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Friday, November 11, 2016

Dear Board of Director and Past Presidents

I would like to congratulate our RPAC Leaders, Margaret Hartman (local RPAC Chair) and Sharon Ciminelli (Western Regional NYSAR Chair) on achieving their respective 2016 goals! BNAR surpassed its 2016 financial goal, we collected $48,594, 110% of our $44,195 target.  We also achieved a 78% success rate (786) of our targeted participation goal of 1,006.

The Western Regional RPAC district achieved 111% of its financial goal.

Additionally, congratulations to Margaret (again) for not only leading the BNAR's RPAC charge but for her success as state RPAC Chair.  New York State achieved 104% of its financial goal, and 80% of its participation goal.  

Sharon and Margaret, thank you and what a GREAT JOB, truly outstanding! On behalf of them and the Leadership team to all those who contributed thank you.  Now, on to our 2017 goal! It is never too early to start…

Very Respectfully,

John B. Leonardi, CEO, RCE
Buffalo Niagara Association of REALTORS
200 John James Audubon Parkway, ste 201
Amherst, NY 14228
7166363699 D
7166369121 F

Thursday, September 1, 2016

Buffalo Niagara Association of REALTORS, Inc.: Matrix (MLS) Update

Hello MLS/BNAR Member,

The MLS is set to cut-over to our new MLS system called Matrix" on Wednesday, September 7, 2016.  We have provided a few links to help you with the process.  There is a section on adding and editing listings, for those who have the permission to do so and the Data input forms are there as well, as we wait for Instanet to load them. 

Please take a moment to review the documentation in prepartion for September 7th.

For those agents who are not familiar with the system at all, here is the link to help you through the process.
Also there are numerous "Help Videos" in Matrix for those that have not been able to attend the many sessions that were offered or just prefer to "learn as you go" approach.
We know there will be a few bumps in the road and we will do our best to fix any issues that may arise.  Feel free to encourage your agents to send constructive criticism for us to consider and adopt, if possible.
Thank you for your patience through this long transition.  If you have any questions, please feel free to contact BNAR.
Upcoming 1 and 2 Hour Free Basic Training - Hands On

Search Functions
Friday, September 9
10:00  - 11:00 am

Agents' Webpage
Friday, September 9
2:00 - 3:00 pm

Basic Overview
Friday, September 9
5:30 - 7:30 pm

My Information/CMA
Monday, September 12
2:00 - 4:00 pm

Basic Overview
Friday, September 16
2:00 - 4:00 pm

Please register through BNAR Member Services through your MLS Portal
Go to the BNAR calendar at for a list of other classes

Wednesday, August 31, 2016

HUNT Real Estate to Launch Upstate New York Outreach Campaign in Celebration of 105 Years of Company and Customer Success

As family-owned real estate companies merge, morph & disappear, HUNT thrives
WESTERN, N.Y. (Aug. 31, 2016) – HUNT Real Estate today announced a new campaign push as the company celebrates 105 years in business. The Upstate New York-based, family-owned and operated real estate firm has more than 40 branches throughout Western, Central and Northern New York, and the Capital Region, and employs nearly 1,200 sales associates.
HUNT’s new outreach campaign, HUNT Thrives, comes at a time of a major real estate market disruption in the Upstate New York region. The campaign aims to remind customers of the company’s longevity and stability through the tagline “as real estate companies merge, morph and disappear, HUNT thrives.”
“With recent acquisitions of other local competitors by a larger, Pennsylvania-based firm, we’re keenly focused on reminding our customers and agents that HUNT is steadfastly committed to the future with a solid succession plan in place,” said Peter Hunt, chairman and CEO. “HUNT is the largest locally-owned and operated real estate firm in Upstate New York, and we’re extremely invested in the communities we serve. Our team lives in these communities and has knowledge and expertise that is second-to-none. I’m incredibly proud of what we’ve accomplished over the past 105 years and look forward to what the future holds for HUNT.”
HUNT, one of America’s largest and most successful family-owned real estate companies, surpassed $1 billion in closed sales from 2015-16. For nearly the past 20 years, REALTOR Magazine has named HUNT one of the top 100 companies. HUNT’s robust knowledge of the local markets they serve has allowed the company to be ranked among the top 1 percent of relocation brokers by Cartus Broker Network.
“Buying local has become increasingly important to people over the past few years. People like reinvesting in their community by supporting local businesses, local products, and more,” said Hunt. “We see HUNT as a part of that hyper-local movement; why wouldn’t a seller or buyer want to work with a locally owned firm?”
About HUNT Real Estate ERA
HUNT Real Estate Corporation is the parent company of HUNT Real Estate ERA and operates over 40 branches throughout western, central, and upstate New York, and Phoenix, Arizona. Founded in 1911, HUNT Real Estate ERA is the largest family-owned and operated real estate company in the area and is ranked the 42nd largest real estate firm in the nation for closed transactions in 2015 by RISMedia. HUNT also operates a commercial brokerage, mortgage banking firm, two insurance agencies, title agency, an award-winning Relocation division, residential building company, and a fee-for-service brokerage. HUNT’s mission is to build its presence through successful sales associates, to grow profitably, and to provide the highest quality of real estate and homeownership services. For more information about HUNT Real Estate, visit
Kailey Kolozsvary | Public Relations Specialist
BFLO | 477 Main Street, Buffalo, NY 14203
ROCH | 10 East Main Street, Suite 303, Victor, NY 14564
P 716 853 2757 x311 | D 716 242 7472

