Fresno, Calif., and Camden, N.J., were among the top 10 housing markets for first-time home buyers in 2011, according to a new report from Inman News.
The report, "10 Prime Real Estate Markets for First-Time Buyers," selected the markets based on the percentage of all home sales in the area made to first-time buyers with FHA-insured loans last year.
Here's the top 10 (ranked by highest share of first-time-buyer FHA loans):
- Wilmington, Del.-Md.-N.J.
- Charleston, W.Va.
- Visalia-Porterville, Calif.
- Merced, Calif.
- Fresno, Calif.
- Hagerstown-Martinsburg, Md.-W.Va.
- Modesto, Calif.
- Minneapolis-St. Paul-Bloomington, Minn.-Wis.
- Atlanta-Sandy Springs-Marietta, Ga.
- Camden, N.J.
Inman News' Andrea V. Brambila points out some key findings from the report:
- 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.
- Eight of the 10 markets saw year-over-year median sales price declines in the first quarter.
- Seven of the 10 markets on the list saw total sales decrease between 2010 and 2011.
- Half of the 10 markets had higher unemployment rates in March than the 8.4 percent national rate.
- Four of the markets were projected to have higher one-year job growth than that expected for the nation as a whole: Wilmington, Camden, Minneapolis-St. Paul-Bloomington, and Atlanta-Sandy Springs-Marietta.
- Six out of the 10 markets had higher foreclosure activity rates in first-quarter 2012 than the national rate.
For more findings from the report, visit: http://www.inman.com/reports/first-time-buyers.
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