Zelman Insights
Exclusive insights and analyses from our industry-leading research team
Single-Family Rental Sector Enjoying Sweet Spot of Growth Amidst Tight Supply
March 08, 2019 by Zelman & Associates
Public REITs Invitation Homes (INVH) and American Homes 4 Rent (AMH) are the two largest single-family landlords in the country, owning almost 81,000 and 53,000 homes, respectively. While each company controls less than 1% of national single-family ...
Filed Under
institutional investorssingle-family rental
Strong Signal as Homeownership Rises Again Despite Transaction Weakness
March 08, 2019 by Zelman & Associates
According to the latest Housing Vacancy Survey (HVS) from the Census Bureau, the national homeownership rate improved again in 4Q18, reaching 64.8% versus 64.4% in 3Q18. This now marks the highest level since 1Q14 and represents the eighth ...
Filed Under
homeownership
Debating Risk, Merit of GSEs Accumulating Low Downpayment Market Share
February 22, 2019 by Zelman & Associates
Like the three years prior, in 2018, approximately 45% of the $1.2 trillion of purchase mortgages originated was covered by mortgage insurance provided by private entities or the government via the FHA, VA or USDA programs. This suggests an ...
Filed Under
entry-levelmortgage
What States are Magnets for Young Adults? You Might Be Surprised
February 22, 2019 by Zelman & Associates
As detailed last year, the strongest population growth of late according to the Census Bureau was in Nevada, Idaho, Utah, Arizona and Florida. Above-average growth in these states is likely not surprising ...
Filed Under
demographicsmillennials
A New Analysis of Homebuyer Leverage Ratios and Entry-Level Implications
February 08, 2019 by Zelman & Associates
In 2018, we estimate that the monthly payment for a typical entry-level homebuyer increased 11% year over year, inclusive of principal, interest and mortgage insurance. The spike was driven by an approximate 40 basis point increase in 30-year ...
Filed Under
affordabilityentry-levelmortgage
Be Mindful as Media Sensationalizes Student Debt Impact on Housing
January 25, 2019 by Zelman & Associates
As of the latest reading from the Federal Reserve Bank of New York, $1.4 trillion of student debt was outstanding in 3Q18, up 6.3% year over year, outpacing the increase in total consumer debt for the 57th consecutive quarter. Said differently, ...
Filed Under
student debt
Key Factors Behind Packing Up and Moving Across the Country
January 11, 2019 by Zelman & Associates
Last week, United Van Lines, the largest moving company in the country, released its annual National Movers Survey, which provides insight into state-to-state moves. Although professional long-distance moves likely skew toward single-family ...
Filed Under
demographicsmacro housing
Industry Executives Quicker to Respond to Market Shifts than Economists
January 11, 2019 by Zelman & Associates
With total home closings estimated to have declined 2% in 2018, the first contraction since 2011, and inventory higher on a year-over-year basis for the first time since 2014, the home price appreciation outlook is coming under greater scrutiny ...
Filed Under
home pricingsurvey
Why an Often-Cited Existing Home Price Measure is Probably Wrong
January 11, 2019 by Zelman & Associates
In its most recent monthly release for November 2018, the National Association of Realtors (NAR) reported that the median price for existing home closings was $257,700, bringing the year-to-date figure to $257,500. With approximately 40% of ...
Filed Under
affordabilityhome pricing
Is Substantial Drop in Lumber Prices a Signal for Single-Family Housing?
January 11, 2019 by Zelman & Associates
According to Random Lengths, framing lumber prices in December were down 22% year over year and 41% from the monthly peak in June. Similarly, its structural panel composite index declined 14% year over year and stood 35% lower than the near-term ...
Filed Under
homebuildingmacro housing
affordabilityapartmentsbaby boomersbuild-for-rentconstruction lendingdemographicsentry-levelexisting home saleshome improvementhome pricinghomebuildinghomeownershiphousehold formationhousinghousing startsinstitutional investorsinterest ratesmacro housingmillennialsmortgagemortgage ratesnew home salesreal estate servicesrefinancesg&asingle-family rentalstocksstudent debtsupplysurvey