Key Highlights
- Condo prices more affordable than single-family homes
- Condos typically come with lower maintenance burdens and mostly located in urban cores
CoreLogic’s Fraud Consortium Loan Application data indicates that first time buyers submitted 40% of condo-purchase mortgage applications. This same database indicates that Millennials submitted 47% of all condo-purchase mortgage applications.
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During 2019, the most recent compilation of CoreLogic’s Fraud Consortium Loan Application data, the highest share of condo sales activity was in…
- Hawaii – 46% of all sales
- Washington DC – 42% of all sales
- Massachusetts – 20% of all sales
- Florida – 18% of all sales
- Illinois – 17% of all sales
Of the top 25 markets with the most condo sales, the largest annual increase in condo sales in 2019 included:
- Austin TX – +12%
- New York NY – +6%
- Naples FL – +3%
- San Diego CA – +3%
- Denver CP – +3%
Markets with the biggest drops in condo sales included:
- Miami FL – -11%
- Warren MI – -11%
- Atlanta GA – -9%
- Orlando FL – -9%
- Honolulu HW – -9%
- Las Vegas NV – -9%
CoreLogic predicts that younger Millennials aged 30 years and under will likely drive condo demand in the next few years particularly due to widening affordability challenges in more and more markets. The problem in the condo segment of the market is the same for all market segments…demand will far outstrip supply.
Thanks to CoreLogic.
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