Monday, August 29, 2016

Forbes Capretto Announces New England Estates

A Forbes Capretto exclusive community on Grand Island, NY, offers a tranquil escape with ample nearby amenities

GRAND ISLAND, NEW YORK, AUGUST 24 - Forbes Capretto is delighted to inform everyone about their newest community on Grand Island, New York. New England Estates is within minutes of several marinas and state parks, Interstate 190, and the Canadian border.

Located on the Niagara River between Lake Erie and Lake Ontario, Grand Island Estates is perfectly situated for fans of boating, fishing, scuba diving, and stunning natural scenery. This fantastic community is also within easy reach of Niagara Falls and the City of Buffalo. New England Estates is perfectly positioned for both workday commutes and weekend fun.
Additionally, New England Estates is within walking distance of both Grand Island Senior High School and Veronica E. Connor Middle School. It is also a short drive from Kiddo’s Korner Preschool and Huth Road  Elementary School.

Half of the available home sites in the New England Estates community are bordered by Gun Creek for optimal privacy and natural beauty.

Forbes Capretto builds homes to suit their customer’s requirements, such as one-story, two-story with a 1st-floor owner’s suite, and two-story with a 2nd-floor owner’s suite. Their fabulous Design Center assists homeowners with everything from the smallest details to the biggest design decisions.

Prices in New England Estates are slated to begin in the $300,000 range. New England Estates is located on the eastern side of Grand Island off of Ransom Road and Stony Point Road.
About Forbes Capretto

Forbes Capretto is a locally owned custom home building company with over thirty years of experience and several awards, accolades, and industry recognitions. Over the past three decades, the company has built over 3,000 homes and dozens of communities across Western New York.


Forbes Capretto

Friday, August 5, 2016

IRS Warns Taxpayers of Summer Surge in Automated Phone Scam Calls; Requests for Fake Tax Payments Using iTunes Gift Cards

