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Small Business Breakdown: Where are the Highest Salaries?

Small-business-success
Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

Small businesses are the backbone of the nation’s economy — about half of all American employees work at a small business. By one estimate, small businesses created 63% of all new jobs from mid-2009 to 2012, according to Score, a nonprofit that supports entrepreneurs.

What these numbers make clear is that when you’re hunting for a new job, small businesses should be at the top of your list. To lend some transparency to employment and pay in small businesses, NerdWallet crunched U.S. Census Bureau data to find the states, industries and size of businesses with the highest salaries.

To do this, we analyzed salaries at small businesses across the U.S. and focused on three main categories:
1. State: We looked at all 50 states as well as Washington, D.C.
2. Industry: Businesses were broken down into different industries based on the North American Industry Classification System.
3. Business size: We examined businesses with fewer than 100 employees and broke them down into four categories — 0 to 4, 5 to 19, 20 to 49 and 50 to 99 employees.

Key findings 

  • There are only 17 state-industry-business size categories (out of over 3,000) with an average employee salary of at least $100,000.
  • There are only six states among those 17 categories: Washington, D.C., leads the way with five categories, New York with four and Connecticut with three.
  • The three highest-paying industries for small business employees nationwide are management; mining, quarrying and oil extraction; and finance and insurance.
  • Of the four business-size categories, the largest one — 50 to 99 employees — has the nation’s highest average salary at $41,782.

Small-business-salaries-by-employment-size-Average-employee-salary_chartbuilder (1)

  • Washington, D.C., led all U.S. regions in terms of employee pay at small businesses, with an average salary of $63,242. New York, Connecticut, Massachusetts and California make up the rest of the top five states where you’ll find the highest average small business salaries.

Top-5-states-for-highest-small-business-salaries-Average-employee-salary_chartbuilder (1)

The chart below lists the top 50 (out of over 3,000) state, industry and business-size categories with an average employee salary of at least $100,000 — from highest to lowest.

Under the chart, we list the top five state and business size categories in the three highest-paying industries — management; mining, quarrying and gas extraction; and finance and insurance.

Small business breakdown: Average salaries over $100,000

Rank State Industry Employment size Average employee salary
1 California Arts, entertainment, and recreation 0-4 $277,597.48
2 New York Finance and insurance 50-99 $195,194.91
3 New York Finance and insurance 20-49 $160,794.78
4 California Information 0-4 $148,851.35
5 Connecticut Finance and insurance 5-19 $145,210.40
6 Connecticut Finance and insurance 50-99 $130,323.63
7 New York Finance and insurance 5-19 $130,171.78
8 Washington, D.C. Professional, scientific, and technical services 0-4 $128,272.50
9 Washington, D.C. Professional, scientific, and technical services 50-99 $123,145.95
10 Connecticut Finance and insurance 20-49 $119,862.13
11 Illinois Information 0-4 $119,264.12
12 New York Arts, entertainment, and recreation 0-4 $118,141.69
13 Washington, D.C. Professional, scientific, and technical services 20-49 $112,729.39
14 Massachusetts Finance and insurance 20-49 $111,224.51
15 Washington, D.C. Finance and insurance 20-49 $108,913.39
16 Massachusetts Professional, scientific, and technical services 50-99 $107,317.98
17 Washington, D.C. Professional, scientific, and technical services 5-19 $106,804.24
18 Colorado Mining, quarrying, and oil and gas extraction 20-49 $98,529.99
19 Massachusetts Information 50-99 $97,335.80
20 New York Management of companies and enterprises 50-99 $97,196.43
21 California Finance and insurance 20-49 $94,464.01
22 New Jersey Finance and insurance 20-49 $93,631.53
23 Connecticut Professional, scientific, and technical services 50-99 $93,556.39
24 Massachusetts Finance and insurance 50-99 $92,375.66
25 Massachusetts Finance and insurance 5-19 $92,201.87
26 New Jersey Management of companies and enterprises 50-99 $91,458.65
27 Texas Management of companies and enterprises 20-49 $89,792.38
28 California Finance and insurance 50-99 $87,966.44
29 California Professional, scientific, and technical services 50-99 $86,694.64
30 Washington Professional, scientific, and technical services 50-99 $86,026.80
31 California Information 50-99 $85,810.12
32 Texas Mining, quarrying, and oil and gas extraction 0-4 $85,111.92
33 Massachusetts Professional, scientific, and technical services 20-49 $84,971.02
34 Washington, D.C. Information 20-49 $83,713.35
35 Tennessee Finance and insurance 50-99 $83,658.84
36 Delaware Health care and social assistance 0-4 $83,360.82
37 Maryland Professional, scientific, and technical services 50-99 $82,976.00
38 New Jersey Professional, scientific, and technical services 50-99 $82,874.03
39 California Management of companies and enterprises 20-49 $82,811.65
40 Virginia Professional, scientific, and technical services 50-99 $82,338.66
41 New York Finance and insurance 0-4 $82,086.25
42 Colorado Mining, quarrying, and oil and gas extraction 50-99 $81,886.86
43 New Jersey Finance and insurance 5-19 $81,318.84
44 Illinois Professional, scientific, and technical services 50-99 $80,853.52
45 California Information 20-49 $80,531.24
46 Maryland Finance and insurance 20-49 $80,367.72
47 New Jersey Finance and insurance 50-99 $79,786.22
48 Texas Mining, quarrying, and oil and gas extraction 50-99 $79,441.63
49 New York Information 0-4 $79,415.17
50 New York Professional, scientific, and technical services 50-99 $79,225.82

