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DS News Webcast: Tuesday 10/28/2014

A recent study conducted by Trulia shows that while Democratic- and Republican-leaning U.S. markets were affected similarly by the housing crisis, the most pressing current issues of the housing industry seem to be more severely affecting Democratic-leaning metros. Trulia found not only was there not a significant difference in price declines between red markets and blue markets following the housing bust in 2008, but the recent recovery has been similar in both red and blue markets as well.

The fundamental differences between red and blue markets occurred in housing affordability, Trulia reported. In September, the 10 reddest markets all had a median asking price of lower than $130 per square foot, while nine of the 10 bluest markets reported a median asking price of higher than $130 per square foot. The correlation between price-per-square-foot and 2012 presidential vote margin was 63 percent, which was "statistically significant," according to Trulia.

The number of homeowners optimistic about selling their homes dropped in the third quarter, interrupting a streak of rising confidence as the housing market shifted out of their favor. Out of hundreds of home sellers surveyed nationwide earlier this month, only 35.1 percent said now is a good time to sell a home in their neighborhood, according to the latest Real-Time Seller Survey from Redfin. The response reflects a decline of more than 17 percentage points from the second-quarter survey, which found more than half of sellers felt they had an advantage in the market.

About Author: Jordan Funderburk


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