Winter weather lingered into February, dampening housing activity from year-ago levels according to a survey of 500 real estate agents across major US markets. The Buyer Traffic Index declined 11 points year-over-year to 37, up slightly from the prior month but below the historical average, with Phoenix, Dallas, and Washington DC seeing the largest drops in traffic. The Home Price Index rebounded to 51, indicating price increases after declines in prior months despite rising inventory, though affordable supply remains tight. Agents noted moderating demand from last year's robust levels and an uptick in builder incentives in some markets as buyers adopted a wait-and-see approach given expectations for ongoing rate stability.
Mining & Metals 2017: A tentative return to formWhite & Case
With miners staging a recovery on equity markets in 2016 and China concerns easing, growth is back on the agenda. But the recovery is not without its challenges and uncertainties.
Investment review and outlook august 2018 Roger Beutler
The document provides an investment review and outlook for August 2018. It summarizes recent performance across various asset classes including equities, fixed income, real assets, and private equity. While equity returns have been strong, markets face increased risks due to high valuations, rising interest rates, and potential trade wars. Diversification across asset classes remains important, as different areas may provide opportunities even during market downturns. Selective, globally diversified investments could continue generating attractive returns going forward despite challenges in the current investing environment.
Commercial Real Estate Market Trends - 2017cutmytaxes
The document summarizes commercial real estate market trends for the first quarter of 2017 according to a survey by the National Association of REALTORS. Key points include:
- Sales volume declined 4.4% year-over-year while prices rose 7.2%, indicating a tight market.
- Inventory shortage remained the top challenge.
- Leasing volume rose 2.3% quarter-over-quarter while rates increased 3.8% and concessions fell 11.1%.
- Financing availability returned as a top concern.
The document provides an analysis of the state of the US recession through 11 sections covering topics like consumers, business conditions, unemployment, and housing. It argues the recession is deeper than portrayed by mainstream sources and a true recovery will take years due to high consumer, business, and household debt levels requiring significant deleveraging. Sections analyze declining retail sales, business outlook surveys, record unemployment, and surging housing vacancies as evidence the recovery will be slow.
The document summarizes key events for the following day including earnings reports from several major companies and economic data releases. It also provides analysis on topics like the impact of the strengthening US dollar on multinational company profits and the origins of the feud between hedge fund managers Bill Ackman and Carl Icahn over Ackman's bet against Herbalife.
Sacramento real estate market update (The Wright Report)Ryan Lundquist
I contributed a few pages to The Wright Report recently. This is the most exhaustive local report I know of, and I recommend anyone to check it out if you want to read a few thoughts about what the market is doing, and see some graphs to understand how the market is moving. Let me know if you have any questions or thoughts. Thanks to Real Estate Broker Joel Wright for the invitation to pitch in my two cents on the market. http://www.SacramentoAppraisalBlog.com
The weekly commentary discusses the recent performance of the stock market and economy. It notes that Apple's strong earnings helped the S&P 500 gain 1.8% despite disappointing economic data from the US, Spain, and UK. The housing market continues to struggle with home prices at their lowest point since 2002, but sales have increased recently due to declining inventory levels. Overall the economy is growing modestly but not enough to indicate a clear direction.
20171103 sauc q3 2017 teleconference slides finaldrhincorporated
- Q3 2017 financial results showed lower sales and same store sales compared to the previous year, due to impacts from Hurricane Irma and changes to the loyalty program.
- EBITDA and margins declined due to higher chicken wing prices increasing cost of sales by over 200 basis points.
- Initiatives around delivery, loyalty programs, and promotional testing are aimed at driving sales growth.
- Regional mix and location of stores in weaker performing regions contributed to DRH's underperformance compared to overall BWLD results.
Mining & Metals 2017: A tentative return to formWhite & Case
With miners staging a recovery on equity markets in 2016 and China concerns easing, growth is back on the agenda. But the recovery is not without its challenges and uncertainties.
Investment review and outlook august 2018 Roger Beutler
The document provides an investment review and outlook for August 2018. It summarizes recent performance across various asset classes including equities, fixed income, real assets, and private equity. While equity returns have been strong, markets face increased risks due to high valuations, rising interest rates, and potential trade wars. Diversification across asset classes remains important, as different areas may provide opportunities even during market downturns. Selective, globally diversified investments could continue generating attractive returns going forward despite challenges in the current investing environment.
Commercial Real Estate Market Trends - 2017cutmytaxes
The document summarizes commercial real estate market trends for the first quarter of 2017 according to a survey by the National Association of REALTORS. Key points include:
- Sales volume declined 4.4% year-over-year while prices rose 7.2%, indicating a tight market.
- Inventory shortage remained the top challenge.
- Leasing volume rose 2.3% quarter-over-quarter while rates increased 3.8% and concessions fell 11.1%.
- Financing availability returned as a top concern.
The document provides an analysis of the state of the US recession through 11 sections covering topics like consumers, business conditions, unemployment, and housing. It argues the recession is deeper than portrayed by mainstream sources and a true recovery will take years due to high consumer, business, and household debt levels requiring significant deleveraging. Sections analyze declining retail sales, business outlook surveys, record unemployment, and surging housing vacancies as evidence the recovery will be slow.
