"Data in Action" article by ATTOM Data Solutions
Homeowners are most likely to be moving in the third quarter of 2018 in Chicago, Washington, D.C., Orlando, Tampa-St. Petersburg and Atlanta, according to the latest ATTOM Data Solutions Pre-Mover Housing Index.
Using data collected from purchase loan applications on residential real estate transactions, the ATTOM Data Solutions Pre-Mover Housing Index is based on the ratio of homes with a “pre-mover” indicator to total single family homes and condos in a given geography, indexed off the national average. An index above 100 is above the national average and indicates an above-average ratio of homes that will likely be sold in the next 90 days in a given market.
Among 131 metro areas with at least 100,000 single family homes and condos, those posting the highest pre-mover index in Q2 2018 were Wilmington, North Carolina (206); Colorado Springs, Colorado (178); and Manchester-Nashua, New Hampshire (172); followed by Chicago (168) and Washington, D.C. (166).
“A higher pre-mover index bodes well for local real estate agents, home improvement stores, moving companies and others that benefit from the halo effect of a home sale,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile markets with a low pre-mover index likely have a scarcity of inventory available to buy or relatively weak demand from prospective buyers — or some combination of both — which is not optimal for businesses that rely on the home sale halo effect.”
Cleveland, Boston, Pittsburgh post lowest pre-mover indexes among major metros
Among the 36 metros with at least 500,000 single family homes and condos, those with the lowest pre-mover index in Q2 2018 were Cleveland, Ohio (38); Boston, Massachusetts (39); Pittsburgh, Pennsylvania (48); Detroit, Michigan (48); and San Francisco, California (49).
Among the broader set of 131 metro areas with at least 100,000 single family homes and condos, those with the lowest pre-mover index in Q2 2018 were Providence, Rhode Island (31); Albany, New York (35); San Jose, California (37); Buffalo, New York (38); and Cleveland, Ohio (38).
North Dakota, Illinois, Nevada post highest pre-mover indexes among states
States with the highest pre-mover index in the second quarter of 2018 — predictive of a high percentage of homeowners moving in the third quarter — were North Dakota (275), Illinois (193), Nevada (164), Virginia (163), and Colorado (147).
Other states with a pre-mover index among the 10 highest in Q2 2018 were New Jersey (133), Florida (133), Delaware (130), Maryland (127), and Utah (124).