 

Top three highest-paying industries for small business employees

1. Management of companies and enterprises

Average salary: $74,403.11

Rank State Employment size Average employee salary
1 New York 50-99 $97,196.42
2 New Jersey 50-99 $91,458.65
3 Texas 20-49 $89,792.38
4 California 20-49 $82,811.65
5 Texas 50-99 $76,728.31

 

2. Mining, quarrying and oil and gas extraction

Average salary: $66,494.92

Rank State Employment size Average employee salary
1 Colorado 20-49 $98,529.99
2 Texas 0-4 $85,111.92
3 Colorado 50-99 $81,886.87
4 Texas 50-99 $79,441.63
5 Louisiana 50-99 $77,183.57

 

3. Finance and insurance

Average salary: $62,574.33

Rank State Employment size Average employee salary
1 New York 50-99 $195,194.91
2 New York 20-49 $160,794.78
3 Connecticut 5-19 $145,210.40
4 Connecticut 50-99 $130,323.63
5 New York 5-19 $130,171.78

 

by on October 28, 2014 | posted in Cities, Economics – http://www.builderonline.com/newsletter/small-business-breakdown-where-are-the-highest-salaries_t?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=BP_102914&day=2014-10-29&he=498224ece0da126f5bd427ff2cc3dce0f6c2a5ea

Come back tomorrow to http://www.AshfordCP.com/blog  where Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

London’s Housing Boom

Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

LONDON — Here, bricks are stacks of cash. “If you have capital in this country,” Alex Hilton, director of the advocacy organization Generation Rent, told me, “you can get other people’s money.”

Without capital, those of us who do not own property resign ourselves to running in an exploitative rat race. The race is rigged, of course, because some rats can never win.

With property at a premium, it’s renters who are paying full market value just to stay where they are. The average home in London costs nearly 20 times the average salary in Britain. The imperative to get a return on that capital investment is passed on to the renter. According to the housing charity Shelter, Londoners spend nearly three-fifths of their monthly income on rent.

London’s housing is no longer for those who need it but for those primarily concerned with accumulating capital. When bricks are cash and houses are savings accounts, the meaning of the word “affordable” is warped beyond all recognition.

In Stratford, the East London site of the 2012 Olympics, a new postcode has appeared. E20 used to be the made-up postcode of the fictional London borough Walford, from the BBC’s hugely popular soap opera “EastEnders.” Now, it’s the postcode of the East Village, which was briefly home to the athletes competing in the Games.

The village’s cluster of affordable homes was available to rent at 80 percent of market rates, which meant that they cost between £1,244 and £1,688 a month (about $2,000 to $2,700). The average annual salary is £26,500 ($42,600). The numbers just don’t add up.