The document summarizes key events for the following day including earnings reports from several major companies and economic data releases. It also provides analysis on topics like the impact of the strengthening US dollar on multinational company profits and the origins of the feud between hedge fund managers Bill Ackman and Carl Icahn over Ackman's bet against Herbalife.
Sacramento real estate market update (The Wright Report)Ryan Lundquist
I contributed a few pages to The Wright Report recently. This is the most exhaustive local report I know of, and I recommend anyone to check it out if you want to read a few thoughts about what the market is doing, and see some graphs to understand how the market is moving. Let me know if you have any questions or thoughts. Thanks to Real Estate Broker Joel Wright for the invitation to pitch in my two cents on the market. http://www.SacramentoAppraisalBlog.com
The weekly commentary discusses the recent performance of the stock market and economy. It notes that Apple's strong earnings helped the S&P 500 gain 1.8% despite disappointing economic data from the US, Spain, and UK. The housing market continues to struggle with home prices at their lowest point since 2002, but sales have increased recently due to declining inventory levels. Overall the economy is growing modestly but not enough to indicate a clear direction.
20171103 sauc q3 2017 teleconference slides finaldrhincorporated
- Q3 2017 financial results showed lower sales and same store sales compared to the previous year, due to impacts from Hurricane Irma and changes to the loyalty program.
- EBITDA and margins declined due to higher chicken wing prices increasing cost of sales by over 200 basis points.
- Initiatives around delivery, loyalty programs, and promotional testing are aimed at driving sales growth.
- Regional mix and location of stores in weaker performing regions contributed to DRH's underperformance compared to overall BWLD results.
This document provides a summary of the top 10 real estate markets in the United States for investment based on forecasts for price appreciation and future job growth. It lists McAllen, Texas as the top market, followed by Las Vegas, Nevada and Colorado Springs, Colorado. For each market it provides data on population, housing prices, unemployment rates, job growth forecasts, median sales prices, and 3-year and 5-year home appreciation forecasts. The document is from Norada Real Estate Investments and is analyzing housing market conditions and investment opportunities.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
The 2016 Faegre Baker Daniels M&A Conference Update, including a presentation and talking points by Bridgepoint Merchant Banking's Managing Principal Adam Claypool.
Washington DC Housing Market Continues to Grow into 2019, Real Estate Expert ...dhbwashingtondc
While the previous real estate recission negatively impacted Washington DC’s real estate prices, the years following the event made DC into one of the fastest growing cities in America. Emerging from the housing crisis and recession was one of Washington DC’s strongest real estate markets in decades.
The good old days when Clear Channel Las Vegas was kicking ass and taking names. We made a lot of money in the mid-2000s; '06 and '07 we hit the peak and everyone knows what happened after that. Although I prepared and delivered this piece eight years ago, reading it now put me right back in the conference room at CCRS LA. Heh.
The quarterly report summarizes real estate market trends in the San Francisco Bay Area in the fourth quarter of 2015. Key points include:
- Average home sale prices rose year-over-year across all regions, with Marin County reaching a new record high average of $1.515 million.
- The luxury market (top 10% of homes) saw gains in all regions, with the Mid-Peninsula having the highest average sale of $4.631 million.
- Total sales in the Bay Area were strong at $8.014 billion, led by the East Bay which accounted for 58% of sales and 46% of total dollar volume.
The document summarizes commercial real estate market conditions in Northern Nevada during the third quarter of 2008. It states that declining lending has negatively impacted business activity and the real estate market. Vacancy rates increased across office, retail, and industrial sectors, putting downward pressure on rents. Property sales occurred but with higher capitalization rates. The regional economy also weakened with rising unemployment.
Restaurant Monthly Update December - 2016Duff & Phelps
October marked the seventh month out of the past eight with declining sales for the restaurant industry. While both same-store sales and traffic growth showed modest improvements from September, the results continue to raise concerns for the industry. Despite challenges in the sector, a number of emerging concepts across the restaurant industry have received additional rounds of funding from institutional and strategic investors.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
The document analyzes past presidential elections and their impact on the stock market. It finds that elections typically cause only short-term volatility and the prevailing trends in market supply and demand are better indicators of longer-term trends. Looking at the current election, the author notes contracting investor demand and stagnant supply have created vulnerabilities, but the market trend will ultimately be determined by whether supply expands rapidly or selling pressure is reversed. Investors are advised to monitor selling pressure in the coming days for clues about the post-election market direction.
Coldwell Banker Commercial Market Comparison Report Ranks Denver as Top Comme...Coldwell Banker Commercial
The document summarizes a study that ranked over 80 commercial real estate markets across the United States based on 5 factors: office, retail, and multi-family vacancy rates and rental rates from Q3 2013 to Q3 2014 as well as population and unemployment changes over the same period. Denver, CO was ranked as the top market based on having the highest cumulative score across all factors. The top 10 markets also included San Francisco, Houston, Dallas, San Jose, Phoenix, San Antonio, Las Vegas, Austin, and Orange County.
