REAL ESTATE TRENDS...Shipping container housing project being built in Phoenix

Shipping container housing project being built in Phoenix

© StarkJames/ Containers on Grand

Containers on Grand is a new housing project made from old containers in Phoenix, Arizona. It's just being assembled as we speak; you can follow it on Instagram. Designed and built by STARKJAMES, there is already a waiting list for the 740 square foot one bedroom rental units. An investor in the project, Kathleen Santin, tells the College Times that most of the prospective tenants are looking for "something that is creative, innovative and different".

Santin says there’s no doubt that there is currently a housing shortage in downtown, and even if they are at market price, they don’t necessarily have that sleek, modern look that millennials are searching for. “The majority of people contacting us love downtown but don’t live downtown. I just think there’s a shift in the generation. People don’t want to be in the suburbs anymore.”

© StarkJames/ Containers on Grand

Here in TreeHugger, I have wondered whether shipping container architecture makes sense; They are narrow inside, the floors are treated with insecticides and can be toxic, and they are monocoque construction with the walls supporting the roof, so when you cut out big sections to weld them together, you have to put in almost as much new steel in beams as you cut out in panels. It's hot and sunny in Phoenix, so they will need a lot of insulation. Shading over the windows would be nice too.

© StarkJames/ Containers on Grand

But the designers have been really clever in their placement of the bathrooms and the kitchens in a separate site-built link between the containers; this makes it easier to wire and plumb, and separates the containers into clusters which breaks down the massing and looks a lot better.

© StarkJames/ Containers on Grand

I grew up around shipping containers (my dad made them) and played with them in architecture school, and have never thought they would ever make good housing, being designed for freight, not people. But StarkJames is demonstrating that you can build housing that hits a real market niche, that with enough cutting and welding you can make decent comfortable space, and hopefully with enough insulation and air conditioning the occupants won't cook. I might have to reconsider.

© StarkJames/ Containers on Grand

REAL ESTATE TOPICS...Real Estate: High demand for houses, low supply sparks bidding wars for homes

By Jim Kinney

SPRINGFIELD -- Home buyers energized by an early spring and frustrated by their choices of available homes in hot neighborhoods are putting in multiple offers and sparking bidding wars when the right house shows up on the market, according to local real estate agents.

"Properties are coming on the market and they are going very quickly," said Lou Mayo, president of the Realtor Association of Pioneer Valley, which released its monthly statistical rundown of the housing market Monday. "We have the buyers, we need the listings."

Single-family sales are up 38.2 percent across the Pioneer Valley, from 280 homes sold a year ago in March 2015 to 387 sold last month. The region-wide median price is up 2.7 percent from $180,000 in March 2015 to $184,900 last month.

Realtors harvest their statistics on sales that go through the Multiple Listings Service through a real estate agent.

Mayo said he's seeing bidding wars in Agawam, including Feeding Hills, as well as when mid- to high-priced homes come on the market in Wilbraham. Sellers are able to get above the asking price.

"It is happening extremely frequently," said Dawn Henry of Coldwell Banker in East Longmeadow. "And they are entry-level homes. They are under $200,000."

One home in East Longmeadow received eight offers in 24 hours. She's also seen multiple offers come in for homes in Longmeadow and in Springfield.

But Mayo said it is simply demand speaking in a market that didn't slow down as much for this mild winter has it did in past winters when buyers spent months waiting for snow to melt so they could get a look at the back yard of a place they were considering.

"(Realtors are seeing) Very well qualified buyers just looking for a home," Mayo said. "They have already looked at everything else that is out there and said no. They are ready to jump as soon as something pops that they like."

Mayo said one problem is that there isn't the historical data to back up the new, higher prices, so appraisers who set prices used as guides by  mortgage lenders are sometimes reluctant to OK the higher loans.

Real estate agents compare statistics to those form a year ago in order to correct for seasonal changes in buying patterns.

County-by-county statistics:

• Hampden County: Sales are up 44.8 percent from 192 homes sold in March 2015 to 278 sold last month. Median price is up 3.9 percent from $163,950 in March 2015 to $170,400 last month.
• Hampshire County: Sales increased from 58 in March 2015 to 74 last month. The median sales price is up 4.4 percent from $250,000 to $261,100.
• Franklin County: Sales are up from 32 in March 2015 to 34 last month. The median sales price is up 8.5 percent from $178,500 in March 2015 to $193,750 in March 2016.