WASHINGTON — The Internal Revenue Service today warned taxpayers to stay vigilant against an increase of IRS impersonation scams in the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards.
The IRS has seen an increase in “robo-calls” where scammers leave urgent callback requests through the phone telling taxpayers to call back to settle their “tax bill.” These fake calls generally claim to be the last warning before legal action is taken. Once the victim calls back, the scammers may threaten to arrest, deport or revoke the driver’s license of the victim if they don’t agree to pay.
“It used to be that most of these bogus calls would come from a live-person. Scammers are evolving and using more and more automated calls in an effort to reach the largest number of victims possible,” said IRS Commissioner John Koskinen. “Taxpayers should remain alert for this summer surge of phone scams, and watch for clear warning signs as these scammers change tactics.” 
In the latest trend, IRS impersonators are demanding payments on iTunes and other gift cards. The IRS reminds taxpayers that any request to settle a tax bill by putting money on  any form of gift card is a clear indication of a scam.
Some examples of the varied tactics seen this year are:
  • Demanding payment for a “Federal Student Tax”--IR-2016-81
  • Demanding immediate tax payment for taxes owed on an iTunes or other type of gift card
  • Soliciting W-2 information from payroll and human resources professionals--IR-2016-34
  • “Verifying” tax return information over the phone--IR-2016-40
  • Pretending to be from the tax preparation industry--IR-2016-28
Since these bogus calls can take many forms and scammers are constantly changing their strategies, knowing the telltale signs is the best way to avoid becoming a victim. 
The IRS Will Never:
  • Call to demand immediate payment over the phone, nor will the agency call about taxes owed without first having mailed you a bill.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Require you to use a specific payment method for your taxes, such as a prepaid debit card, gift card or wire transfer.
  • Ask for credit or debit card numbers over the phone.
If you get a phone call from someone claiming to be from the IRS and asking for money and you don’t owe taxes, here’s what you should do:
  • Do not give out any information. Hang up immediately.
  • Contact TIGTA to report the call. Use their “IRS Impersonation Scam Reporting” web page or call 800-366-4484.
  • Report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on Please add “IRS Telephone Scam” in the notes.
  • If you think you might owe taxes, call the IRS directly at 800-829-1040.
 - IRS Newswire

David Homes Introduces New Master Down Design At The River Oaks Landing Lifestyle Community On Grand Island.

David Homes is kicking off their Summer Grand Opening at their River Oaks Landing Lifestyle Community on Grand Island. Located adjacent to the private River Oaks Golf Club, on the convenient Southeast corner of Grand Island, David Homes has created a low-maintenance community featuring a number of new designs including ranches and two-story homes. A low monthly HOA fee takes care of all grass cutting, landscape maintenance and snow removal.

“We are proud to offer new homes at River Oaks Landing starting in the mid $200’s, an almost unheard of price range in this hot real estate market.” Said David Stapleton, Owner of David Homes.

The new David Homes Sales Center at 9 Greenside Drive, off Whitehaven, is a First Floor Master design showing over 2,400 square feet of open concept living space.

As you approach this home, note the covered front porch, a great spot to relax and enjoy nature. Upon entering, you will see a two-story foyer along with an adjacent Flex Room. Currently set up as a Formal Dining Room, this room could also be used as a Home Office.

The rear portion of the model features a large Great Room with hardwood flooring comfortably open to a spacious Gourmet Kitchen. Note the abundance of over-sized windows looking out at the golf course. The Kitchen shows granite counters, stainless appliances, large center island and a double-width pantry.

As you continue through the first level, you will enter the Master Bedroom Suite featuring a Glamour Bath with soaking tub and walk-in closet. The Master Bedroom also overlooks the golf course.

Be sure to note that the main level also features nine foot ceilings, wide designer trim work and upscale cabinetry, all standard features with a new David Home.

The second level has 2 large bedrooms, full bathroom and an open loft with Craftsman style railings overlooking the foyer.

Your tour is not over yet. Make your way to the basement to see the 1,000 square foot finished Recreation Room. David Homes has designed the basement with a 9 foot tall Superior Wall system which allows for an 8 foot finished ceiling height in the Rec Room. While you are in the basement, sharpen your skills on the over-sized built-in putting green.

Every David Home is built to adhere to the latest Energy Star 3.1 standards which maximizes efficiency and significantly lowers energy bills compared to typical new homes.
“Grand Island and specifically River Oaks Landing is much more convenient than people realize,” added Stapleton. “Downtown Buffalo is just a short 15 minute drive away. The bridges to Canada are within 10 minutes.”

David Homes, has been building high-quality homes throughout Western New York since 1994 and earned national exposure in 2009 when they were featured on the popular TV show Extreme Makeover - Home Edition.  They created a local economic impact of $3 million in one short week by completing over 50 community projects in the City of Buffalo.  

Take a drive this weekend and visit the Sales Center at 9 Greenside Drive, open daily from 12-4pm (closed Thurs/Fri) or by appointment.  Located off Whitehaven Road, between East River Rd. and Stony Point Rd.  

When visiting be sure to ask about David Homes' wide selection of "Move-In-Ready" homes available for immediate occupancy throughout Western New York. A limited supply of home sites are also available in other David Homes communities on Grand Island including Ransom Village, Park Place and Oakwood Estates on East River Road, just north of Whitehaven. 