I was born a few miles from Stratford, in the London borough of Tower Hamlets, the setting of Monica Ali’s critically acclaimed novel-turned-film, “Brick Lane.” A working-class area, Tower Hamlets has experienced waves of migration, and is one of the most multicultural areas in London. It’s also still one of the most deprived, with half of the borough’s children living in poverty.

There was a time, too, when nobody cared about Stratford. Stratford is a 30-minute bike ride from where I live now, and the wealth that the Olympics brought with it is palpable. My journey takes me through Leyton, a residential district peppered with fried chicken shops and budget Internet cafes. The amenities here are basic. But pedaling toward Stratford, I’m confronted by the imposing £1.4 billion ($2.25 billion) Westfield shopping center, built in 2011. Preparation for the Olympics saw lavish construction of new motorways and roads, complete with segregated cycle lanes and rows of new housing.

The effect is glaring, shiny and incongruous. Today, properties near where I was born are on the market for up to £5 million (more than $8 million). After a miserable stint of graduate unemployment, I settled in Walthamstow — farther out than where my immediate family lives, but one of the few places in London I can afford to rent without living costs swallowing up a majority of my income. So I live two boroughs away from where I was born, yet I’ll never be able to afford a home.

Back in Stratford, adjacent to the Olympic site, lies the Carpenters Estate. In 2012, Newham Council evicted some of the project’s social housing residents, insisting that the site was marked for demolition. Two years later, the homes had been left empty and forgotten. Around the same time, in another part of Stratford, a group of young mothers received eviction notices. They had two months to leave the homeless hostel they were staying in, and the council had plans to move them miles away. The Focus E15 mothers fought back, and were eventually rehoused in private tenancies in the borough. Last month, they occupied the abandoned Carpenters Estate to make a political point.

London is unashamedly stratified. It was always a city where extreme poverty lived cheek by jowl with extreme wealth, but the contrasts are starker than ever. Where a majority is scrambling to make ends meet, a wealthy minority treats the city purely as an asset base for investment.

Day-to-day living is precarious for those not born into wealth. Private tenants are subjected to the constant rigmarole of moving because of short-term contracts and annual rent increases, or they find that their overseas landlord is selling the place they call home because its value has increased sharply. Those without London’s capital find themselves at the mercy of it.

Social mobility has become social stagnation. With housing at a premium, London rents are eye-wateringly expensive in comparison with the rest of the country. Tenants turn to the state for help, but these are not welfare cases: Nationally, over 90 percent of all new claims for housing benefits are from households where at least one adult is working. Lawmakers, of course, are lax on the issue. That may be because a third of them are buy-to-let landlords.

It has long been the consensus that young people today will never enjoy the easy circumstances that the generation before us could take for granted. But this isn’t just a generational issue; it is a class issue.

My single mother was never afforded the privileges of a secure job for life or homeownership. Even those whose parents had those things are coming to the recognition that this is no longer their reality. More and more of us are realizing that London is not for the likes of us.

By RENI EDDO-LODGE – http://www.nytimes.com/2014/10/28/opinion/londons-housing-boom.html?_r=0

Reni Eddo-Lodge is a freelance writer who contributes regularly to The Daily Telegraph.

Come back tomorrow to http://www.AshfordCP.com/blog  where Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

Here’s How Big Oil’s Six-Figure Jobs are Hurting U.S. Home-Building Business

Construction companies that build homes for Americans in some U.S. states are losing skilled workers to the big oil companies.

That’s because big oil is offering big bonuses and six-figure salaries that home builders cannot match.

This scenario is unfolding along the oil boom towns of North Dakota, Texas and Colorado, where there’s big demand for new homes, but few workers to build them, according to a report by CNNMoney.

Even when a home builder is able to hire a construction worker, it’s often for a short period because he’s usually given an offer that’s hard to refuse by an oil company.

Recruiters are also scoping out truck stops and offering drivers $10,000 signing bonuses to take gigs driving for the oil companies. Some drivers are so eager to accept that they abandon their current loads at the truck stop.

