10 hottest housing markets for first-time buyers

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. See which other markets made the list.

June 11, 2012
10 hottest housing markets for first-time buyers

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):

  1. Wilmington, Del.-Md.-N.J.
  2. Charleston, W.Va.
  3. Visalia-Porterville, Calif.
  4. Merced, Calif.
  5. Fresno, Calif.
  6. Hagerstown-Martinsburg, Md.-W.Va.
  7. Modesto, Calif.
  8. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
  9. Atlanta-Sandy Springs-Marietta, Ga.
  10. 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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