Houston's retail market ended 2018 strong with a low vacancy rate of 5.3% and increased activity, though signs of a slowdown have begun to appear with available space and slowing deal flow. While the market remains healthy, existing retail centers will need to be leased before developers start new speculative projects. The pace of the retail market is expected to slow going forward as the cycle peaks, but Houston should remain a strong, vibrant retail market.
In this edition of Valuation Insights we discuss retention incentives that are expected to become more mainstream under the new Trump Administration. The article discusses recent high profile cases, such as United Technologies recently announced deal to retain Carrier Corporation's furnace manufacturing facility in Indiana. The most common retention incentives are discussed in the article as well as best practices to improve your prospects for securing them.
Other Topics Covered Include:
• Goodwill impairment trends as highlighted in the Duff & Phelps 2016 U.S. and European Goodwill Impairment Studies • Duff & Phelps' Fifth Annual Transaction Trail Report on M&A and Capital Markets Activity in Southeast Asia • Delaware Chancery Court Case which utilized the Duff & Phelps Valuation Handbook Series as support for its conclusion that the respondent's expert's analysis was more reliable.
The document provides an overview of multifamily real estate trends, fundamentals, and development in Las Vegas. Key points include:
- Multifamily has been the top performing asset class due to strong fundamentals like rising rents and high occupancies, especially in the luxury/Class A segment.
- Developers are actively building new luxury projects in response to the improving market.
- Capitalization rates remain low, driving investors to secondary markets like Las Vegas where yields are still attractive relative to core coastal markets.
- Job growth and rising wages are supporting increased demand for rental housing as the economy continues to recover.
Check out Coldwell Banker Commercial’s 2014 Blue Book, a year-end market intelligence report assembled entirely from data submitted by CBC-affiliated companies. The 2014 edition includes the most comprehensive primary, secondary and tertiary market coverage.
Investment Outlook for Commercial Real Estate June 2015Lewei He
Foreign capital flows into US commercial real estate reached a record high in the first quarter of 2015, surpassing the previous record set in 2007. While job growth has slowed, real estate fundamentals remain healthy overall. Apartment prices and cap rates have continued to rise and compress, though some markets may have peaked in occupancy and rents. Industrial indicators point to moderate expansion in 2015, while trends in online retail will impact demand for warehouses and distribution facilities. Office absorption was lower than completions in the first quarter after being higher in previous years, and certain markets like Houston face rising vacancy risks if oil prices remain low. Retail sales volume was unchanged from a year ago despite challenges from online shopping that are transforming the sector.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
Lazard Investment Research: Update on the Improving Foundations of US House P...LazardLazard
Home prices have continued their upward climb, as evidenced by the latest report from S&P/Case-Shiller. However, the most recent data show a sequential deceleration in aggregate price increases. While there are several variables that influence the price trajectory of housing, the recent spike in borrowing rates—in anticipation of tapering by the US Federal Reserve—appears to be a primary driver. In this paper, we discuss the key variables, in addition to housing price indices, that contribute to create a more complete assessment of the fundamentals for a further price recovery.
This report summarizes the residential real estate market in Northern California from July to December 2012. It finds that the market is poised for large price increases due to two artificially created forces: historically low interest rates around 3.5% and historically low inventory around 3 weeks of homes for sale. This combination of low rates and supply is driving prices higher rapidly. The recovery is also supported by investors purchasing properties, a decline in foreclosures putting homes on the market, and government programs refinancing underwater homeowners, all reducing inventory levels. The market is shifting from a buyer's to a seller's market with many over-asking-price offers on each home.
Residential Real Estate market update covering the Macro Economy and its influence on local real estate markets. Designed to assist investors to make informed decision, and move forward with confidence.
The document summarizes an analyst's downgrade of the consumer staples sector from overweight to neutral based on two key factors: 1) Earnings estimates have declined and valuations have increased for the sector, weakening its fundamentals. 2) Canadian consumer spending growth has slowed significantly, reducing the sector's leverage to the Canadian consumer. The analyst expects a more sluggish performance from the staples sector going forward given these factors.
This document provides a summary of the top 10 real estate markets in the United States for investment based on forecasts for price appreciation and future job growth. It lists McAllen, Texas as the top market, followed by Las Vegas, Nevada and Colorado Springs, Colorado. For each market it provides data on population, housing prices, unemployment rates, job growth forecasts, median sales prices, and 3-year and 5-year home appreciation forecasts. The document is from Norada Real Estate Investments and is analyzing housing market conditions and investment opportunities.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
The 2016 Faegre Baker Daniels M&A Conference Update, including a presentation and talking points by Bridgepoint Merchant Banking's Managing Principal Adam Claypool.
Washington DC Housing Market Continues to Grow into 2019, Real Estate Expert ...dhbwashingtondc
While the previous real estate recission negatively impacted Washington DC’s real estate prices, the years following the event made DC into one of the fastest growing cities in America. Emerging from the housing crisis and recession was one of Washington DC’s strongest real estate markets in decades.
The good old days when Clear Channel Las Vegas was kicking ass and taking names. We made a lot of money in the mid-2000s; '06 and '07 we hit the peak and everyone knows what happened after that. Although I prepared and delivered this piece eight years ago, reading it now put me right back in the conference room at CCRS LA. Heh.