“If you can pass a drug test and have a truck license, you can earn $100,000 a year driving an oil truck,” Granger MacDonald, owner of The MacDonald Companies, a home builder in Kerrville, Texas, told CNNMoney.

But it’s not just drivers. It’s also carpenters, plumbers, electricians and other trade workers going to work for the oil services industry, leaving builders scrambling to rehire and train crews frequently.

Read more at http://ecreditdaily.com/2014/10/heres-how-bil-oils-six-figure-jobs-are-hurting-u-s-home-building-business/#RFRu5B4JU9W3Pd9h.99

Seriously Underwater Mortgage Rate Sinks to Lowest Level in Two Years

seriously underwater mortgage rateThe number of U.S. homeowners who were seriously underwater in the third quarter declined 11 percent from the previous quarter, falling to the lowest level in more than two years, according to RealtyTrac‘s Q3 2014 Home Equity & Underwater Report released Thursday.

RealtyTrac reported that 8.1 million U.S. homeowners, representing 15 percent of all mortgages in the country, were seriously underwater on their mortgage in Q3, the lowest percentage of underwater mortgages nationwide since RealtyTrac began tracking the data in Q1 2012. For a mortgage to be considered seriously underwater, the combined loan amount secured by the property must be at least 25 percent higher than the property’s estimated market value.

The number of seriously underwater mortgagors in the U.S. in Q3 accounted for a combined total of $1.4 billion in negative equity, according to RealtyTrac.

The nation’s seriously underwater rate has been steadily declining since Q2 2012, according to RealtyTrac. For that quarter, properties with a mortgage in the U.S. that were seriously underwater reached their peak at 12.8 million (29 percent). By Q3 2013, the number of seriously underwater properties in the nation had fallen to 10.7 million, representing 23 percent of the nation’s mortgages. In Q2 2014, RealtyTrac reported there were 9.1 million seriously underwater properties, or 17 percent of all mortgages in the U.S.

“The decrease in underwater properties is promising but the estimated $1.4 trillion in negative equity means that the flood waters are not receding as quickly as they were before, corresponding to slowing home price appreciation,” said Daren Blomquist, vice president at RealtyTrac. “Slower price appreciation means the 8 million homeowners seriously underwater could still have a long road back to positive equity.”

The percentage of seriously underwater properties that were in foreclosure also declined quarter-over-quarter in Q3 from 44 percent down to 39 percent. That number has also been steadily dropping – it was reported at 56 percent for Q3 2013, according to RealtyTrac. Meanwhile, the share of foreclosures with positive equity jumped up from 34 percent in Q2 to 38 percent in Q3.

RealtyTrac reported that about 8.5 million properties were on the verge of resurfacing in Q3, with between 10 percent negative equity and 10 percent positive equity. The percentage of properties on the verge of resurfacing for Q3 represented 16 percent of all mortgages in the U.S., a decline from 17 percent in Q2.

Equity-rich properties, which are properties with at least 50 percent equity, increased to 10.8 million in the U.S. for Q3 (20 percent of all properties with a mortgage) from 9.9 million (19 percent) in Q2. Equity-rich mortgagors combined for about $2.9 billion in positive equity, according to RealtyTrac.

“We wanted to paint a picture of the typical seriously underwater homeowner and what we found was that homeowners who bought or refinanced during the housing bubble (2004 to 2008), own a home worth less than $200,000, live in the Sun Belt or Rust Belt and live in a Democratic Congressional District were more likely to be seriously underwater. On the other end, the highest percentages of equity rich homeowners were those who bought or refinanced between 1994 and 1998, those with properties valued at $500,000 or more, live in New York, California, or D.C., and these folks also tend to live in Democratic Congressional districts.”