For more information, contact Jim McGinnis at 716-691-6900 or visit

Tuesday, July 19, 2016

Our we on the verge of another housing bubble?

The U.S. housing market has improved dramatically since the depths of the recession. Home prices in particular have grown dramatically in recent years, nearing a full nominal recovery nationwide. In high-profile growth markets like San Francisco; San Jose, Calif.; and Austin, Texas we are seeing record-high median prices.

With this significant amount of price appreciation, there’s chatter about whether certain hot markets have entered into bubble territory again.® sought to answer that question for 50 of the largest markets in the U.S. by conducting an in-depth market analysis of six housing trends that were fundamental to the bubble years.

The analysis evaluates a housing market’s bubble potential based on six factors fundamental to the boom and bust cycle of the mid-2000s including: real price appreciation, house flipping share of overall sales, mortgage transaction share of overall sales, price to homeowner income, price to rent, and new households per new construction starts. See Table 1 for a detailed overview of each factor.

The index measures each factor by market and compares it to its respective 2001 levels – a year where housing was considered to be in healthy growth mode and fairly valued. The 2001 baseline score for the index is 100, if a market receives a score of more than 100 it has more bubble potential than it did in 2001; if it is lower than 100, it’s has less. Fifty of the largest markets in the country were included in the analysis.

Executive Summary
The analysis shows that economic growth and household formation, paired with limited inventory are causing homes in many areas to cost more, relative to rents and incomes, than in more balanced times. However, there is no evidence of the systemic risk of the mid-2000s housing bubble. In fact, what is happening now is the opposite of what occurred during the housing boom of 2004-2006 – credit remains tight; flipping is not rampant; and new construction is severely constrained. It was these factors that led to the price collapse. That being said, the rapid price increases currently taking place in places such as San Jose, San Francisco, and Austin are unsustainable in the long term and we expect to see these price gains naturally taper off – whether it’s from people choosing to rent over buy, move in with family or roommates or relocate to a housing market that is more affordable.

Nationally, the housing market has three percent less risk than it did in 2001 – the index’s baseline year for market health – and 25 percent less risk than it did during the peak in 2005. Although there is elevated real price growth – estimated at seven percent in 2015 – the other fundamentals – such as flipping, new construction and mortgage share – are far below their levels during the housing boom.

On a market level,’s analysis revealed that six major markets – San Jose, San Francisco, Austin, Salt Lake City, Dallas and Los Angeles are seeing rapid price appreciation driven by strong economies and lack of inventory. These markets registering an index score of 110 or higher.

National Snapshot
Nationally, the home price-to-rent ratio is 12 percent above its 2001 level, but remains 18 percent beneath where it was in 2005. Price-to-income ratio is also higher than 2001 by 28 percent, but is 12 percent beneath its level in 2005. Flipping represents four percent of sales in today’s market, in-line with 2001, but lower than 2005 when flipping accounted for six percent of sales. New construction is slowly recovering from the recession. It’s currently at a ratio of two new households for each start, which is twice the balanced (and normal) demand of 2001. In 2005, the ratio was .65 new households per start. Tight lending conditions are keeping the mortgage transaction share low at 68 percent of all sales, which is 15 percent beneath 2001 and 12 percent lower than 2005.

Top Markets: examined the 10 markets with the highest index score. Analysis revealed that the first six markets on the list – San Jose, San Francisco, Austin, Salt Lake City, Dallas, and Los Angeles – are showing some signs of unstainable price gains that are expected to naturally taper off.

Markets ranked seven through 10 – Fresno, Calif.; Buffalo, N.Y.; Charleston, S.C.; and Portland, Ore. – are registering scores of 105 to 109. While these markets are showing recent significant price appreciation, they are not overheating.  With the exception of Buffalo, all of these markets experienced a housing bubble in the early 2000s and their index values in 2005 reflected that, yet today they are substantially lower. Most of them follow the same pattern we see with the other markets on the list, that the fundamental problem is the lack of new construction keeping up with economic and demographic growth.

10 Markets with the Highest Index Scores

1. San Jose – Silicon Valley prices have been dramatically increasing over the last few years causing chatter about whether the market is in a bubble. While the index does indicate that the market has 19 percent more potential than it did in 2001, the market’s index score is currently 18 percent below its peak level in 2006. The clear undersupply of new construction against growth in households is likely the primary culprit in driving up prices. Without oversupply or mortgage delinquency risk, the higher prices are a reflection of the otherwise healthy market conditions producing the high paying jobs that can afford to pay the higher prices.

