Key Highlights
- Sellers’ profits hit new high in 2019
- Price appreciation hit new high in 2019
- Home ownership tenure hit new high in 2019
ATTOM Data Solutions offered us big takeaways in its 2019 Year-End Home Sales Report.
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To begin with, seller profits hit a new high in 2019 with an average price gain of $65,500. With this new high in terms of price gains to sellers came a new high in home price appreciation.
Homeownership tenure also hit a new high of 8.21 years in Q4 2019, up from 8.08 years in A3 2019. This is the longest ever homeownership tenure since Q1 2000, the earliest period in which homeownership data is available.
Of the 108 metros ATTOM tracked with populations of at least 200,000, the five top tenures for sellers in Q4 2019 were all located in Connecticut:
- Norwich – 13.49 years
- New Haven – 13.32 years
- Bridgeport-Stamford – 13.23 years
- Torrington – 12.33years
- Hartford – 12.25 years
Other metros in the top 10 tenure-wise included
- Springfield MA – 11.70 years
- Santa Cruz – Watsonville CA – 11.55 years
- Worcester MA-CT – 11.18 years
- Santa Rosa CA – 11.18 years
- Oxnard – Thousand Oaks – Ventura CA – 11.01 years
Metros with the shortest homeownership tenure in Q4 2019 included:
- Oklahoma City OK – 6.16 years
- Colorado Springs – 6.84 years
- Detroit – Warren – Dearborn MI – 6.88 years
- Grand Rapids WY – 7.23 years
- San Antonio – New Braunfels TX – 7.25 years
- Minneapolis – St. Paul MN-WI – 7.38 years
- Provo – Orem UT – 7.50 years
- Chattanooga TN-GA – 7.52 years
ATTOM found that 45 of the 108 metros (42%) with populations of at least 200,000 people posted y/y decreases in homeownership tenure. These metros included:
- Colorado Springs – -9%
- Modesto CA – -7%
- Visalia CA – -5%
- Oklahoma City – -5%
- Olympia WA – -5%
Remember that homeownership tenure translates into home equity gains/losses, migration patterns, home price appreciation/depreciation, employment/economic trends, home renovation trends, etc.
Thanks to ATTOM Data Solutions’ Christine Stricker for source data.
Also read: Home Prices Up in 93% of National Market, Buyers Out of Hibernation Early, Multi-Family Markets Targeted for Supply Hikes