Author: Brian Honea October 22, 2014 – http://dsnews.com/news/10-22-2014/negative-equity-sinks-lowest-level-two-years?utm_source=DSNews.com&utm_campaign=fb7b1fae6d-Your_Daily&utm_medium=email&utm_term=0_1924082bfe-fb7b1fae6d-175200045

Public Builders Gaining Ground

2014-10-17_16-53-21

 

 As a result of historically low borrowing costs and relaxed regulations on smaller companies going public (thanks to the JOBS Act), publicly traded home builders have been gaining market share. Halfway through 2014, public builders have 35.5% market share, up 6.1% from 2013. This gain was made through: 

  • IPOs. Eight builders have gone public over the past year and a half, accounting for 2.9% of the increase.
  • Mergers and acquisitions. Publicly traded builders have purchased 14 sizeable private builders over the past two years, which has helped to boost the 16 original builders’ market share by 3.2% (from 2013).

 

With lots in good locations difficult to find and land prices reaching elevated levels in numerous markets across the country, public builders have been taking advantage of their lower cost of capital to buy private builders with lots in the right locations. Given higher lot prices and loftier valuations for home building operations, and much more expensive capital, private builders are more willing to sell and monetize their business.

 

Whether growth comes organically, through purchasing private builders, or private companies listing on a national exchange, publicly traded home builders have become a much bigger part of the new home market.

 

 

by David Guarino – John Burns Consulting Email – 10/17/2014

5 Green Products and Techniques Worth Exploring

Cost-effective high-performance products can help your projects stand out.

Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

High-performance products are at the heart of every green home, but their prices can induce sticker shock. Here are a few cost-effective solutions that are favorites of experienced green builders.

Low-VOC paints and finishes. Zero- and low-VOC paints, caulks, and sealants generally don’t cost much more than their traditional counterparts, and they give customers peace of mind knowing they won’t add toxic chemicals to their homes.

Structural insulated panels (SIPs). This building system consists of an insulating foam core sandwiched between two structural facings, usually oriented strand board. Builders love how SIPs save time and labor while providing superior insulation that can lower heating and cooling bills by up to 50 percent compared with stick framing.

Ductless HVAC units. Also called mini-split or VRF systems, these units deliver air into specific zones instead of routing it through ducts. They cut heating and cooling costs by up to 30 percent compared with ducted systems, provide precise temperature control, and free up space that normally is taken up by bulky ducts.

Shorter plumbing runs. According to builders and sustainable consultants, devising an elegant solution to plumbing runs prevents waste such as running pipe all the way up into the attic. Something as simple as working with your plumber early in the design process can save around 10 percent in time and material costs.

Combination products. Green pros say there’s nothing like products that do two things at once, such as Huber Engineered Woods’ ZIP System sheathing with radiant barrier, Owens Corning’s Energy Complete air-sealing and insulation system, and CertainTeed’s AirRenew gypsum board that converts VOCs into inert compounds.

By:  – http://www.builderonline.com/products/green-products/5-green-products-and-techniques-worth-exploring_o?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=BBU_101514&day=2014-10-15&he=498224ece0da126f5bd427ff2cc3dce0f6c2a5ea

Come back tomorrow to http://www.AshfordCP.com/blog  where Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

Consumer Spending Rises for Second Straight Month

Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

money-fiveConsumer spending indicators rose for a second straight month in September as the labor market showed signs of improvement.

Deloitte released Thursday the results of its latest monthly Consumer Spending Index, which climbed in September to 4.21 from an August reading of 4.11.

The index tracks consumer cash flow through a handful of measures—tax burden, initial unemployment claims, real wages, and new home prices—as an indicator of future consumer spending.

Out of those four gauges, only one improved: Real hourly wages were up 0.5 percent from August to $8.86 in September, Deloitte reported.

Among the other indicators, initial unemployment claims increased to 303,000 last month but remained 10.3 percent down from the same period last year. New home prices also deteriorated slightly, falling 1.4 percent month-over-month to a median $116,000.

Finally, Deloitte’s tax burden measure was unchanged, with the tax rate increasing only marginally to 11.8 percent.

“A rise in real wages boosted the Index this month,” said Daniel Bachman, Deloitte’s senior U.S. economist. “Although unemployment claims remain at the level of the previous month, seeing them continue to hover around the 300,000 mark is a positive sign for the labor market. The uptick in wages—although only of one month’s duration—is also consistent with the improving labor market.

“If employment and wages continue this positive trajectory, consumers are likely to respond with more confidence and higher spending,” he finished.