Other statistics:

• Inventory: Single-family home listings fell 14 percent from 2,271 in March 2015 to 1,925 last month.
• Days on market: The average days on market fell 3 percent from 149 at the end of March 2015 to 144 days  at the end of last month.
• Pending sales: Listings under agreement are up 55 percent from 411 in March 2015 to 637 last month.
• Mortgage rates: A 30-year fixed-rate mortgage averaged 3.71 percent at the end of March. That is compared with 3.69 percent a year ago.

Accords Massachusetts, M Arch saw a record number of closings, the Massachusetts Association or Realtors said. Closing crew 23.2 percent from 2,801 statewide in March 2015 to 3,452

Closed sales have been up 14 out of the last 21 months, the state association said.

Nationally, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 5.1 percent to a seasonally adjusted annual rate of 5.33 million in March, according to the National Association of Realtors. That is compared with an annualized rate of 5.07 million in February.

Sales rose in all four major regions last month and are up a modest 1.5 percent from March 2015.

Lawrence Yun, NAR chief economist, said home sales across the country rebounded in March from a soft February.

"Closings came back in force last month as a greater number of buyers – mostly in the Northeast and Midwest overcame depressed inventory levels and steady price growth to close on a home. Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures."

REAL ESTATE TIPS...7 Reasons Your House Isn't Selling

By Bob Niedt

Your family, friends and, yes, neighbors are a little concerned: Your house has been on the market for quite some time and they’re beginning to wonder. Will it ever sell?

You’re beginning to wonder, too. So let’s back up a bit: Did you and the Real Estate agent representing your property have a good heart-to-heart about the asking price? Did you look at recent sales and comparable listings in your neighbor (“comps,” in Realtor-speak)? Or did you balk at the figure the agent calculated for your home and wanted it higher?

An unrealistic asking price is the obvious reason a home will linger on the market. Here are seven more reasons that might be less obvious, but they nonetheless could be keeping your house from attracting bids.

1. It lacks curb appeal

As most agents will tell you, if you can’t get potential buyers past the front yard, you’re not going to get them in the front door.

“If buyers don’t like the front [of the house] picture on the Internet or when driving by, they won’t look any further,” says Joel Hobson of Hobson Realtors in Memphis, Tenn. “Mulch the beds, paint the front door, clean the windows.” Look at your siding, too, and make sure all the gutters are attached and cleaned. And by all means maintain the lawn: No dandelions!

Jessica Riffle Edwards, a real estate agent with Coldwell Banker Sea Coast Advantage in Wilmington, N.C., has a curb appeal drill for her clients.

“I always tell my sellers to do an exercise called the ‘Front Door Check.’ Stand at your front door and imagine you are a prospective buyer. You might be waiting at the front door for a couple of minutes while the agent opens the door for a viewing. Look up and down, left and right and take notice of any cobwebs, paint chips or scuffs on the door or front porch that need attention,” she says.

2. You refuse to make upgrades

No home seller wants to replace appliances, flooring or countertops. Why spend the money on items you don’t plan to stick around and enjoy?

The big reasons you need to suck it up and do it is competition. If there are similar homes for sale in your area that have upgrades – stainless steel, granite, new windows and so on – and yours doesn’t, buyers will notice.

This is particularly noticeable if you haven’t upgraded in a decade or more. Cara Ameer, a broker associate with Coldwell Banker Vanguard Realty in Ponte Vedra, Fla., listed one house that came with baggage from the ‘80s. Entryway mirrors ran 20 feet from floor to ceiling and continued up the staircase to the second floor. Home buyers were stopped cold as soon as they entered.

“That house sat on the market that way for [two and a half] years,” says Ameer, until she persuaded the owners to take down the mirrors, a $3,000 job.

3. There’s too much clutter

Real estate agents and other professionals say a big part of selling your home is the staging. (Come on, you watch enough HGTV to know what I’m talking about.)

Start by removing personal stuff: family photos, taste-specific artwork, notes attached to the fridge. Buyers want to see the potential, not so much your kid’s kindergarten project. Then, turn to large items that make rooms look small and cluttered such as oversized sofas and bulky exercise equipment. Next, clear out cabinets and closets to make them appear more spacious. And don’t forget the garage, a space that often becomes home to everything except the family car.

“A big word I use with clients is ‘editing’,” says Ameer. “Get rid of excess furniture and collections of things. Make sure the room is accessible and it flows.”

You might need to rent a storage unit to stash your stuff temporarily, but it’s a wise investment if your house sells faster.