The quarterly report summarizes real estate market trends in the San Francisco Bay Area in the fourth quarter of 2015. Key points include:
- Average home sale prices rose year-over-year across all regions, with Marin County reaching a new record high average of $1.515 million.
- The luxury market (top 10% of homes) saw gains in all regions, with the Mid-Peninsula having the highest average sale of $4.631 million.
- Total sales in the Bay Area were strong at $8.014 billion, led by the East Bay which accounted for 58% of sales and 46% of total dollar volume.
The document summarizes commercial real estate market conditions in Northern Nevada during the third quarter of 2008. It states that declining lending has negatively impacted business activity and the real estate market. Vacancy rates increased across office, retail, and industrial sectors, putting downward pressure on rents. Property sales occurred but with higher capitalization rates. The regional economy also weakened with rising unemployment.
Restaurant Monthly Update December - 2016Duff & Phelps
October marked the seventh month out of the past eight with declining sales for the restaurant industry. While both same-store sales and traffic growth showed modest improvements from September, the results continue to raise concerns for the industry. Despite challenges in the sector, a number of emerging concepts across the restaurant industry have received additional rounds of funding from institutional and strategic investors.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
The document analyzes past presidential elections and their impact on the stock market. It finds that elections typically cause only short-term volatility and the prevailing trends in market supply and demand are better indicators of longer-term trends. Looking at the current election, the author notes contracting investor demand and stagnant supply have created vulnerabilities, but the market trend will ultimately be determined by whether supply expands rapidly or selling pressure is reversed. Investors are advised to monitor selling pressure in the coming days for clues about the post-election market direction.
Coldwell Banker Commercial Market Comparison Report Ranks Denver as Top Comme...Coldwell Banker Commercial
The document summarizes a study that ranked over 80 commercial real estate markets across the United States based on 5 factors: office, retail, and multi-family vacancy rates and rental rates from Q3 2013 to Q3 2014 as well as population and unemployment changes over the same period. Denver, CO was ranked as the top market based on having the highest cumulative score across all factors. The top 10 markets also included San Francisco, Houston, Dallas, San Jose, Phoenix, San Antonio, Las Vegas, Austin, and Orange County.
Houston's retail market ended 2018 strong with a low vacancy rate of 5.3% and increased activity, though signs of a slowdown have begun to appear with available space and slowing deal flow. While the market remains healthy, existing retail centers will need to be leased before developers start new speculative projects. The pace of the retail market is expected to slow going forward as the cycle peaks, but Houston should remain a strong, vibrant retail market.
In this edition of Valuation Insights we discuss retention incentives that are expected to become more mainstream under the new Trump Administration. The article discusses recent high profile cases, such as United Technologies recently announced deal to retain Carrier Corporation's furnace manufacturing facility in Indiana. The most common retention incentives are discussed in the article as well as best practices to improve your prospects for securing them.
Other Topics Covered Include:
• Goodwill impairment trends as highlighted in the Duff & Phelps 2016 U.S. and European Goodwill Impairment Studies • Duff & Phelps' Fifth Annual Transaction Trail Report on M&A and Capital Markets Activity in Southeast Asia • Delaware Chancery Court Case which utilized the Duff & Phelps Valuation Handbook Series as support for its conclusion that the respondent's expert's analysis was more reliable.
The document provides an overview of multifamily real estate trends, fundamentals, and development in Las Vegas. Key points include:
- Multifamily has been the top performing asset class due to strong fundamentals like rising rents and high occupancies, especially in the luxury/Class A segment.
- Developers are actively building new luxury projects in response to the improving market.
- Capitalization rates remain low, driving investors to secondary markets like Las Vegas where yields are still attractive relative to core coastal markets.
- Job growth and rising wages are supporting increased demand for rental housing as the economy continues to recover.
Check out Coldwell Banker Commercial’s 2014 Blue Book, a year-end market intelligence report assembled entirely from data submitted by CBC-affiliated companies. The 2014 edition includes the most comprehensive primary, secondary and tertiary market coverage.
Investment Outlook for Commercial Real Estate June 2015Lewei He
Foreign capital flows into US commercial real estate reached a record high in the first quarter of 2015, surpassing the previous record set in 2007. While job growth has slowed, real estate fundamentals remain healthy overall. Apartment prices and cap rates have continued to rise and compress, though some markets may have peaked in occupancy and rents. Industrial indicators point to moderate expansion in 2015, while trends in online retail will impact demand for warehouses and distribution facilities. Office absorption was lower than completions in the first quarter after being higher in previous years, and certain markets like Houston face rising vacancy risks if oil prices remain low. Retail sales volume was unchanged from a year ago despite challenges from online shopping that are transforming the sector.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
Lazard Investment Research: Update on the Improving Foundations of US House P...LazardLazard
Home prices have continued their upward climb, as evidenced by the latest report from S&P/Case-Shiller. However, the most recent data show a sequential deceleration in aggregate price increases. While there are several variables that influence the price trajectory of housing, the recent spike in borrowing rates—in anticipation of tapering by the US Federal Reserve—appears to be a primary driver. In this paper, we discuss the key variables, in addition to housing price indices, that contribute to create a more complete assessment of the fundamentals for a further price recovery.