Author: Tory Barringer October 10, 2014 – http://dsnews.com/news/10-10-2014/consumer-spending-rises-second-straight-month?utm_source=DSNews.com&utm_campaign=b8320ef4dc-Your_Daily&utm_medium=email&utm_term=0_1924082bfe-b8320ef4dc-175200045

Come back tomorrow to http://www.AshfordCP.com/blog  where Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

Study: Economy On More Solid Ground, Housing May Soon Follow

 

Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

housing-blocksNow that the overall economy is on more solid ground, Wells Fargo economists suggest that housing may soon follow in its footsteps, according to Wells Fargo’s Housing Chartbook for October 2014 released on Thursday.

The second quarter real GDP growth was recently revised to a higher annualized rate of 4.6 percent, and the unemployment rate has fallen below 6 percent for the first time since 2008. Data on consumer spending and employment for the third quarter suggests that the economy will close out 2014 on a high note, according to Wells Fargo. The economists indicated in the report that they believe real GDP growth will average 3 percent per annum for the next two years.

Improvement in the economy, however, has not translated into improvement for the housing market to date except for a few isolated markets such as Austin, Charlotte, and Nashville, all of which experienced strong employment and income growth, according to Wells Fargo’s report. New and existing home sales remain disappointing despite the improved economic conditions, with investors stepping away at a faster rate than traditional buyers are returning. Many new households choosing renting over buying, according to Wells Fargo.

While some predict that the housing market is poised for more rentals than buys for years to come, particularly among millennials, Wells Fargo suggests the contrary. Because foreclosures, delinquencies, and mortgages in a negative equity position have all been steadily declining over the last few years, Wells Fargo economists predict that home sales will improve and the demand for mortgages will revive once households are more confident about income and employment. Tighter lending standards have prevented many from obtaining a mortgage loan, according to Wells Fargo.

New home sales saw an 18 percent increase nationwide in August, sending them to their highest level since 2008. The Northeast and West experienced the largest gains in new home sales with 29.2 percent and 50 percent, respectively, according to Wells Fargo. The surge in new home sales matches the monthly gain in builder sentiment; the National Association of Home Builders (NAHB)/Wells Fargo Home Builder Sentiment Index jumped 4 points in September up to 59, its best score in nine years.

Existing home sales fell off by 1.8 percent in August, but the decline in all-cash transactions (down 6 percentage points to 23 percent) suggests that investors are becoming less active in the housing market, according to Wells Fargo.

Author: Brian Honea October 10, 2014 – http://dsnews.com/news/10-10-2014/study-economy-solid-ground-housing-may-follow?utm_source=DSNews.com&utm_campaign=b8320ef4dc-Your_Daily&utm_medium=email&utm_term=0_1924082bfe-b8320ef4dc-175200045.

Come back tomorrow to http://www.AshfordCP.com/blog  where Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

Condo Prices and Apartment Rents Outpacing Single-Family Home Costs

Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

Asking prices rose 7.3% year-over-year for condos versus 6.0% for single-family homes. Condo prices are up more than 15% in Miami, Denver, and West Palm Beach.

The Trulia Price Monitor and the Trulia Rent Monitor are the earliest leading indicators of housing price and rent trends nationally and locally. They adjust for the changing mix of listed homes and show what’s really happening to asking prices and rents. Asking prices lead sales prices by approximately two or more months. As a result, the Monitors reveal trends before other price indexes do. With that, here’s the scoop on where prices and rents are headed.

Prices Rose 0.8% Month-over-Month in September

Nationally, the month-over-month increase in asking home prices rose to 0.8% in September. Year-over-year, asking prices rose 6.4%, down from the 10.4% year-over-year increase in September 2013. Asking prices rose year-over-year in 92 of the 100 largest U.S. metros.

September 2014 Trulia Price Monitor Summary
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September 2014 Trulia Price Monitor Summary
% change in asking prices # of 100 largest metros with asking-price increases % change in asking prices, excluding foreclosures
Month-over-month,
seasonally adjusted		 0.8% N/A 0.8%
Quarter-over-quarter,
seasonally adjusted		 1.7% 80 2.0%
Year-over-year 6.4% 92 5.9%
Data from previous months are revised each month, so data being reported now for previous months might differ from previously reported data.