4. The roof is old

This is a deal-breaker for many home buyers who can’t stomach the prospect of spending thousands – sometimes tens of thousands – of dollars on top of the sale price. But agents say sellers tend to revert to the “let’s see if we get an offer anyway” argument. Often, that doesn’t fly, especially if the seller wants top dollar for the home.

“An older roof scares buyers,’’ says Ameer.

Ameer and other agents say costs make it hard to talk sellers into replacing a roof before putting a house on the market. In Florida, where Ameer works, a new roof can range from approximately $6,000 for a 1,500-square-foot house to $25,000 for a 4,000-square-foot home. The figures are particularly daunting for first-time buyers, people selling inherited property and those selling homes on behalf of aging relatives who are no longer able to remain there.

One family initially balked, Ameer says, but relented when low offers kept coming in. The payoff was quick: The house sold within two weeks after the roof work was completed.

5. You still have renters

There’s this property you have that’s provided nice side income. You’re renting it out. But now you decide to sell the home. Think it through, agents say. You may want to send the renters packing with plenty of time to freshen up the place before you put it on the market.

Allowing the renters to stay while you attempt to sell that house is a tough go.

“Renters are not going to have it show like you want it to show,” says Ameer, who deals with this “armchair landlord” situation a lot in Florida, where the housing market was especially affected during the Great Recession. “It’s a slippery slope: You want the rent but you also want to sell. It will lag on the market with tenants in there.”

6. You hate showings

Yes, it’s annoying to have to leave the house at a moment’s notice because an agent has a client eager to see your home. But deal with it. The real estate market is 24/7 now.

In your listing, you can have your agent outline rules for showings, including limited hours or “by appointment only,” as long as you’re willing to accept that you might be missing out on a potential sale. Not surprisingly, home buyers want to look at houses during off-hours including nights and weekends because that’s when it’s convenient for them.

“Make your house easy to show for selling agents. Never turn down a showing, and let them put a key box in for easy access,” says Hobson, who advises that when you know there is going to be a showing, “make your home as bright and light as possible. Open draperies, turn on lights, leave the temperature comfortable, so that buyers want to stay.”

Agents agree that it’s best if the homeowner isn’t present during showings, so resist the urge to hang around the house.

7. You didn’t sweat the small stuff

Paying attention to the little details -- potential buyers surely will -- is essential. Painting baseboards and trim, touching up scuffs on the walls, and replacing outdated lighting and switch plates can freshen up a house without breaking the bank.

Says Edwards: “Buyers today want the house to be move-in ready and you will be competing with nearby properties that are move-in ready. Painting and carpet cleaning are affordable improvements that you can make to allow your home to stand out.”

Then there’s this: “I love dogs, but make sure that your house does not smell bad,” says Hobson. “Cigarette smoke is the worst.”

REAL ESTATE TOPICS...Is it better to buy or rent in retirement?

Nationwide, it usually makes more financial sense to buy a home than rent. But it's a little more complicated for those in their golden years.

by Kathryn Vasel

Retirees also need to decide whether they want to leave an inheritance behind -- a key factor in the rent vs. buy decision.

If a retiree does not plan to pass the home on to heirs, it's nearly always cheaper to rent than to buy, according to a report from Trulia.

That's because building equity is one of the biggest factors that favors purchasing a home. But if there are no plans to leave the home behind, or buy another home, it usually makes more financial sense to rent.

"The value of that equity matters a lot when making the decision. If you don't care whether that value will be around when the house is sold, it might be a better deal to rent." said Ralph McLaughlin, Trulia's chief economist.

Out of the 100 cities with the highest population of people 65 and older, renting made more financial sense in 98 of the cities, for those not considering leaving the home equity as inheritance.

To calculate the savings of buying versus renting in retirement, Trulia assumed buyers were in a 15% tax bracket and would stay in the home for 15 years.

The Villages, Florida, and Danville, Virginia, were the only two places where it made more sense to buy, even when home equity wasn't a factor. It would be 14% cheaper to buy a place in The Villages, where the median home price is $250,019, and 7% cheaper to rent in Danville.

Homes are very affordable in Danville, with the median home price coming in around $65,000, according to McLaughin.

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BUY OR RENT CALCULATOR BY

"That makes a mortgage peanuts compared to the rent, which is about $850 a month."

Related: The rental market is going gray

For retirees who are looking to leave their home's equity as an inheritance, Florida is home to the top 10 retirement cities where it's cheapest to buy.

