Business Data for. International Real Estate Transactions in Florida. October 2013 NATIONAL ASSOCIATION OF REALTORS RESEARCH DIVISION

Transcription

1 Business Data for International Real Estate Transactions in October 213 NATIONAL ASSOCIATION OF REALTORS RESEARCH DIVISION

2 Table of Contents I. Introduction.1 II. NAR s Global Programs...4 III. State-Specific Economic and Real Estate Data...5 Table 1. Population by Place of Birth.. 5 Table 2. Population by Race...6 Table 3. Language Spoken at Home...7 Table 4. Persons Obtaining Permanent Residence Status...8 Table 5. Persons Naturalized...8 Table 6. Non-immigrant admissions...9 Table 7. Home Ownership and Income..1 Table 8. Immigration by Origination Region and Country 11 Table 9. Comparative Cost of Renting and Ownership.12 Table 1. Mortgage Status. 12 Table 11. Home Mortgage Loans..13 Table 12. Past Due Loans..14 IV. Local Economic and Real Estate Data..15 V. Commercial Data for Some Metro Areas...27

3 International transactions contribute to the expansion of the real estate market. In its 213 National Association of REALTORS Profile of International Home Buying Activity, NAR estimated the volume of international sales for the period covering April 212-March 213 at $ 68.2 billion, which is approximately 6 percent of total existing home sales during the same period. While opportunities exist, transacting with international clients also presents significant challenges, especially on the buyer s side of the market. Cultural affinity or orientation with the prospective purchaser, foreign language capabilities, and an appreciation of the differences between the real estate and those of other countries are important in bringing an international transaction to successful conclusion. This Report serves as an overview of information that can be used to expand the scope for international real estate transactions with non-us residents and recent immigrants to the United States. It includes state level and metro area level indicators on the economy, demographic trends, immigration, and commercial real estate data for areas where data is available. NAR s Commercial & Global Services department has the expertise to address specific questions related to international transactions as well as the ability to direct specific questions to other NAR resources. For more data and information, REALTORS are encouraged to visit the NAR Research webpage at and NAR s global pages at National Association of REALTORS Research Department October 213 Lawrence Yun, Ph.D Chief Economist and Senior Vice-President Jed Smith, Ph.D Managing Director, Quantitative Research Gay Cororaton Research Economist

4 Introduction I. Introduction In its 213 National Association of REALTORS Profile of International Home Buying Activity, NAR estimated the volume of international sales for the period covering April 212- March 213 at $ 68.2 billion, which is approximately 6.3 percent of the total existing home sales of $ 1.8 trillion for the same period. Sales are roughly split between foreign buyers whose primary residence is abroad and those who are in the as recent immigrants or on temporary visas. The major foreign buyers have typically come from Canada, China, Mexico, India, and the United Kingdom. The primary destinations are, California, Arizona, and Texas. Shares of the Top Countries of Origin to Total Reported International Transactions for 12 Months Ending March 213 Canada China Mexico India United Kingdom Germany Argentina Israel Australia Korea Brazil France Venezuela Russia 3% 3% 2% 2% 2% 2% 2% 2% 2% 5% 5% 8% 12% 23% 35% 3% 25% 2% 15% 1% 5% % Distribution of International Sales by State Arizona California Georgia Nevada New York Texas Virginia 29 7% 13% 23% 1% 1% 2% 11% 3% 21 11% 12% 22% 5% 3% 4% 8% 2% 211 6% 12% 31% 2% 2% 3% 9% 2% 212 7% 11% 26% 4% 2% 4% 7% 1% 213 9% 17% 23% 2% 2% 3% 9% 3% 1