The South Leads in Price Gains

Five of the 10 U.S. metros with the largest year-over-year price increases were in the South, including Miami, Palm Bay-Melbourne-Titusville, West Palm Beach, Birmingham, and Atlanta.

These 10 metros include some markets where prices are speeding up and some where prices are slowing down. Prices are rising faster now than a year ago in Toledo, Birmingham, Miami, and several other metros. But in the two California metros where prices are rising the most – Ventura County and Oakland – as well as in Detroit and Atlanta, the past year’s price gains were actually slower than the previous year’s increases of 20% or more.

 Where Asking Prices Rose Most Year-over-Year, September 2014
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 Where Asking Prices Rose Most Year-over-Year, September 2014
# U.S. Metro Y-o-Y % asking price change, Sept 2014 Y-o-Y % asking price change, Sept 2013 Difference in price change, Sept 2014 vs Sept 2013
1 Miami, FL 14.0% 9.3% 4.7%
2 Palm Bay–Melbourne–Titusville, FL 13.1% 6.7% 6.4%
3 Toledo, OH 12.5% 1.6% 10.9%
4 Ventura County, CA 12.4% 20.2% -7.7%
5 Oakland, CA 11.9% 28.7% -16.8%
6 West Palm Beach, FL 11.7% 6.0% 5.8%
7 Birmingham, AL 11.5% 1.8% 9.7%
8 Detroit, MI 11.4% 20.0% -8.6%
9 Lake County-Kenosha County, IL-WI 11.3% 8.6% 2.7%
10 Atlanta, GA 11.1% 20.9% -9.7%
Note: among 100 largest metros. To download the list of asking home price changes for the largest metros: Excel or PDF

metro map sept 2014

Condo Prices Rising Faster than Single-Family Home Prices

Nationally, asking prices for condos – by which we mean all for-sale homes in multi-unit buildings — rose 7.3% year-over-year. That’s more than the 6.0% increase for single-family homes. Asking prices for condos rose more than 15% year-over-year in Miami, Denver, and West Palm Beach. Condo prices rose faster than single-family home prices in 18 of the nation’s 20 largest condo markets.

Although condo prices are outpacing single-family home prices, they are following similar patterns. Condo prices and single-family home prices are both rising faster in metros with stronger job growth and those that had a more severe housing bust in the past decade (a bounceback due to the “rebound effect”). In fact, metros with bigger condo price increases also tend to have bigger single-family home price increases.

Condo and Single-Family Home Prices in the 20 Largest Condo Markets
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Condo and Single-Family Home Prices in the 20 Largest Condo Markets
# U.S. Metro Y-o-Y % change in asking prices for condos, Sept 2014 Y-o-Y % change in asking prices for single-family homes, Sept 2014
1 Miami, FL 17.0% 11.7%
2 Denver, CO 15.5% 8.2%
3 West Palm Beach, FL 15.2% 9.5%
4 San Francisco, CA 12.7% 9.0%
5 Chicago, IL 10.9% 8.6%
6 Middlesex County, MA 10.4% 6.5%
7 Minneapolis–St. Paul, MN-WI 10.0% 10.1%
8 Boston, MA 9.6% 2.4%
9 Seattle, WA 9.4% 8.5%
10 Tampa–St. Petersburg, FL 9.1% 4.1%
11 Los Angeles, CA 8.7% 6.8%
12 Fort Lauderdale, FL 8.2% 5.2%
13 Philadelphia, PA 6.0% 3.3%
14 Honolulu, HI 5.7% 3.5%
15 New York, NY-NJ 5.0% 4.0%
16 Washington, DC-VA-MD-WV 4.9% 2.5%
17 Newark, NJ-PA 4.2% 1.0%
18 San Diego, CA 4.1% 1.8%
19 Long Island, NY 3.9% 2.6%
20 Providence, RI-MA 2.0% 3.0%
Note: condos refer to all for-sale units in multi-unit buildings. The 20 largest condo markets were determined based on Census data.