For instance, it's almost 70% cheaper to buy a home in Naples, and buying costs nearly 62% less than renting in Marco Island.

"The financial advantages of home ownership in the South is very large because prices tend to be much lower relative to rent," said McLaughlin.

Calculate: How much house can you afford?

Here are the retirement cities in the U.S. where it's the cheapest to buy, according to Trulia:

1. The Villages, Florida: 71.6% cheaper to buy

2. Naples, Florida: 69.4% cheaper to buy

3. Venice, Florida: 66.5% cheaper to buy

4. Delray Beach, Florida: 64.1% cheaper to buy

5. Deerfield, Beach, Florida: 62.9% cheaper to buy

6. Marco Island, Florida: 61.8% cheaper to buy

7. Pompano Beach, Florida: 61.0% cheaper to buy

8. Englewood, Florida: 61.0% cheaper to buy

9. Titusville, Florida: 60.8% cheaper to buy

10. Hallandale Beach, Florida: 60.4% cheaper to buy

REAL ESTATE TOPICS...HOW TO SCORE A GREAT DEAL ON REAL ESTATE

Written by Jaymi Naciri

With many real estate markets rebounding or thriving, foreclosure rates way down, and short sales all but gone in most areas, can you still find a bargain when buying a home? Yes, but you'll have to be sneaky, creative, diligent, or all of the above.

Pay cash

You've got a couple hundred K lying around, right? It may sound ludicrous to some, but buying a house all cash is a growing trend, and one that can save you money upfront and down the line. Sellers may be more willing to negotiate on the home price for a cash purchase. A shorter home search and escrow period can save you money on carrying costs in your current home. And, obviously, not paying a mortgage can save you hundreds of thousands of dollars in interest.

Go to an auction

While foreclosures are down across the country, some homes still end up going through the process and then ending upavailable at auction. That means you can bid in person (or online if that option is available) in an attempt to get a bargain home. Take note that you'll probably be in competition with investors and home flippers, and many auctions require an all-cash payment, which makes them difficult to purchase for the average person. You'll also want to keep in mind that many auction homes are in poor condition - be sure to check them out before bidding so you don't end up with a money pit.

MPC

Buy in a developing neighborhood

If you're willing to compromise on location, you might be able to find a great deal. And, you might even get help with the purchase.

"Some towns offer transitional and developing neighborhood homes at very steep discounts," said Fortune Builders. "You may have to agree to live in the house for a certain number of years or agree to do a good amount of repairs, however this is definitely a program to search for in the area you're looking to buy.

Buy a fixer upper

Have a way with a hammer and a desire to make your place your own? Buy a project house. You'll save a ton of money and you'll be able to redo it in your style instead of living with someone else's.  Some loans might even help pay for your renovation as part of the home purchase.

Rent to own

Is your less-than-excellent credit and/or unsubstantial down payment making it difficult to get a good loan? Maybe you're having trouble competing with other buyers in a competitive market. Both of these scenarios could end up with you paying more than you want to. But you may be able to get a great deal and ease into the market with a rent-to-own or lease option arrangement.

"Whether the issue is a lack of down payment, a little too much debt, or a lingering ding on their credit report, sometimes buyers just have to wait while they work on their credit profile or save more money before they can buy a home," said Realtor.com. "In such a case, a rent-to-own or lease-to-own arrangement can sometimes be a solution."

The advantages of renting to own are the ability to lock in a purchase price from the beginning of the agreement, and saving toward a down payment - “During that time, the renters usually pay an above-market rent, with the excess rent credited toward a down payment when the contract ends,” said Realtor.com - and work on improving their credit so at the end of the term, they are able to qualify for a great rate.

Lease Option Jacksonville

Buy in the ‘burbs

People don't move to the suburbs because they want to be an hour and a half (each way) from work. It's a tradeoff for affordability, plus a crack at a family-friendly atmosphere and quality public schools.

For $500,000 ($499,990, to be exact), you could buy this brand-new home in the family friendly suburb of Santa Clarita. You'll have to deal with a long commute to…well, pretty much anywhere, but, in return, you'll have great space and a home designed just for you with all the features and finishes you want that no one has ever lived in. For the same money, you can buy this tiny condo a few blocks from the beach in Santa Monica. It's only 855 square feet and one bedroom, but think of all that time you'll save not being in the car!

That's the thing about location. It's give and take. While you might be able to find something in the location you really want for the money you have, it may not be what you want.

REAL ESTATE TOPICS...The GEN X Focus

REAL ESTATE TOPICS...Do You Really Need a Realtor to Sell a Home?