5 Introduction Commercial international transactions also represent a billion dollar market. In 212, about $ 22.6 billion dollars flowed into the with a major chunk from Canada and countries in Europe, Asia, and the Middle East. Manhattan, San Francisco, and Los Angeles were the major destinations. Canada Germany Switzerland Israel UK South Korea Singapore Japan Kuwait Other Origin of International Commercial Transactions That Flowed in the in 212 (In Billions of Dollars) $. $4. $8. Billions $2.2 $1.68 $1.38 $1.31 $1.1 $.91 $.84 $.8 $3.96 $8.53 Source: Real Capital Analytics. Data is based on properties worth at least $2.5 million. Manhattan San Francisco Los Angeles Houston Chicago DC Seattle San Jose Phoenix Other Destination of International Commercial Transactions That Flowed in the in 212 (In Billions of Dollars) $. $4. $8. Billions $2.21 $1.93 $1.61 $1.24 $.91 $.76 $.59 $.58 Foreign purchasers are interested in real estate for residential, investment and portfolio diversification purposes. Since 2, about 1 million immigrants have come annually into the United States. About 2.5 to 3 million have entered the as temporary workers on nonimmigrant admissions since 21. Majority of recent immigrants come from Asia and Latin America. $5.1 $7.71 Source: Real Capital Analytics. Data is based on properties worth at least $2.5 million. 2

6 Introduction Region of Persons Obtaining Legal Permanent Resident Status in 212 South America 8% Oceania % Unknown % Africa 1% North America 32% Asia 42% Europe 8% Source: DHS, Table 1, supplement Immigrants are likely to become homeowners over time; the homeownership rate of the foreign-born who are now citizens (naturalized) is at par with native citizens. The naturalized foreign-born have sound prospects for home ownership because they are generally well-educated and comparably earn high incomes. On the other hand, the foreign-born who are not yet citizens are mostly renters. Home Ownership Rates, by Citizenship, in % 66.% 65.4% 51.% 33.7% All Native Citizen Foreign-born Foreign-born, naturalized Foreign-born, not Citizen Source: ACS, 212, 1yr estimate, Table S51 Income, Education and Employment in 212 Median Household Income Unemployed rate /1 Percent with Bachelor's degree /2 Native Citizen $51, % 18.6% Foreign Born $46, % 16.4% Foreign-Born, naturalized $56,19 7.1% 2.2% Foreign-born, not a citizen $38, % 12.6% /1 as percent of civilian labor force age 16+ /2 as percent of population age 25+ Source: Census Bureau, American Community Survey 212, 1 year estimate, Table S51. 3

7 NAR s Global Programs II. NAR s Global Programs NAR s Commercial & Global Services division helps members prepare to serve the growing market of global buyers. Offering the Certified International Property Specialist designation, and the At Home With Diversity certification, REALTORS gain insights on how to diversify their business, and are provided with the research, tools and access to globalize their network. With over 8 bilateral agreements, affiliation with 6 countries, and strategic partnerships, NAR Global helps you explore the global market. NAR s international program has a long history, demonstrating the foresight of NAR leaders over a number of decades. Through carefully developing and nurturing international bilateral and multilateral relationships worldwide, NAR has laid a solid foundation for participation in today s global marketplace. NAR Global home page at Realtor.org Best general resource for information on NAR international programs and services Certified International Real Estate Specialist (CIPS) designation program and business network Provides introductory and advanced training for real estate professionals and administrators, along with business development/networking tools, resources and events. Access course descriptions, schedule, benefits and other information on CIPS from the NAR Global home page, NAR Global Association Network NAR partners with nearly 8 associations in 6 countries all of whose members subscribe to a code of conduct similar to the NAR Code of Ethics. Review the full list of foreign partners, NAR s volunteer liaisons to these groups, and/or access the association directly at Global Perspectives in Real Estate - NAR Global's bi-monthly newsletter filled with valuable information regarding global business development for REALTORS. View the electronic version at International Research Reports - Learn about the global impact in your market. Access NAR's International Real Estate Research Reports, including all 5 State-by-State International Business Reports, at The Global View- Updated weekly, NAR s internationally-themed blog covers a wide range of topics providing tips and tools to help REALTORS, both inside and outside the, succeed in the global market. 4