Rents Rising Faster for Apartments Than for Single-Family Homes

Nationally, rents rose 6.5% year-over-year in September. Apartment rents were up 6.9%, while single-family home rents gained 5.2%. Like the for-sale market, the rental market is tighter for multi-unit buildings than for single family homes. Census data show that the multi-unit vacancy rate has been falling steadily, but remains elevated for single-family homes. Despite the multi-unit construction boom, the cost of living in these buildings is rising faster than in single-family homes – both for renters and buyers. This is not necessarily a sign of a permanent shift toward city living. But it certainly reflects a reversal from the past decade’s bubble, when demand was strong for single-family homes in the suburbs and beyond.

                         Rent Trends in the 25 Largest Rental Markets
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                         Rent Trends in the 25 Largest Rental Markets
# U.S. Metro Y-o-Y % change in rents, Sept 2014 Median rent for 2-bedroom, Sept 2014
1 San Francisco, CA 15.5% 3600
2 Oakland, CA 14.2% 2600
3 Denver, CO 13.7% 1550
4 Sacramento, CA 13.3% 1250
5 Seattle, WA 9.4% 1800
6 Los Angeles, CA 9.0% 2550
7 Phoenix, AZ 8.8% 1050
8 Philadelphia, PA 8.7% 1600
9 Miami, FL 8.5% 2450
10 Baltimore, MD 8.3% 1600
11 New York, NY-NJ 7.8% 3500
12 Atlanta, GA 7.1% 1250
13 Chicago, IL 7.0% 1650
14 Riverside–San Bernardino, CA 6.3% 1550
15 Tampa–St. Petersburg, FL 6.2% 1150
16 St. Louis, MO-IL 6.2% 950
17 San Diego, CA 6.0% 2000
18 Orange County, CA 6.0% 2100
19 Las Vegas, NV 5.9% 1000
20 Dallas, TX 5.2% 1400
21 Houston, TX 5.1% 1500
22 Portland, OR-WA 4.7% 1300
23 Boston, MA 4.4% 2350
24 Washington, DC-VA-MD-WV 4.2% 2200
25 Minneapolis–St. Paul, MN-WI 0.6% 1300

Texas Still Among Nation’s Lowest in Foreclosure Inventory

Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.

percentage-diceDespite having the third highest number of completed foreclosures of any state for the 12-month period ending August 31, 2014, Texas still had the 10th lowest foreclosure inventory percentage of any state for the month of August, according to CoreLogic.

The Lone Star State’s total of 36,466 completed foreclosures during that 12-month period were third only to Florida (120,842) and Michigan (42,960), but at the same time, the foreclosure inventory (number of homes in any state of foreclosure) for Texas came in at 0.7 percent for August. This number represented a decline of 0.3 percentage points from August 2013 for Texas (a 30 percent decline) and is well below the national foreclosure inventory average of 1.6 percent, according to CoreLogic.

Texas was not the only state where foreclosure inventory was way down, however. In all, 28 states reported a year-over-year decline in foreclosure inventory of more than 30 percent, led by Utah and Idaho at 46 percent each, according to CoreLogic.

Completed foreclosures for the 12-month period ending in August were down 20 percent in Texas, which reported nearly 46,000 completed foreclosures for the same period in 2013, CoreLogic reported. The decline in completed foreclosures in Texas mirrored that of the entire nation, which sank from 719,601 down to 575,706, a decline of 20 percent. And August was the 19th consecutive month in which there was a 20 percent or greater year-over-year decrease in foreclosure inventory, all signs that seem to point to a housing market that back on the rise.

“The number of foreclosures completed during the last 12 months is at the lowest level since November of 2007,” said Anand Nallathambi, president and CEO of CoreLogic. “At current foreclosure rates, the shadow inventory could fall below 500,000 units by year-end which could provide a solid boost to the recovery in housing in 2015.”

Author: Brian Honea October 6, 2014 – http://dsnews.com/news/10-06-2014/texas-still-among-nations-lowest-foreclosure-inventory?utm_source=DSNews.com&utm_campaign=6d96327a43-Your_Daily&utm_medium=email&utm_term=0_1924082bfe-6d96327a43-175200045

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