Exclusive FREE Report: Jim Cramer's Best Stocks for 2016

7

Call it the $11,076 question. That’s how much typical Realtor commissions amount to on a typical U.S. home selling for $184,600, the number Zillow pegs as the median home value. 

Move the question to San Francisco, or prime New York City, and the number vaults up to maybe $50,000 or more. 

That dough is prompting more sellers to ask: can we cut out the Realtors? 

Factor two is that Internet sites - including Zillow - have put a world of information about homes for sale in the hands of every seller and buyer. From a house’s property taxes to its most recent sold price, all that info is a few clicks away - as is an avalanche of data about comparable homes. Ten years ago, a seller really needed a realtor’s help in pricing and getting a home on the market. Nowadays not so much. 

But the real reason the question is getting asked is factor three: the inventory of homes for sale is shallow in most of the country. In Atlanta, it’s about half the number it would be in a healthy market. In Seattle, the shortage has reached alarming lows. In northern Virginia, there are Washington Post headlines about “ lack of inventory.” In markets with little inventory, homes generally sell very quickly - often within a week or two of going up for sale. 

San Francisco is an outlier - inventory is up 40% over a year ago - but prices there have hit breathtaking levels. In much of the country, inventory shortages rule, and that is what is prompting more sellers to ask if they really need a realtor to sell. 

Of course, It’s perfectly legal to sell a house in a so-called FSBO (for sale by owner) transaction. Right now, only 8% of homes are sold that way, according to numbers from the National Association of Realtors (NAR). But that number is ticking up. Sissy Lappin, co-founder of ListingDoor.com, a company that helps homeowners do FSBOs, said that the number of FSBOs had “doubled” in the past year in several areas that she investigated. 

That makes sense in today’s hot market. 

But there’s another side to this. Peter Hernandez, founder of real estate firm Teles Properties in Los Angeles, said he’s heard that “we don’t need a realtor because the market is so hot” argument - but it doesn’t hold up. He sighed: “This thinking is faulty because they don’t know what they don’t know.” 

Hernandez also said - regarding the savings on commissions by going FSBO - that may be more illusion than reality. “Buyers automatically subtract the commission from their lower than normal offering price because they know that you aren’t paying a commission and they want the savings," he said. Realize, that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission.” 

It is hard to know who’s right and who’s wrong. NAR said: “The typical FSBO home sold for $210,000 compared to $249,000 for agent-assisted home sales.” The organization's claim: Realtors pay their own way with higher home selling prices. But that may be comparing apples to oranges. The NAR data do not exactly prove that point, because it’s not the same homes selling for more with a Realtor. 

Then, too, in some cases a realtor represented home may actually sell for less. “After I had sold my first house, I had realized that I had gotten a lot less than the market value after I talked with my best friend who used to be a realtor," said A.J. Saleem, a private tutor in Houston. "It turned out the realtor wanted to quickly sell the house and gain the commission rather than help me reach the best deal.” 

That happens. To a home seller, the difference between $185,000 and $200,000 is a chunk of change. To a realtor, it is about $900, or maybe really half that because typically the seller’s agent and buyer’s agent split the commission. And $450 probably isn’t enough to risk a deal over. 

Stories about realtor heroics also abound. 

The reality: some Realtors knock it out of the park and others don’t. What job isn’t that true of? 

That’s not the real issue

The real issue is the seller himself. For some sellers using a realtor is a smart move, because the Realtor handles the marketing, shows the house to some buyers and does a lot of many small steps involved in selling a home. Some sellers flop at FSBO, because they just can’t handle those details. Work is involved in selling a house, even in a hot market, and a seller either wants to do it or doesn’t. 

Other buyers thrive on those challenges. That puts this ball squarely in your own hands. 

Know what kind of seller you are, and you’ll know if you need a Realtor. It’s that simple.

REAL ESTATE TOPICS...CALIFORNIA MARCH EXISTING HOME SALES (Talking Points)

MARCH EXISTING HOME SALES AND MEDIAN PRICE ACCELERATE FROM PREVIOUS MONTH AND YEAR
Source: C.A.R.

California home sales rose from both the previous month and year to post the highest sales pace in six months, while strained housing supplies continued to push home prices higher, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

Making sense of the story

• Existing, single-family home sales totaled 415,220 in March on a seasonally adjusted annualized rate, up 5.5 percent from February and 5.7 percent above March 2015.