8 State Specific Economic and Real Estate Data III. State Specific Economic and Real Estate Data Table 1. Population By Place of Birth in 212 Total Population, by Place of Birth 19,317, ,914,4 Native /1 15,57, ,89,382 Foreign-Born /2 3,747,136 4,824,658 Naturalized 1,933,28 18,686,237 Not a Citizen 1,813,856 22,138,421 Percent, Native 81% 87% /1 The The Census Bureau uses the terms native and native born to refer to anyone born in the United States, Puerto Rico, a Island Area, or abroad of a citizen parent or parents. /2 The Census Bureau uses the term foreign born to refer to anyone who is not a citizen at birth. This includes naturalized citizens, lawful permanent residents (immigrants) present in the, temporary migrants (such as foreign students), humanitarian migrants (such as refugees and asylees), and persons illegally present in the Source: Census Bureau, ACS 212, 1 yr estimates, Table DP2 5

9 State Specific Economic and Real Estate Data Table 2. Population By Race in 212 Total Population 19,317, ,914,4 Hispanic or Latino 4,484,21 52,961,17 Not Hispanic or Latino 14,833,367 26,953,23 White Alone 1,966, ,243,423 Black or African-American Alone 2,958,587 38,464,192 American Indian and Alaska Native Alone 41,291 2,84,472 Asian Alone 477,131 15,375,46 Native Hawaiian and Other Pacific Islander Alone 1, ,87 Some other race alone 51, ,725 Two or more races 327,56 6,672,944 Source: Census Bureau, ACS 212, 1 yr estimates, Table DP5 Population in 212 % 1% 2% 3% 4% 5% 6% 7% Hispanic or Latino White Alone Black or African-American Alone American Indian and Alaska Native Alone Asian Alone Native Hawaiian and Other Pacific Some other race alone Two or more races 6

10 State Specific Economic and Real Estate Data Table 3. Language Spoken in 212 Population, 5 years and over 18,247, ,3,714 Speak English Only 13,156, ,126,499 Speak Language Other Than English 5,9,474 61,877,215 Spanish 3,733,476 38,325,155 Other Indo-European 96,96 11,34,625 Asian 284,245 9,752,336 Other Languages 112,657 2,765,99 Percent Who Speak English "Very Well" Among Population Who Do Not Speak English Only Speak Language Other Than English 59% 59% Spanish 57% 58% Other Indo-European 64% 69% Asian 56% 53% Other Languages 73% 69% Source: Census Bureau, ACS 212, 1 yr estimates, Table DP2 Language Spoken in 212 % 2% 4% 6% 8% 1% Speak English Only Spanish Other Indo-European Asian Other Languages 7

11 State Specific Economic and Real Estate Data Table 4. Persons Obtaining Permanent Residence Status 23 52,77 73,542 Admitted Immigrants 24 76, , ,915 1,122, ,986 1,266,129 2, ,277 1,52,415 15, ,445 1,17,126 1, ,6 1,13,818 5, 21 17,276 1,42, ,229 1,62, ,47 1,31,631 Source: Department of Homeland Security, Yearbook of Immigration Statistics 212,Table 4 Table 5. Persons Naturalized 23 35,15 462, , , ,999 64, ,846 72, ,563 66, ,328 1,46, , , , , ,39 694, ,89 757,434 15, 1, 5, Source: Department of Homeland Security,Yearbook of Immigration Statistics 212,Table 22 Persons Naturalized 8

