WASHINGTON, DC (April 25) – Despite concerns that investors are driving
a resurgent housing market in early 2013, the latest Campbell/Inside
Mortgage Finance HousingPulse Tracking Survey results suggest
first-time homebuyers and current homeowners are in fact the major
players in this year’s marketplace.
the active presence of non-investor homebuyers is helping create a
remarkably strong market for non-distressed properties leading into the
important spring-summer home buying season.
nationwide data for March show that current homeowners continued to
dominate the overall home purchase market with a 42.2 percent market
share, based on a three-month moving average. While that was down from
the levels seen last fall, it was still up on a year-over-year basis.
Meanwhile, first-time homebuyers stepped up their activity, reaching an
eight-month market share high of 36.1 percent in March, according to
Although investors have been getting a lot of media attention recently
in terms of driving – if not dominating – home purchase activity, their
share of the national housing market was just 21.8 percent in March.
HousingPulse data show the investor market share nationwide hovering
between 19 and 23 percent for much of the past year.
you look at just non-distressed properties, the largest segment of the
housing market, the investor share was only 13.3 percent in March.
Current homeowners had a 50.0 percent market share and first-time
homebuyers a 36.8 percent of the non-distressed housing market last
Although a lack of inventory is continuing to plague many areas around
the country, the non-distressed housing sector is posting some very
impressive numbers that point to a robust market. “We are seeing a very
strong market for non-distressed properties and that is important
because the metrics for this segment are not affected by policy
decisions at mortgage servicers to release or not release distressed
properties onto the market,” noted Thomas Popik, research director for
Campbell Surveys. “It bodes well for the spring-summer buying season.”
average number of offers for non-distressed properties, based on a
three-month moving average, hit a three-and-a-half year high of 2.2 in
March, HousingPulse results show. In the hot California housing
market, the average number of offers for non-distressed properties was
4.0 in March.
Another important measure of the strength of the non-distressed market
is the average time it takes to sell a property. In March, the average
time-on-market for non-distressed properties fell to 10.9 weeks – the
lowest level recorded by HousingPulse in three-and-a-half years.
ratio of a home listing price to its actual sales price, a key gauge of
homebuyer demand, also reached new highs for non-distressed properties
in March, according to HousingPulse results. The average
sales-to-list-price ratio for non-distressed properties was 96.8 percent
last month. That compared to 94.9 percent a year ago.
Campbell/Inside Mortgage Finance HousingPulse Tracking Survey
involves approximately 2,000 real estate agents nationwide each month
and provides up-to-date intelligence on home sales and mortgage usage
more information on the survey, contact John Campbell at Campbell
Surveys at (202) 363-2069 or
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