• March’s statewide median home price was $483,280, up 8.9 percent from February and up 4 percent from March 2015.

• The median number of days it took to sell a single-family home declined in March to 29.9 days, compared with 41.4 days in February and 34.2 days in March 2015.

• March’s sales level rose above the 400,000 level for the first time in three months.

• C.A.R. President Pat “Ziggy” Zicarelli commented, “California’s housing market is moving in the right direction as we enter the spring home-buying season, but sales growth will likely be isolated in areas where inventory is more abundant and housing affordability is less of an issue. For example, in the Bay Area, where inventory is extremely tight, annual sales are down in the double-digits in seven of the region’s nine counties.”

• The number of active listings increased slightly for the third consecutive month after declining for five straight months, but was not enough to boost housing supplies. Active listings increased 3.9 percent from February on a statewide basis.

• The increase in active listings was outpaced by the rate of home sales, causing C.A.R.’s Unsold Inventory Index to drop from 4.6 months in February to 3.6 months in March.

TALKING POINTS …

• Existing home sales surged 5.1 percent to an annual rate of 5.33 million units last month. February's sales pace was revised slightly down to 5.07 million units from the previously reported 5.08 million units, according to the National Association of REALTORS®.

• Economists had forecast sales rising 3.5 percent to a 5.30 million-unit pace in March. Sales were up 1.5 percent from a year ago. The number of unsold homes on the market in March rose 5.9 percent from February to 1.98 million units. Supply was, however, down 1.5 percent from a year ago.

• Existing home sales rose in all four regions last month, jumping 11.1 percent in the Northeast and accelerating 9.8 percent in the Midwest.

REAL ESTATE TOPICS...Home prices see highest increase since 2007

Prices increase by about 17%

Home sellers in March sold their homes for an average 17% gain, or $30,500 more than the purchase price, making it the highest average monthly price gain for home sellers since December of 2007, according to RealtyTrac’s March and Q1 U.S. Home Sales report.

Of the nation’s 125 metropolitan areas with at least 300 sales in March, the largest gains occurred in San Francisco with a 72% gain. This was followed by San Jose, California with gains of 60%, Boulder, Colorado with 53%, Prescott, Arizona with 51% and Los Angeles 48%.

Although home sellers may be rejoicing at these increases, in some markets, the increasing home prices are actually stalling the market. In California, increased home prices have caused a slower start to the Spring homebuying season, with a decrease of 4.7% in home sales from March 2015.

“Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom,” RealtyTrac senior vice president Daren Blomquist said. “That should encourage more homeowners to take advantage of the prime seller’s market and list their homes for sale this year.”

“Banks are already taking advantage of that market as evidenced by the uptick in the distressed sales share over the last two quarters,” Blomquist said.

He cited increasing home prices as the culprit to the faltering home price appreciation occurring in some markets.

“Given that bank-owned homes are selling at a median price that is 40% below the overall median sales price nationwide, the uptick in distressed sales combined with affordability constraints are contributing to faltering home price appreciation in some markets, most notably the bellwether markets of Washington, D.C. and San Francisco,” Blomquist said.

On the other hand, home sellers sold their home for less than the purchase price. Among the markets that experienced a loss in the sale price versus purchase price were Rockford, Illinois with a 11% loss, Winston-Salem, North Carolina with a 10% loss, Cleveland Ohio with an 8% loss, Columbia, South Carolina with a 7% loss and Wilmington, North Carolina with a 5% loss.

About 36% of markets reached all-time price peaks in the past 15 months. The seven markets that reached new price peaks in March 2016 were Boulder, Colorado; Denver; Portland; Fort Collins, Colorado; Austin, Texas; Greeley, Colorado and Cincinnati, Ohio.

A total of 17% of markets had annual declines in home prices. 

REAL ESTATE TOPICS...Realtor.com® Identifies America's Boom Towns

New construction, job growth and household formation combine to propel these neighborhoods to America's fastest growing

SANTA CLARA, Calif., April 18, 2016 /PRNewswire/ -- Realtor.com®, a leading online real estate destination operated by News Corp [NASDAQ: NWS, NWSA]; [ASX: NWS, NWSLV] subsidiary Move, Inc., today released its list of America's Top 'Boom Towns'. Led by Gilbert, Ariz. (85297); Los Angeles (90012), and Dallas (75201), these neighborhoods are striking it rich when it comes to new home construction, job creation and an increasing number of households – the gold mine for housing market growth.

"The strength of the residential real estate market is closely correlated to growth in jobs and households," said Jonathan Smoke, chief economist for realtor.com®. "The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next."