12 State Specific Economic and Real Estate Data Table 6. Non-immigrant admissions (I-94 only) Business Traveler,Visa waiver /1 2,7,137 2,437,861 2,523,218 2,766,935 2,893,84 Business Traveler, Other /2 2,867,459 2,739,44 3,146,923 3,539,375 3,96,617 Students and exchange visitors/3 84,426 75,14 86,493 89,825 88,31 Temporary workers and families/4 162, , ,35 142, ,484 Diplomats/other representatives/5 15,351 14,748 16,435 15,86 16,19 All other classes 1,888 88,5 97,328 1,58 11,215 Unknown 47,959 48,359 57,519 35,231 29,338 5,978,898 5,538,668 6,64,266 6,69,19 7,234,58 39,381,928 36,231,554 46,471,516 46,471,516 53,887,286 1 Includes GB, GMB, GT, GMT, WB, and WT admissions. 2 Includes B1, B2 and a limited number of Border Crossing Card (BCC) admissions. 3 Includes principals, spouses, and children (F,J,M admissions). 4 Includes principals, spouses, and children (CW1, E, H,I,L,O, P,Q, R, TD and TN admissions). 5 Includes principals, spouses, and children (A, G, Nadmissions). Notes: Admissions represent counts of events, i.e., arrivals, not unique individuals. The majority of short-term admissions from Canada and Mexico are excluded. Source: Department of Homeland Security, Yearbook of Immigration Statistics, 212, Table 3 Non-immigrant Admissions in 212 % 1% 2% 3% 4% 5% 6% Business Traveler,Visa waiver /1 Business Traveler, Other /2 Students and exchange visitors/3 Temporary workers and families/4 Diplomats/other representatives/5 All other classes Unknown 1% 2% % 1% % 4% 55% 9

13 State Specific Economic and Real Estate Data Table 7. Home Ownership and Income Home Ownership Rate Median HH Income (in %) (in $) Total ,4 Born in the or abroad of parent(s) ,818 Foreign Born ,88 Naturalized ,113 Not a Citizen ,962 Total ,371 Born in the or abroad of parent(s) ,975 Foreign Born ,983 Naturalized ,19 Not a Citizen ,214 Source: Census Bureau, ACS212, 1 yr estimates, Table S51 Home Ownership Rates By Citizenship Status in Born in the or abroad of parent(s) Naturalized Not a Citizen 1

14 Number of immigrants State Specific Economic and Real Estate Data Table 8. Immigration by Origination Region and Country in 212 REGION Total 13,47 Africa 2,614 Asia 13,243 Europe 7,16 North America 57,795 Oceania 175 South America 21,974 Unknown 86 COUNTRY Total 13,47 Cuba 26,422 Haiti 11,86 Colombia 7,16 Jamaica 5,42 Venezuela 5,224 Mexico 3,55 Dominican Republic 3,67 Peru 2,619 Brazil 2,56 Philippines 2,372 India 1,937 China, People's Republic 1,755 Argentina 1,582 Nicaragua 1,432 Honduras 1,341 Vietnam 1,278 United Kingdom 1,193 Ecuador 1,14 Canada 1,112 Guatemala 792 Russia 756 Trinidad and Tobago 73 Bangladesh 647 El Salvador 563 Germany 542 Pakistan 478 Immigration by Origination Region in 212 Africa Asia Europe North America Oceania South America 3, 25, 2, 15, 1, 5, % 1% 2% 3% 4% 5% 6% % 3% 26,422 7% 13% 11,86 21% Top Countries of Origin in 212 Number of Immigrants 7,16 56% 5,42 5,224 Source of data: DHS, Yearbook of Immigration Statistics, Supplemental Table 1. 11