This report summarizes the residential real estate market in Northern California from July to December 2012. It finds that the market is poised for large price increases due to two artificially created forces: historically low interest rates around 3.5% and historically low inventory around 3 weeks of homes for sale. This combination of low rates and supply is driving prices higher rapidly. The recovery is also supported by investors purchasing properties, a decline in foreclosures putting homes on the market, and government programs refinancing underwater homeowners, all reducing inventory levels. The market is shifting from a buyer's to a seller's market with many over-asking-price offers on each home.
Residential Real Estate market update covering the Macro Economy and its influence on local real estate markets. Designed to assist investors to make informed decision, and move forward with confidence.
The document summarizes an analyst's downgrade of the consumer staples sector from overweight to neutral based on two key factors: 1) Earnings estimates have declined and valuations have increased for the sector, weakening its fundamentals. 2) Canadian consumer spending growth has slowed significantly, reducing the sector's leverage to the Canadian consumer. The analyst expects a more sluggish performance from the staples sector going forward given these factors.
Mortgage Closing Costs Rising - The Real Estate Report August/SeptemberAMSI, San Francisco
The Real Estate Report August/September, local market trends San Francisco: "Mortgage Closing Costs Rising" by AMSI's Real Estate Broker Robb Fleischer
Annie Williams Real Estate Market Trends Aug/Sep 2013Jon Weaver
The document summarizes local real estate market trends in San Francisco. It reports that median condo prices rose 10.3% month-over-month and 24.6% year-over-year in July. Condo sales were down 26.3% from June but up 18.9% year-over-year. Single-family home sales were up 19.9% year-over-year in July, while the median price dipped 7.3% from June but rose 17.3% from the previous July. Mortgage closing costs have increased 6% over the past year due to low rates bringing more refinancing and new regulations. Foreclosure activity remained low with one notice of default and sale filed
The Robb Fleischer’s Real Estate Report – Local Market Trends San Francisco includes monthly updates regarding mortgage rates, market statistics, sales momentum, pricing momentum, trends at a glance, foreclosure statistics and more.
- REITs had a lackluster start to 2017, returning -0.6% in January and underperforming the S&P 500 by nearly 250 basis points.
- Fourth quarter earnings have been mixed and 2017 earnings guidance has been conservative as companies acknowledge uncertain economic outlook.
- Commercial property fundamentals remain solid and should exhibit operating income growth exceeding inflation in 2017, leading to positive earnings growth for REITs over the next few years.
Merrill Lynch provides an overview of their Canadian equity strategy and outlook. They maintain a cautious outlook on the overall market and preference for defensive sectors. They expect Canadian GDP growth to slow from 2.9% in 2006 to 2.3% in 2007, weighing on corporate earnings. Their analysis suggests TSX earnings per share growth may contract in 2007 rather than the 13% consensus growth. Foreign and domestic investors may also shift away from Canadian stocks due to weaker resource sectors and the Canadian dollar, putting downward pressure on valuations.
U.S. markets saw mixed returns in December as signs of economic recovery were offset by weaknesses emerging in the housing and bond markets. While job growth and consumer confidence recovered from hurricanes, housing data showed declining sales and rising inventories. Bond yields also inverted for the first time since 2000, a potential warning sign of recession. The Federal Reserve raised rates again but investors hoped this signaled the end of the tightening cycle. Overall, the document assessed recent economic indicators and market performance in December and provided an outlook looking into 2006.
The Canadian housing market and economy showed signs of recovery in October. Home sales and prices increased across most of Canada, with the national average home price rising 13.6% year-over-year. The strong housing market recovery has contributed to Canada being one of the first developed nations to emerge from recession. While exports may be dampened by a stronger Canadian dollar, private investment and consumer spending are expected to support continued economic growth. Overall, recent data indicates Canada is well-positioned for a sustained rebound from the economic downturn.
JLL Research - US_Investment_Outlook_-_Q4_2016Matt Berres
The document provides an overview and analysis of investment trends in the US commercial real estate market in Q4 2016. Key points include:
- Total US investment sales reached $432 billion in 2016, down 9.7% from 2015. Multifamily was the strongest sector with a 4.3% increase while retail and hotels declined the most.
- Secondary markets hit a record $113 billion in sales, driven by multifamily and retail investment. Dallas, Atlanta, Phoenix and Denver were top performing secondary markets.
- Interest rates rose significantly in Q4 2016 and are expected to continue climbing in 2017, putting pressure on real estate pricing. However, spreads remain healthy compared to prior peaks.
- Fund
The Bridgepoint Midwest M&A Index, which measures M&A activity in the Midwest US region, decreased 7.8% in Q1 2016 from the previous quarter. On a year-over-year basis, the index was down 18.7% from Q1 2015. The decline is largely due to a lack of quality companies available for acquisition, though valuations remain elevated. Transaction volumes were down in Q1 2016 compared to the previous quarter, though median deal sizes increased.
The Real Estate Report May/June - Prices Hit All-Time HighsAMSI, San Francisco
- The median home sale price in San Francisco reached $1,000,000 for the first time ever in April, while the median condo price was $855,000, also an all-time high.
- The sales to list price ratio was 108.2% for homes and 105.2% for condos, both at their highest levels since 2005, indicating a very competitive market for buyers.