America's Top Boom Towns are demonstrating some of the strongest growth in jobs, household formation, and housing starts across the country. Every market on the list has experienced between one and five times the average job growth of the top 100 counties in the country. Household growth in each of these areas is between one and seven times the average growth of the top 100 areas. New home starts are between one and six times the average growth in the top 100 counties. Most importantly, each individual ZIP code is projected to see a growth in households of between nine and 19 percent over the next five years.

Boom Towns

1. 85297 Gilbert, Ariz.Largest Neighborhood: Power Ranch

Part of the Phoenix metropolitan area, Gilbertis located just over 30 miles east of downtownPhoenix in close proximity to where GoDaddy and PetSmart® have significant operations. The sunny neighborhood of 85297 is highly sought after by both snowbirds and locals for its close proximity to golf courses and country clubs. The biggest draw for locals is the strong school district, Higley Unified School District, that's home to Centennial Elementary, which was ranked No. 1 in the state in 2014. 

• ZIP code 85297 is expected to see households grow by 15.9 percent over the next five years, 4.2 times faster than the rest of Maricopa County, where more than 25,000 new housing starts and in excess of 53,000 new jobs are forecast for 2016 – that's 5.7 and 5.8 times more than the average of the top 100 counties in the country, respectively.

2. 90012 Los Angeles Largest Neighborhoods: Historic, Cultural, Elysian Park, Mission Junction

Los Angeles is the second-largest city in the U.S. The 90012 ZIP code is located in central Los Angeles and encompasses several neighborhoods, including Elysian Park, Mission Junction, Little Tokyo and Chinatown. In recent years, the area has seen a surge in interest among higher income residents, driven by vibrant cultural offerings – such as the Walt Disney Concert Hill and Dorothy Chandler Pavilion – restaurants and nightlife, as well as new residential development.       

• ZIP code 90012 is expected to experience household growth of 8.8 percent over the next five years. Los Angeles County is expected to see more than 22,000 new housing starts and 65,000 new jobs created in 2016, five times and 7.2 times more than the average of the top 100 counties in the country, respectively.

3. 75201 DallasLargest Neighborhoods: Downtown, Arts District, Uptown, Farmers Market

Located in downtown Dallas, the 75201 zip code is home to the Dallas Museum of Art, American Airlines Center—where the city's National Basketball Association and National Hockey League teams play – and is just steps away from Baylor University Medical Center. This neighborhood has undergone a dramatic transformation since the early 2000s when the "Dallas Trinity River Project" began bringing parks, trails, and nature centers in the area. Its close proximity to major employers, shopping, restaurants and Klyde Warren Park make this neighborhood highly sought after by millennials. Urban condos, lofts, and townhomes are popping up everywhere.

• Households in 75201 are forecast to grow by 14.9 percent over the next five years. Dallas County is expected to see more than 16,000 new housing starts and 40,000 new jobs created in 2016, 3.8 times and 4.5 times more, respectively, than the average of the top 100 counties in the country.

4. 33132 MiamiLargest Neighborhoods: Downtown, Midtown, Seaport

Famous for its beaches and warm climate, Miami is also a hub for finance, commerce, culture, media, entertainment and the arts. Traditionally, downtown Miami was a bustling business center by day that became a ghost town by night, but urban development with projects such as Miami Worldcenter have brought tens of thousands of new residents to the area, many of whom are millennial professionals attracted to the shopping and nightlife as well as their ability to walk to work.

• ZIP code 33132 is expected to see households grow by 14.9 percent over the next five years. The forecast calls for more than 13,000 new housing starts and 44,000 new jobs created in 2016 in Miami-Dade County. This is three times the housing growth and 4.8 times the jobs anticipated on average in the top 100 counties in the country, respectively.

5. 89179 Las VegasLargest Neighborhoods: Mountain's Edge

Las Vegas is the most populous city in the state of Nevada and is internationally known as a resort destination. Located roughly 14 miles from the Las Vegas strip, the 89179 zip code primarily encompasses part of a planned community known as Mountain's Edge. Since the development of Mountain's Edge began in 2004, it has ranked among the top-selling master planned communities in the U.S. due to its extensive outdoor amenities such as its large scale community parks, trails and open spaces. Two elementary schools – William V. Wright Elementary School and Carolyn S. Reedom Elementary School – are located within the community itself and in close proximity to ZIP code 89179.  

