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Top 10 Areas for New Homebuyers




Wilmington, Del., had the highest share of total home sales to first-time buyers with Federal Housing Authority (FHA) loans in the U.S. in 2011; 31 percent, more than double the 15.3 percent rate at the national level, puts Wilmington at the top a new list of first time homebuyer markets.


California's Central Valley snagged four mentions out of the top ten prime areas for first time homebuyers, but the East Coast has several choice markets as well, according to a new Inman News report.

The report lists markets based on the percentage of home sales in the area made to first-time buyers with Federal Housing Authority-insured (FHA) loans last year. FHA loans are popular with first-time buyers because they can be used to purchase homes with as little as 3.5 percent down. Therefore, the percentages used to select and rank these markets do not include all first-time buyers in that market. Moreover, the type of buyer attracted to FHA loans, which require a lower down payment and less stringent qualifying terms, is likely to affect the mix of markets chosen in this report.

The Top 10 areas (ranked by highest share of first-time-buyer FHA loans) are:

1. Wilmington, Del.-Md.-N.J.
2. Charleston, W.Va.
3. Visalia-Porterville, Calif.
4. Merced, Calif.
5. Fresno, Calif.
6. Hagerstown-Martinsburg, Md.-W.Va.
7. Modesto, Calif.
8. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
9. Atlanta-Sandy Springs-Marietta, Ga.
10. Camden, N.J.

Key findings from the report:

o In eight out of 10 markets, the median sales price for an existing, single-family home was lower than the national median of $162,000 in first-quarter 2012.

o Eight of the 10 markets saw year-over-year median sales price decline in the first quarter.

o Seven of the 10 markets on the list saw total sales decrease between 2010 and 2011.

o Half of the 10 markets had higher unemployment rates in March than the 8.4 percent national rate.

o Four of the markets were projected to have higher one-year job growth than expected for the nation as a whole: Wilmington, Camden, Minneapolis-St. Paul-Bloomington, and Atlanta-Sandy Springs-Marietta.

o Six out of the 10 markets had higher foreclosure activity rates in first-quarter 2012 than the national rate.

For the full report, visit: http://www.inman.com/reports/first-time-buyers.





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December 6, 2019, 12:46 pm PDT

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