- Inventory is extremely low, with only 506 total homes, condos, and lofts for sale in San Francisco as of early April, representing a three week supply versus a normal six month supply.
The Robb Fleischer’s Real Estate Report – Local Market Trends San Francisco includes monthly updates regarding mortgage rates, market statistics, sales momentum, pricing momentum, trends at a glance, foreclosure statistics and more.
Annie Williams: Real Estate Market Trends Sep/Oct 2013Jon Weaver
The median price for condos in San Francisco increased 12% year-over-year to $815,000 in August. Condo sales were down 11.5% compared to the previous year, with 285 units sold last month. The sale to list price ratio has been over 100% for the past 18 months. Jumbo loans are currently cheaper than conforming loans due to banks keeping jumbo loans on their books rather than selling them. The median price for single-family homes rose 27.5% year-over-year to $977,000 in August, while home sales fell 9.6% compared to the previous year. Market momentum indicators for home sales and pricing have been trending upward for the past 18
Jumbo Loans Cheaper Than Conforming Loans - The Real Estate Report September/...AMSI, San Francisco
The Real Estate Report September/October, local market trends San Francisco: "Jumbo Loans Cheaper Than Conforming Loans" by AMSI's Real Estate Broker Robb Fleischer
Obtaining a Mortgage to Get More Difficult - The Real Estate Report November/...AMSI, San Francisco
The Real Estate Report November/December, local market trends San Francisco: "Obtaining a Mortgage to Get More Difficult" by AMSI's Real Estate Broker Robb Fleischer
Similar to Survey of Realtor Perspectives on the Housing Market Nationally (20)
Tucson Association of Realtors "Making the Move' Essay Scholarship ContestHeather McClaren
Financial literacy and personal financial management is now a
high school requirement for graduation. The Tucson Association
of REALTORS® values the importance of financial literacy and
the critical timing of it in this economic condition. We our proud
to announce the "Making the Move" scholarship program. This
program recognizes high school seniors who demonstrate
knowledge in financial literacy.
Two $1,000 scholarships will be awarded on behalf of the
scholarship recipients to an accredited college, university or
trade school.
Realtors 2019 Code of Ethics and Standards of Practice Heather McClaren
Did you know that not every real estate agent, belongs to the National Association of Realtors, or is obligated to follow the Code of Ethics and Standards of Practices developed to provide the public with the maximum of care and excellence of service they deserve? Make sure you hire yourself a Realtor, someone who has pledged their license to provide this level of excellence of care. Ask your next potential representative, are you an agent or are you a Realtor?
In the Tucson housing market in August 2019:
- Active inventory decreased 16% from August 2018 to 2,833 properties.
- Closed sales increased 5% to 1,609 sales.
- The median price of sold homes increased 6% to $225,000.
- New properties under contract increased 1% to 1,762.
- Months of inventory decreased to 1.8 months from 2.2 months in August 2018.
Az Legal Contract Buyers/Sellers - 8/2019 currentHeather McClaren
As of August 2019, the current legal process to purchase or sell a home. This contract is designed to be utilized by your realtor, and legally created by the Arizona Association of Realtors to protect home buyers/sellers legally in the sale of their home.
This is a flowchart of the breakdown of the legal home buying process in AZ. This is the process buyers will go through to legally purchase your home in Arizona. Typically the whole process takes 30-45 days, most of the times it's approximately 30 days.
Great for anyone wanting to invest and take advantage of all the money-making opportunities in the development of downtown. Whether restaurants, homes nearby, or storefronts to rent out - there is lots of opportunity to be had if you are in the know! Call me, I'd be happy to discuss.....520-236-0951 heathermcclaren.longrealty.com
For the overall real estate market in Tucson and southern Arizona, the Seller’s Market conditions continue. The inventory of homes for sale continues to decline in 2018, while sales increased further. The shortage of listings has not been a drag on home sales, however it has contributed to a 4% increase in median price. This has created a very competitive environment, especially at lower price points. At the higher end of the market, there has been a measurable increase in luxury sales. The median price of homes in Tucson was $207,250 in June 2018. Prices have recovered to 2007 levels and are
92% recovered from the market’s peak of $226,465 in November 2005.
This document provides a summary of development projects in downtown Tucson from January 2017 to Summer 2018. It outlines completed projects that have created over 120 new housing units and 760,000 square feet of commercial space. Current projects underway will add over 350 new housing units and 650,000 square feet of commercial space. Proposed future projects could bring an additional 500 housing units and over 1 million square feet of development to downtown Tucson. The document demonstrates significant investment and growth in downtown Tucson.
2-10 Home Warranty is what I recommend to both buyers/sellers. Heather McClaren
Home warranties are great! Several hundred dollars a year, then everything major/minor gets repaired or replaced for only $60 service fee. It's awesome! I have one on my own home. It gives me lots of peace of mind. It's a great way to warranty your home as a seller, and feel more certain as a buyer.
This document provides tips to protect personal information when buying or selling a home. It advises to carefully review transaction paperwork for accuracy, communicate changes to the transaction in person or over the phone, and not provide unnecessary information to unknown parties. It also warns to examine email addresses closely and enable multi-factor authentication on email accounts to prevent fraudsters from stealing information through hacked email accounts.
