Markets that made the 2014 list by rank include: Pittsburgh, Tampa-St. Petersburg-Clearwater, Philadelphia, Fort Worth-Arlington, Orlando, Jacksonville, Dallas, Raleigh-Durham-Chapel Hill and Phoenix-Mesa.
“As we head into homebuying season, these markets show favorable conditions for first-time buyers, which is encouraging because these buyers are crucial to the housing market,” says Steve Berkowitz, CEO of Move, Inc. operator of realtor.com. “First-time buyers have a widespread impact on the local housing markets. In transitioning from renters to owners, new buyers pay property taxes and other fees and taxes associated with homeownership that benefits local schools and services.”
In the report, realtor.com looked at five key factors – market popularity, prices, inventory, time on market and employment – to determine which markets are currently the best for new buyers. To determine ranking, it studied key housing indicators: search rank, median list price, year-over-year change in inventory, median age of inventory and unemployment rates against the needs and desires of the typical first-time homebuyer. Metrics were pulled from realtor.com February 2014 data and the U.S. Bureau of Labor Statistics.
© 2014 Florida Realtors®