39.1 47.6 23.3 19.4 16.7 8.5 15.7 15.1 29.3 40.4 18.4
Cincinnati, OH 50.0 87.5 71.4 56.3 50.0 33.3 30.0 0.0 12.5 50.0 16.7 35.7 40.0 56.3 35.7 50.0 31.8 40.6 55.6 60.0 30.0 37.5 10.0 70.0 0.0
Columbus, OH 66.7 61.1 90.0 92.9 61.1 56.3 33.3 37.5 30.0 16.7 50.0 56.3 40.0 40.9 30.0 34.6 21.9 50.0 25.0 41.7
Dallas, TX 56.3 50.0 50.0 75.0 42.9 55.0 25.0 20.0 41.7 50.0 60.0 30.0 50.0 57.1 60.0 50.0 42.9 50.0 50.0 20.0 27.5 25.0 35.0 40.0 34.6 16.7
Denver, CO 42.9 66.7 64.7 62.5 57.9 36.1 33.3 35.0 36.7 39.3 25.0 57.5 47.8 37.5 45.8 42.1 42.3 29.4 30.6 31.3 25.0 20.0 27.8 35.7 44.4 40.0
Detroit, MI 46.7 53.3 46.2 64.3 41.7 38.5 38.5 28.1 36.7 29.4 30.0 27.5 36.8 16.7 43.8 25.0 45.0 34.6 54.5 35.0 19.2 12.5 27.8 26.2 40.6 25.0
Fort Myers, FL 10.0 22.2 35.7 33.3 9.1 15.0 58.3 40.0 0.0 33.3 44.4 38.9 66.7 66.7 50.0 30.0 33.3 40.0 33.3 31.3 13.6 11.1 13.6 43.8 27.3 18.8
Houston, TX 34.6 32.1 42.1 37.5 27.8 28.1 37.5 11.1 25.0 40.6 50.0 41.7 42.3 55.0 54.2 55.0 43.8 21.4 38.9 30.0 28.3 23.7 27.8 26.9 22.2 33.3
Indianapolis, IN 16.7 20.0 12.5 25.0 12.5 16.7 41.7 30.0 37.5 66.7 33.3 16.7 33.3 16.7 41.7 35.7
Inland Empire, CA 25.0 43.8 33.3 45.0 31.8 30.0 50.0 33.3 33.3 20.0 15.0 43.8 56.3 25.0 25.0 25.0 62.5 21.4 25.0 0.0 28.6 0.0 50.0
Jacksonville, FL 44.4 42.9 50.0 75.0 18.8 28.6 41.7 57.1 25.0 50.0 28.6 25.0 33.3 37.5 75.0 75.0 75.0 43.8 38.9 45.8 43.8 21.4 38.5 35.0 22.2 57.1
Kansas City, KS 83.3 25.0 62.5 75.0 70.0 33.3 37.5 50.0 28.6 25.0 50.0 80.0 66.7 70.0 66.7 16.7 58.3 45.8 0.0 37.5 25.0 17.9 16.7 35.7 25.0 31.3
Las Vegas, NV 42.9 37.5 50.0 41.7 50.0 59.1 64.3 57.7 46.2 45.5 62.5 61.5 60.5 53.8 38.2 46.9 27.3 37.5 50.0 27.8 60.0 30.0 27.3 10.0 18.8 30.0
Los Angeles, CA 39.6 52.0 48.3 45.3 43.2 29.2 38.6 36.0 29.5 23.9 38.1 43.5 45.8 31.3 50.0 38.1 50.0 23.8 18.8 11.7 12.0 15.0 26.5 28.1 27.8 21.4
Miami, FL 31.0 20.4 33.3 25.8 23.2 17.2 22.5 34.6 20.0 25.0 27.6 33.3 26.3 26.0 29.5 33.3 38.0 33.3 14.3 19.7 36.4 10.9 18.0 23.5 16.7 20.8
Minneapolis, MN 18.2 60.0 66.7 64.3 56.7 58.3 41.7 27.8 42.9 40.6 37.5 43.8 57.1 63.6 62.5 66.7 55.6 21.4 38.9 28.3 22.6 12.5 30.4 35.2 52.5 26.9
Nashville, TN 45.5 50.0 58.3 66.7 44.4 33.3 50.0 37.5 16.7 12.5 57.1 50.0 40.0 56.3 21.4 42.9 30.0 60.0 37.5 37.5 8.3 18.2 31.3 50.0 40.0 50.0
New York-Northern NJ 39.7 39.3 36.2 45.3 41.4 30.0 44.4 35.9 13.9 24.1 30.9 34.2 32.0 28.3 46.6 40.3 38.5 31.8 18.8 31.8 24.4 10.8 20.5 38.1 37.5 39.4