15 homes sold for more than $1,000,000 in May. The largest number of actively listed homes is in the $200,000 to $399,000 price range. Total dollar volume for May was $386,081,637. Pending sales were 421 at the end of May, a decrease of 3.88% from April. The median sales price in May was $195,000, up 2.63% from April and up 12.18% from May 2015. At the end of May, there were 3,589 actively listed single-family homes, down 18.58% from May 2016.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
If you're Planning to Build a House in Haldwani, Understanding the House Construction Cost in Haldwani is crucial. It's important to grasp the direct and indirect cost factors entailed in the Construction process before Initiating any work. This Understanding is pivotal for Efficient Budget allocation, allowing you to plan your finances more Effectively. Construction expenses can vary Significantly, Influenced by Diverse Elements such as site Location, raw material prices, Labour charges, and various other variables. Here at Geomatrix, we pride Ourselves on offering competitive rates for house construction in Haldwani, ensuring affordability without Compromising on quality and providing the best options within your budget. For a precise evaluation of the cost involved in constructing your dream home, consult our team of architects and construction experts.
For more information visit:
https://geomatrix.co.in/services/real-estate-project-management-in-haldwani/
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
At Geomatrix, we Pride Ourselves on our Commitment to Superior Craftsmanship and client satisfaction. Our team Consists of Highly Qualified specialists including Architects, Engineers, project Managers, and skilled labourers who work seamlessly together to achieve ourclients' Objectives. Geomatrix is recognized as the Best Construction Company in Haldwani, Dedicated to bringing visions to life with unparalleled Expertise and Professionalism.
For more information visit:
https://geomatrix.co.in/
Survey of Realtor Perspectives on the Housing Market Nationally
1. 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.
2. 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
3. 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.
4. 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
5. 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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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%
20%
40%
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
6. 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 6
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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
2018 single family permits: 16,904
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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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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
9 Taylor Morrison 466 3.1% 5.8%
Top 9 Totals 8,635 57.6%
40%
60% 60%
20% 20%20%
40%
20%
80%
20%
40%
0%
20%
0%
60%
0%
20%
40%
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
7. 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 7
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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
2018 single family permits: 5,347
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.
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
60%
40%
0%
20%
40%
0%
40%
100%
40%
20%
40%
20%
0%
40%
0%
20%
40%
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
8. 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 8
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
2018 single family permits: 4,846
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
20%
50%
33%
17%
0%
60%
33%
67%
50%
67%
20% 17%
0%
33% 33%
0%
20%
40%
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
9. 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 9
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.”
8th largest market in the country
2018 single family permits: 15,282
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.
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
43%
50%
13%
0%
63%
43%
38%
88%
67%
13% 14% 13%
0%
33%
0%
20%
40%
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
10. 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 10
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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
2018 single family permits: 8,476
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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 Taylor Morrison 123 1.9% 1.5%
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%
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
11. 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 11
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
43rd largest market in the country
2018 single family permits: 4,273
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
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
Note: October 2017 results were excluded due to lack of respondents
12. 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 12
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
39th largest market in the country
2018 single family permits: 4,237
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%
8 Maronda Homes 142 4.5%
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
42%
17%
50%
27% 27%
50%
83%
33%
64%
55%
8%
0%
17%
9%
18%
0%
20%
40%
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
13. 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 13
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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
2018 single family permits: 36,196
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
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
14. 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 14
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
14th largest market in the country
2018 single family permits: 11,801
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
6 Meritage Homes 443 5.0% 5.7%
7 D.R. Horton 437 5.0% 0.9%
8 Shea Homes 333 3.8%
9 Taylor Morrison 248 2.8% 3.1%
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%
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
15. 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 15
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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
2018 single family permits: 6,169
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
6 Toll Brothers 153 4.9% 2.1%
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%
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
16. 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 16
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
The Home Price Index lowered to 19 from 67 in the prior
year.
35th largest market in the country
2018 single family permits: 5,817
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
10 Taylor Morrison 66 1.8% 0.8%
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%
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
17. 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 17
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
2nd largest market in the country
2018 single family permits: 40,083
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
6 Taylor Morrison 1079 4.3% 13.4%
7 KB Home 1073 4.2% 9.8%
8 PulteGroup 938 3.7% 4.5%
9 Meritage Homes 901 3.6% 11.7%
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%
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
18. 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 18
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
20th largest market in the country
2018 single family permits: 10,756
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
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
19. 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 19
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
The Home Price Index lowered to 50 from 80 in Feb ’18.
33rd largest market in the country
2018 single family permits: 5,608
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
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
20. 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 20
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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 Buyer Traffic Index declined to 30 from 54 last year:
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.