Analysis: The market saw 10 percent real gains in home prices in 2015. Price to income is 6.4, only six percent less than its peak level in 2006. Price to rent ratio is currently 35 percent more than its state in 2001, but still 30 percent less than its peak. Flipping is up 38 percent more than its level in 2001, but is down 38 percent compared to 2005. Limiting the overall risk are constrained new construction and low mortgage financing. Two new households are formed per housing start, which is similar to the U.S. overall and half of what a normal market should deliver. Mortgage transactions account for 76 percent of the sales, which is 19 percent less than its peak of 94 percent in 2005. 

2. San Francisco – This Bay Area neighbor is very similar to San Jose in several ways. The analysis indicates that the San Francisco metropolitan statistical area is currently 19 percent higher than it was 2001, but 26 percent below its peak level. Like San Jose, San Francisco is not seeing enough new construction to keep pace with household growth, so again the analysis concludes that the increase in prices is a reflection of the market’s growth and not credit-fueled speculation. The market is a victim of its own economic success producing gains in high-paying jobs that when coupled with limited ability to increase the housing stock result in higher home prices.

Analysis: San Francisco saw nine percent gains in real prices in 2015. Price relative to income is 36 percent more than it was in 2001 and 10 percent less than its peak in 2005. Price relative to rent is 20 percent more than 2001, but 30 percent less than its peak. Lack of new construction and limited mortgage activity are mitigating the price appreciation in this market. More than two new households are being formed per new housing start, which is similar to the U.S. overall and half of what a normal market should deliver. Mortgage transactions account for 77 percent of the sales, which is 18 percent less than its peak of 94 percent in 2005.

3. Austin – Austin didn’t experience as severe a recession as the rest of the country in 2007-2012, when home prices dropped 16 percent locally compared to declines of more than 40 percent nationally. The index shows the market is 17 percent higher than its state in 2001 and one percent lower than peak. However, there is little evidence to support that the market had a true bubble during the national housing boom period, so the reference to its peak is less problematic. Similar to other high profile economic growth markets, the increase in price is a natural outcome of substantial growth in households without the corresponding growth in housing stock to keep the housing market in balance.

Analysis: The primary factors at work in Austin are prices relative to rent and income. Price to income stands at 3.1, a 35 percent increase from 2001. Price to rent is 17, which is 30 percent more than 2001 and almost at same level as the peak. The remaining key factors mitigate the risk resulting from higher prices. The market only sees 1.74 new housing starts for every new household, so there is no evidence of over building. Likewise, flipping activity is very limited at two percent of transactions. The mortgage share is 73 percent, below the 77 percent in 2001, and showing no sign of loose credit.

4. Salt Lake City – This market’s current index score is 14 higher than it was in 2001, but 20 percent below its peak. Although real prices have appreciated an average of seven percent over the last four years, the market is not in the bubble territory it was in in 2005-2006 according to the index. In addition, price increases are already moderating and the market is not likely to see bubble factors increase in the next few years.

Analysis: Salt Lake City saw a real price gain of six percent in home prices in 2015. Price relative to rents is 14 percent higher than 2001, but 22 percent less than the peak. Price relative to income is 20 percent higher than 2001, but 14 percent less than peak. All other factors show no sign of risk. The supply of new construction has recovered in Salt Lake City better than other markets as it has increased steadily since the recovery began and is currently at 1.15 households per start, which is on par with 2001. 

5. Dallas – Analysis shows the Dallas market has an index score that’s 13 percent higher than it was in 2001 and one percent less than its peak in 2004. Like fellow Texas market Austin, Dallas did not experience much of a boom and as a result, only experienced a mild recession and price correction compared to the rest of the U.S. The price gains in Dallas in recent years can be attributed to the lack of growth in the housing stock relative to the large gains in employment and corresponding households.  