15 State Specific Economic and Real Estate Data Table 9. Home Value and Comparative Cost of Renting vs. Home Ownership in 212 Median Household Income $45,4 $51,371 Median Value of a Home $148,2 $171,9 Selected Monthly Owner Cost With Mortgage $1,425 $1,46 Without Mortgage $447 $434 Gross Rent $954 $884 Annualized Selected Owner Cost and Rent As Percent of Income Selected Monthly Owner Cost With Mortgage 38% 34% Without Mortgage 12% 1% Gross Rent 25% 21% Source: Census Bureau, ACS212, 1yr estimates, Table DP4 Table 1. Mortgage Status in 212 Percent to Owner Occupied Units Total Owner Occupied Units 4,724,428 Housing Units With a Mortgage 2,888,716 Either second mortgage or home equity loan 551,654 Second mortgage only 133,81 2.8% Home equity loan only 417, % Both second mortgage and home equity 16,692.4% No second mortgage or home equity loan 2,32, % Housing Units Without a Mortgage 1,835, % Percent to Owner Occupied Units Total Owner Occupied Units 74,119,256 Housing Units With a Mortgage 48,726,257 Either second mortgage or home equity loan 8,719,98 Second mortgage only 2,192,958 3.% Home equity loan only 6,526,14 8.8% Both second mortgage and home equity 337,993.5% No second mortgage or home equity loan 39,669, % Housing Units Without a Mortgage 25,392, % Source: Census Bureau, ACS212, 1yr estimates, Table B

16 State Specific Economic and Real Estate Data Table/Chart 11. Number of Home Purchase Loans, Number of Conventional Home Purchase Loans Originated Number of FHA-insured Home Purchase Loans Originated Number of VA-insured Home Purchase Loans Originated Number of FSA/RHS Home Purchase Loans Originated Source of data: HMDA Loan Application Registrar 13

17 State Specific Economic and Real Estate Data Table/Chart 12. Mortgages Past Due Number Percent Past Due Number Percent Past Due 2 135, ,629, , ,82, , ,794, , ,816, , ,851, , ,86, , ,38, , ,91, , ,917, , ,638, , ,911, , ,495, , ,124, Source of data: HMDA Loan Application Registrar Percent of Mortgages Past Due

18 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 IV. Local Economic and Real Estate Data Housing and Economic Trends Cape Coral-Fort Myers,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Cape Coral-Fort Myers,FL Cape Coral-Fort Myers,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Cape Coral-Fort Myers,FL Source: BLS/Haver Cape Coral-Fort Myers,FL Source: Census Bureau/Haver 15

19 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Deltona- Daytona Beach- Ormond Beach,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Deltona- Daytona Beach- Ormond Beach,FL Deltona- Daytona Beach- Ormond Beach,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Deltona- Daytona Beach- Ormond Beach,FL Source: BLS/Haver Deltona- Daytona Beach- Ormond Beach,FL Source: Census Bureau/Haver 16

20 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Gainesville,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Gainesville,FL Gainesville,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Gainesville,FL Source: BLS/Haver Gainesville,FL Source: Census Bureau/Haver 17

21 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Jacksonville,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Jacksonville,FL Jacksonville,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Jacksonville,FL Source: BLS/Haver Jacksonville,FL Source: Census Bureau/Haver 18

22 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Miami-Fort Lauderdale-Miami Beach,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Miami-Fort Lauderdale-Miami Beach,FL Miami-Fort Lauderdale-Miami Beach,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Miami-Fort Lauderdale-Miami Beach,FL Source: BLS/Haver Miami-Fort Lauderdale-Miami Beach,FL Source: Census Bureau/Haver 19

23 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Ocala,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* #N/A Ocala,FL Ocala,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Ocala,FL Source: BLS/Haver Ocala,FL Source: Census Bureau/Haver 2

24 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Orlando,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Orlando,FL Orlando,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Orlando,FL Source: BLS/Haver Orlando,FL Source: Census Bureau/Haver 21

25 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Palm Bay-Melbourne-Titusville,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Palm Bay-Melbourne-Titusville,FL Palm Bay-Melbourne-Titusville,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Palm Bay-Melbourne-Titusville,FL Source: BLS/Haver Palm Bay-Melbourne-Titusville,FL Source: Census Bureau/Haver 22