15th largest market in the country
2018 single family permits: 9,589
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
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
21. 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 21
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
17th largest market in the country
2018 single family permits: 10,029
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
4 Toll Brothers 459 5.3% 6.2%
5 Shea Homes 440 5.1%
6 TRI Pointe Group 438 5.0% 9.3%
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%
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
22. 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 22
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
11th largest market in the country
2018 single family permits: 7,044
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
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
23. 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 23
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
22nd largest market in the country
2018 single family permits: 8,873
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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
<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
5 Mattamy Homes 210 3.8%
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%
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
24. 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 24
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
13th largest market in the country
2018 single family permits: 12,343
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
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
25. 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 25
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
10th largest market in the country
2018 single family permits: 10,633
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Rank Top Builders
Closings
2017
Market
Share
NY - Northern NJ -
Long Island as a %
of Total Closings
1 Toll Brothers 744 7.2% 10.1%
2 ONEX 463 4.5%
3 Hovnanian Enterprises 384 3.7% 7.2%
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%
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
26. 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 26
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
6th largest market in the country
2018 single family permits: 16,238
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
5 Meritage Homes 649 5.1% 8.4%
6 AV Homes 636 5.0% 25.5%
7 Mattamy Homes 568 4.5%
8 Taylor Morrison 536 4.2% 6.7%
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%
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
27. 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 27
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
27th largest market in the country
2018 single family permits: 7,001
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Rank Top Builders
Closings
2017
Market
Share
Philadelphia as a
% of Total
Closings
1 NVR 1,223 23.7% 7.7%
2 Toll Brothers 682 13.2% 9.2%
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%
8 Hovnanian Enterprises 89 1.7% 1.7%
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%
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
28. 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 28
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
The Home Price Index lowered to 50 from 74 in Feb ’18.
4th largest market in the country
2018 single family permits: 23,553
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
7 Shea Homes 788 4.5%
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%
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
29. 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 29
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
The Home Price Index lowered to 43 from 77 in the prior
year.
28th largest market in the country
2018 single family permits: 6,849
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Rank Top Builders
Closings
2017
Market
Share
Portland as a %
of Total Closings
1 D.R. Horton 842 16.7% 1.8%
2 William Lyon Homes 747 14.8% 23.1%
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%
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
30. 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 30
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
18th largest market in the country
2018 single family permits: 11,163
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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 Taylor Morrison 220 2.7% 2.7%
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%
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
31. 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 31
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
23rd largest market in the country
2018 single family permits: 6,420
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Rank Top Builders
Closings
2017
Market
Share
Sacramento as a
% of Total
Closings
1 Lennar Corp. 1,212 21.9% 2.8%
2 Taylor Morrison 409 7.4% 5.1%
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%
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
32. 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 32
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
9th largest market in the country
2018 single family permits: 8,028
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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
<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
5 Meritage Homes 495 4.8% 6.4%
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%
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
33. 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 33
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
49th largest market in the country
2018 single family permits: 3,510
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Rank Top Builders
Closings
2017
Market
Share
San Diego as a
% of Total
Closings
1 Lennar Corp. 607 24.0% 1.4%
2 TRI Pointe Group 351 13.9% 7.5%
3 Shea Homes 260 10.3%
4 KB Home 225 8.9% 2.1%
5 Toll Brothers 146 5.8% 2.0%
6 Taylor Morrison 121 4.8% 1.5%
7 Baldwin & Sons 98 3.9%
8
Cornerstone
Communities
88 3.5%
9 Meritage Homes 62 2.5% 0.8%
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%
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
34. 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 34
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
25th largest market in the country
2018 single family permits: 4,051
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
4 Toll Brothers 343 6.5% 4.6%
5 TRI Pointe Group 315 6.0% 6.7%
6 Shea Homes 312 5.9%
7 William Lyon Homes 306 5.8% 9.4%
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%
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
35. 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 35
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
26th largest market in the country
2018 single family permits: 6,324
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
5 Taylor Morrison 468 8.9% 5.8%
6 Mattamy Homes 240 4.6%
7 The Kolter Group 114 2.2%
8 Maronda Homes 90 1.7%
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%
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
36. 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 36
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
19th largest market in the country
2018 single family permits: 9,034
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
5 Toll Brothers 330 4.2% 4.5%
6 TRI Pointe Group 302 3.8% 6.4%
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%
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
37. 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 37
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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 Buyer Traffic Index declined to 39 from 42 last year:
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).
12th largest market in the country
2018 single family permits: 14,208
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
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%
3 Taylor Morrison 654 7.1% 8.1%
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%
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
38. 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 38
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
2018 single family permits: 3,339
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
50%
30%
40%
33% 30%
40% 40%
30%
67%
50%
10%
30% 30%
0%
20%
0%
20%
40%
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
39. 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 39
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
46th largest market in the country
2018 single family permits: 4,120
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
67%
33% 33%
0%
33%33%
0% 0%
67%
33%
0%
67% 67%
33% 33%
0%
20%
40%
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
Note: This market had been excluded from our survey from Jul-Oct 2018
40. 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 40
Key Takeaways:
Comments from Real Estate Agents
Market Overview and Builder Exposure
Note: Indexes above 50 indicate “exceeds expectations” or “higher”
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.
7th largest market in the country
2018 single family permits: 13,322
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
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
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 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Rank Top Builders
Closings
2017
Market
Share
Washington D.C.
as a % of Total
Closings
1 NVR 3,446 28.9% 21.6%
2 Toll Brothers 903 7.6% 12.2%
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%
7 TRI Pointe Group 458 3.8% 9.8%
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%
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