Analysis: The market saw nine percent real gains in home prices in 2015, far higher than the six percent real price gains that represented the peak it experienced in 2004, which was moderate compared to other market booms. The key factors at work today are price to rent and price to income, which are at all-time highs. Price to rent is 15, which is 30 percent higher than 2001; and price to income is 27 percent more than 2001. The market’s risk is being mitigated by limited flipping of three percent, low mortgage share of 68 percent, and low levels of new construction. The market is seeing 1.6 new households for every new housing start.

6. Los Angeles – The Los Angeles MSA has an index score that’s 10 percent higher now than it was in 2001, but 35 percent lower than its peak in 2005. Similar to other markets analyzed, Los Angeles is now suffering from household growth far outpacing new construction. More than three households are being formed for every new single-family start. The reverse scenario was true leading up to the peak of the bubble.

The market’s economic success since the recession coupled with limited ability to grow the housing stock has resulted in its current situation, but it is nowhere near the level of risk back in 2005. Additionally, Los Angeles is actually seeing its risk decrease. Price appreciation is moderating and will likely see further declines in the index score this year.

Analysis: The market saw a seven percent real gain in home prices in 2015. The key factors driving its index score are the price to income ratio and the level of flipping. Price to income ratio is close to six now, 66 percent more than it was in 2001, but 15 percent less than its peak in 2007. Flipping activity, while reduced from the last three years, is still beyond five percent of sales, which ranks Los Angeles among the markets seeing the most flipping. The factors minimizing risk include the aforementioned lack of overbuilding and a low mortgage share of 76 percent.

7. Fresno, Calif.
– This agriculture town has a nine percent higher index score than it had in 2001, but is still 31 percent from its peak. While certain risk factors are elevated—an indication that this level of price appreciation is not sustainable over the long term—they are nowhere close to what they were when the market was really in a bubble in 2004-2005.

Analysis: The market saw a six percent real gain in home prices in 2015. Key factors of concern are the price to income ratio and the level of flipping activity. Price to income is 47 percent more than its level in 2001, but 29 percent below its peak in 2005. Flipping is now six percent of sales, twice the level of 2001, but 25 percent less than the peak in 2005. Meanwhile, there is no evidence of overbuilding as there are 1.3 new households for every new start and the mortgage share remains low at 75 percent. In addition, price relative to rents are actually lower now than in 2001.

8. Buffalo, N.Y. – Buffalo effectively dodged the housing crisis in 2007-2012. Its index score is seven percent higher than it was in 2001, and slightly above the moderate peak it experienced in the mid 2000’s. In this analysis, Buffalo emerges as a fairly unique market as it is the only market experiencing new construction activity without significant household growth.

Analysis: The market saw a seven percent real gain in prices in 2015. However, prices have steadily grown for the past few years. Key fundamentals active in this market are heightened flipping activity and substantial growth in new single-family construction. The flipping share of sales has ranged between three and four percent in recent years, which is twice the share the share in 2001. The market is losing households, but still has new construction activity. So unlike the other markets on our list, the new construction risk factor emerges as the key factor in this market. Other factors mitigating that include prices relatively stable compared to rents and income, as well as relatively moderate price appreciation that has averaged five percent over the last four years.

9. Charleston, S.C. – Charleston’s index is seven percent higher than it was in 2001, but 20 percent beneath its market peak. Charleston appears to be a very healthy market, only one risk factor is elevated and that is the price to income ratio, which is being driven by substantial economic growth causing both home prices and rents to grow as households grow.

Analysis:  The price to income ratio in Charleston is 33 percent higher than it was in 2001, and 10 percent lower than its peak level. Real price appreciation was 10 percent in 2015, yet prices remain in alignment with rent. Mortgage share and new construction are in a balanced state, and flipping activities are 60 percent lower than its peak in 2005 and 2006. 

10. Portland, Ore. – The northwestern city of Portland has an index that’s six percent higher than in 2001, yet it is 26 percent lower than it was during its peak. The primary risk factor that is elevated is price to income, which stands 35 percent more than it was in 2001, and eight percent below its peak. Otherwise, Portland is a very healthy market.

Analysis: Real price appreciation was 11 percent in 2015, yet prices remain in alignment with rent. Mortgage transaction share is 78 percent, 10 percent lower than the pre-crisis level. New construction is in tight supply; there are 2.6 new households per new housing start. Like other large growth markets, the above average price appreciation is being driven by economic growth and is being exacerbated by very limited growth in new construction.

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