26 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Pensacola-Ferry Pass-Brent,FL Local Economic and Real Estate Data Metro Level Data ($') 25 2 Median Single-Family Home Price 25 2 Home Affordability Index* Pensacola-Ferry Pass-Brent,FL Pensacola-Ferry Pass-Brent,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Pensacola-Ferry Pass-Brent,FL Source: BLS/Haver Pensacola-Ferry Pass-Brent,FL Source: Census Bureau/Haver 23

27 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Sarasota-Bradenton-Venice,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Sarasota-Bradenton-Venice,FL Sarasota-Bradenton-Venice,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Sarasota-Bradenton-Venice,FL Source: BLS/Haver Sarasota-Bradenton-Venice,FL Source: Census Bureau/Haver 24

28 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Tallahassee,FL Local Economic and Real Estate Data Metro Level Data ($') Median Single-Family Home Price Home Affordability Index* Tallahassee,FL Tallahassee,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Tallahassee,FL Source: BLS/Haver Tallahassee,FL Source: Census Bureau/Haver 25

29 Q2-1 Q4-1 Q2-2 Q4-2 Q2-3 Q4-3 Q2-4 Q4-4 Q2-5 Q4-5 Q2-6 Q4-6 Q2-7 Q4-7 Q2-8 Q4-8 Q2-9 Q4-9 Q2-1 Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Housing and Economic Trends Tampa-St. Petersburg-Clearwater,FL Local Economic and Real Estate Data Metro Level Data ($') 25 2 Median Single-Family Home Price 25 2 Home Affordability Index* Tampa-St. Petersburg-Clearwater,FL Tampa-St. Petersburg-Clearwater,FL *if, data is not available for this metro Unit: 1 thousand Non-farm Employees 14, 138, 136, 134, 132, 13, 128, 126, 124, Single Family Home Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, - Tampa-St. Petersburg-Clearwater,FL Source: BLS/Haver Tampa-St. Petersburg-Clearwater,FL Source: Census Bureau/Haver 26

30 V. Commercial Data for Some Metro Areas Commercial Data for Some Metro Areas Commercial Real Estate Fort Lauderdale,FL Vacancy Rate (in percent ) Office Commercial Real Estate Retail Commercial Real Estate Industrial Commercial Real Estate Multifamily Commercial Real Estate Source of data: REIS, Inc. Data may not be available for some metro areas and for all years. 27

31 Commercial Data for Some Metro Areas Commercial Real Estate Jacksonville,FL Vacancy Rate (in percent ) Office Commercial Real Estate Retail Commercial Real Estate Industrial Commercial Real Estate Multifamily Commercial Real Estate Source of data: REIS, Inc. Data may not be available for some metro areas and for all years. 28

32 Commercial Data for Some Metro Areas Commercial Real Estate Miami,FL Vacancy Rate (in percent ) Office Commercial Real Estate Retail Commercial Real Estate Industrial Commercial Real Estate Multifamily Commercial Real Estate Source of data: REIS, Inc. Data may not be available for some metro areas and for all years. 29

33 Commercial Data for Some Metro Areas Commercial Real Estate Orlando,FL Vacancy Rate (in percent ) Office Commercial Real Estate Retail Commercial Real Estate Industrial Commercial Real Estate Multifamily Commercial Real Estate Source of data: REIS, Inc. Data may not be available for some metro areas and for all years. 3

34 Commercial Data for Some Metro Areas Commercial Real Estate Palm Beach,FL Vacancy Rate (in percent ) Office Commercial Real Estate Retail Commercial Real Estate Industrial Commercial Real Estate Multifamily Commercial Real Estate Source of data: REIS, Inc. Data may not be available for some metro areas and for all years. 31

35 Commercial Data for Some Metro Areas Commercial Real Estate Tampa-St. Petersburg,FL Vacancy Rate (in percent ) Office Commercial Real Estate Retail Commercial Real Estate Industrial Commercial Real Estate Multifamily Commercial Real Estate Source of data: REIS, Inc. Data may not be available for some metro areas and for all years. 32