Orlando, FL 25.0 40.9 42.9 54.5 40.9 40.9 41.7 28.6 27.8 20.0 16.7 43.8 37.5 31.3 40.0 54.2 31.8 42.9 27.8 30.0 20.0 53.6 16.7 23.3 36.4 22.2
Phila.-Southern NJ 50.0 45.0 58.3 50.0 31.3 35.0 68.8 54.5 50.0 25.0 29.2 37.5 46.2 46.2 33.3 62.5 72.2 53.6 45.0 50.0 16.7 23.3 35.0 34.6 27.3 70.0
Phoenix, AZ 39.6 27.1 42.9 41.7 34.8 40.9 47.8 50.0 27.8 33.3 44.0 54.2 47.9 50.0 70.6 60.4 58.8 52.4 52.9 37.0 54.7 18.5 23.3 26.0 31.0 23.5
Portland, OR 65.4 80.0 75.0 61.5 58.3 37.5 37.5 25.0 6.3 16.7 25.0 35.0 38.9 46.4 45.5 46.2 55.6 33.3 33.3 25.0 10.7 24.1 34.0 28.9 55.6 50.0
Raleigh, NC 68.8 40.0 71.4 75.0 57.1 75.0 25.0 8.3 10.0 14.3 0.0 60.0 35.7 83.3 66.7 66.7 50.0 50.0 46.2 40.0 21.9 28.6 25.0 46.9 53.6 65.4
Sacramento, CA 50.0 54.2 65.0 37.5 50.0 44.4 41.7 66.7 60.0 55.0 50.0 65.0 54.2 58.3 77.3 73.1 37.5 43.8 22.5 41.7 28.6 7.1 25.0 40.9 50.0 57.1
San Antonio, TX 70.0 75.0 70.0 30.0 30.0 57.1 50.0 25.0 33.3 33.3 35.7 50.0 83.3 66.7 60.0 41.7 43.8 83.3 50.0 71.4 50.0 21.4 40.0 43.8 62.5 62.5
San Diego, CA 43.3 50.0 53.3 50.0 44.1 37.5 30.0 14.7 28.6 23.3 62.5 45.5 40.9 43.8 46.2 50.0 31.3 45.5 14.7 21.4 33.3 7.1 16.7 38.9 18.8 31.8
San Francisco, CA 44.7 47.2 55.6 45.0 37.5 44.7 45.0 56.0 50.0 35.7 52.3 66.7 65.6 70.0 73.3 56.3 25.0 40.6 34.2 25.0 23.1 11.9 23.7 34.2 39.5 54.5
Sarasota, FL 20.0 14.3 21.4 18.8 25.0 21.4 16.7 50.0 8.3 12.5 50.0 37.5 30.0 40.0 62.5 60.0 40.0 64.3 40.9 23.1 20.0 17.9 19.2 25.0 22.7 27.8
Seattle, WA 62.5 73.1 78.6 72.7 64.7 42.9 41.7 38.5 25.0 42.3 38.5 45.5 56.7 50.0 33.3 56.3 30.0 18.8 10.7 31.8 21.8 16.7 31.3 40.7 47.9 44.4
Tampa, FL 50.0 37.5 50.0 45.0 50.0 40.9 35.7 35.0 12.5 27.8 27.3 31.8 35.0 42.3 42.9 21.4 43.8 41.7 12.5 14.3 23.1 45.0 26.7 33.3 34.6 38.9
Tucson, AZ 42.9 71.4 75.0 66.7 42.9 68.8 71.4 50.0 16.7 64.3 50.0 55.0 62.5 77.8 68.8 66.7 75.0 53.8 62.5 42.9 42.9 0.0 35.3 33.3 22.7 30.0
Virginia Beach, VA 50.0 50.0 60.0 62.5 10.0 25.0 50.0 33.3 50.0 50.0 41.7 37.5 33.3 50.0 50.0 70.0 80.0 20.0 28.6 18.8 16.7 50.0
Washington, DC 38.9 61.5 35.7 42.9 34.4 39.3 37.5 38.2 45.5 20.0 66.7 62.5 57.7 62.5 65.6 61.8 54.5 46.2 20.0 37.5 24.0 20.6 40.0 37.5 32.1 22.2
Total 46.3 49.3 53.2 52.3 41.4 40.1 41.1 37.0 28.3 29.7 38.1 43.2 46.5 48.0 50.3 47.7 46.3 41.9 32.6 33.2 28.4 19.3 29.0 33.0 36.1 37.4

Survey of Realtor Perspectives on the Housing Market Nationally

Survey of Realtor Perspectives on the Housing Market Nationally

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Survey of Realtor Perspectives on the Housing Market Nationally