• Households in ZIP code 89179 are expected to grow by 19.4 percent over the next five years.Clark County is anticipated to see more than 14,000 new housing starts and 23,000 new jobs created in 2016 which is 3.3 times housing growth and 2.5 times the job growth anticipated on average in the top 100 counties in the country, respectively.

6. 98121 SeattleLargest Neighborhood: Belltown

The 98121 zip code is home to the largest proportion of residents in downtown Seattle, as well as the largest retail area. Ten percent of Seattle residents now live downtown, representing a 12 percent growth in population since 2010. New residential developments like the 707-unit Insignia Towers and the area's wide variety of restaurants, bars, and cultural offerings, have made Belltown a major draw in recent years. This is especially true for employees of the area's major employers like Amazon, Microsoft, and Starbucks, who are looking for close proximity to work.

• ZIP code 98121 is expected to see households grow by 11.9 percent over the next five years.King County is expected to see more than 13,000 new housing starts and 21,000 new jobs formed in 2016; that's 3.1 times more new homes and 2.3 times more jobs than the average of the top 100 counties in the country, respectively.

7. 27571 Rolesville, N.C.Largest Neighborhoods: Villages of Rolesville, Carlton Pointe, Cedar Lakes

Thirty minutes from Raleigh, N.C., Rolesville is a suburb situated along U.S. Highway 401 in northeastern Wake County and is only 30 minutes from 'Research Triangle Park,' the largest research park in the country with more than 150 companies. Rolesville is known for its strong regional economy and prime positioning, with North Carolina State University, Duke University, and The University of North Carolina all less than an hour away. The realtor.com®Boom Town list isn't the first honor for Rolesville, which has ranked as the Fastest Growing North American City (Forbes.com), Top Housing Market for Investors (Forbes), and Top Public Schools in the U.S. (Greatschools.org). People come here for the jobs, schools and nice weather.

• Households in ZIP code 27571 are forecast to grow by 12.1 percent over the next five years.Wake County is expected to see more than 10,000 new housing starts and 12,000 new jobs in 2016, that's 2.4 times more new homes and 1.3 times more jobs than the average of the top 100 counties in the country, respectively.

8. 11249 BrooklynLargest Neighborhood: Williamsburg

ZIP code 11249 encompasses the Williamsburg neighborhood. Over the past 15 years, the neighborhood has become known as a "hipster" hotspot because of the many artists and creative-minded millennials who have moved there. It is filled with restaurants, bars, art galleries, shops and music venues. Housing developments are popping up throughout this region, including several new residential towers, including Rocket Factory Lofts, distributed throughout Williamsburg.

• ZIP code 11249 is expected to see households grow by 9.2 percent over the next five years.Kings County is expected to see more than 8,000 new housing starts and 18,000 new jobs created in 2016; that's 1.9 times more new homes and two times more jobs than the average of the top 100 counties in the country, respectively.

9. 60603 ChicagoLargest Neighborhoods: The Loop, downtown Chicago

Chicago is the economic heart of the Midwest, and third most populous city in the U.S. Its metropolitan area includes prominent businesses such as United Airlines, Boeing, and Kraft, universities like Northwestern, the University of Chicago, DePaul and Loyola and cultural institutions such as the Art Institute of Chicago. The 60603 zip code extends from Lake Michigan to South Wells Street and West Madison to the North and West Adams to the South and is in proximity to businesses and public transportation. In addition to the West Loop's thriving social scene of popular restaurants and bars, Google, Uber and Twitter all have offices nearby.

• ZIP code 60603 is expected to see households grow by 18.9 percent over the next five years. More than 6,000 new housing starts and over 38,000 more jobs are forecast for Cook Countyin 2016. This translates to 1.4 times more new homes and 4.2 times more jobs than the average of the top 100 counties in the country, respectively.

10. 30363 Atlanta Largest Neighborhood: Atlantic Station

The Atlanta metropolitan area is home to 5.5 million people and is the 10th-largest metropolitan area in the nation. The 30363 zip code of Atlantic Station is located on the site of the former Atlantic Steel Mill, now a thriving urban community. The neighborhood's luxury condos, such as The Atlantic, as well as its shopping, restaurants and entertainment options, are attracting an influx of young professionals to the neighborhood.

• ZIP code 30363 is expected to see households grow by 15.7 percent over the next five years.Fulton County is projected to have more than 10,000 new housing starts and 12,000 new jobs created in 2016; that's 2.3 times more new homes and 1.4 times more jobs than the average of the top 100 counties in the country, respectively.