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Construction employment increases in 223 of 358 metro areas
Construction employment increased in 223 of 358 metro areas between August 2022 and August 2023, according to an analysis by the Associated General Contractors of America of new government employment data. Association officials said contractors report they would like to hire even more workers but are having trouble finding enough qualified ones to hire. “Although construction employment is growing in most locations, contractors everywhere report they are having trouble filling positions,” said Ken Simonson, the association’s chief economist. “Many more metro areas would have shown gains if there were enough qualified workers to fill the openings.” Dallas-Plano-Irving, Texas added the most construction jobs (15,100 jobs or 10 percent), followed by New York City (11,000 jobs, 8 percent); Portland-Vancouver-Hillsboro, Ore.-Wash. (9,200 jobs, 11 percent); Phoenix-Mesa-Scottsdale, Ariz. (7,700 jobs, 5 percent); and Oakland-Hayward-Berkeley, Calif. (7,400 jobs, 10 percent). The largest percentage gains were in Baton Rouge, La. (16 percent, 7,100 jobs); followed by 11-percent gains in Wilmington, Del.-Md.-N.J. (2,000 jobs); Middlesex-Monmouth-Ocean, N.J. (4,800 jobs); Cheyenne, Wyo. (400 jobs); and Portland-Vancouver-Hillsboro. Construction employment declined over the year in 79 metro areas and was unchanged in 56 areas. The largest job loss occurred in Houston-The Woodlands-Sugar Land, Texas (-6,800 jobs, -3 percent), followed by Nassau County-Suffolk County, N.Y. (-5,200 jobs, -6 percent); Miami-Miami Beach-Kendall, Fla. (-4,400 jobs, -8 percent); St. Louis, Mo.-Ill. (-2,900 jobs, -4 percent); and Orlando-Kissimmee-Sanford, Fla. (-2,700 jobs, -3 percent). The largest percentage decrease occurred in Kankakee, Ill. (-13 percent, -200 jobs), followed by Pittsfield, Mass. (-9 percent, -200 jobs); Binghamton, N.Y. (-9 percent, -400 jobs); Miami-Miami Beach-Kendall, Fla.; and Elgin, Ill. (-7 percent, -1,100 jobs). Association officials noted said that the results of a survey the association released earlier this month showed that one of the causes for construction labor shortages is that candidates often lack the skills needed to be hired. They urged public officials to introduce more construction-focused programs in school and training settings to expose future workers to the hard and soft skills they need. They also urged lawmakers to reform the broken immigration system so people who want to immigrate to the country and work can do so in an orderly and lawful fashion. “When an industry that pays an average of $34 an hour can’t find enough qualified people to hire we clearly need to rethink the way the country prepares future workers,” said Stephen E. Sandherr, the association’s chief executive officer. “In the meantime, we need to secure the border while allowing more people to lawfully enter the country to repair infrastructure, modernize the economy and build their own American dream.”
CP Group announces four new leases at Harris Corners in Charlotte
CP Group has announced four new leases at Harris Corners — its three-building, Class A office campus totaling 365,000 square feet in Charlotte. The new additions include: TAT Technologies, a strategic global partner to leading players in the aerospace industry, signed a lease for a newly constructed 6,500-square-foot ‘worCPlaces’spec suite. Mike Dempsey of Foundry Commercial represented the tenant. RGX, LLC, a logistics company, signed a lease for 1,400 square feet. Parker Levy of Colliers International represented the tenant. Fidelity National Title Company, LLC,a premier real estate service company, signed a lease for 2,600 square feet. Ross Howard of Jones Lang LaSalle, and Orion Realty Group represented the tenant. Fitzpatrick Engineering Group (FEG), PLLC, a structural engineering firm relocating from Cornelius, signed a lease for 3,200 square feet. Parker Levy of Colliers International represented the tenant. Jennifer Kurz, Tim Arnold, and Bo Blight of Trinity Partners represented the landlord in each agreement and exclusively represent the office park. “FEG looked at several developments in our search for new office space,” said Doug Fitzpatrick, President of Fitzpatrick Engineering Group. “We found Harris Corners a great central location for our team, with very convenient access to both I-77 and I-485. It is Class A office space with plenty of parking, amenities you don't see everywhere, and monthly building activities for all the tenants — including food trucks. We feel very welcome and very much at home here.” Six move-in ready spec suites were recently completed at Harris Corners, ranging from 1,400 to 5,000 square feet, as part of CP Group’s portfolio-wide ‘worCPlaces’ flexible workspace offering. Within the “Spec Places” service offering, CP Group designs customized suites to meet the needs of companies seeking move-in ready, yet scalable, office environments for evolving teams. CP Group acquired Harris Corners, consisting of one four-story and two five-story Class-A office buildings, in July 2021. The firm is in the midst of executing numerous capital improvements at the property — including restroom restorations, a new lobby at Harris Corners One, and the addition of a new tenant lounge and second conference center — to be completed by year-end. “Upon acquiring the office park, we set out to enhance the tenant experience through capital improvements and implementing our flexible ‘worCPlaces’ offering,” said Scott Barr, Senior Vice President at CP Group. “This leasing momentum is evidence that our focus on what employees and employers need for flexibility and growth is succeeding." Current amenities include a state-of-the-art fitness center, conference center, renovated courtyard with outdoor meeting spaces, an onsite grab & go market, and a food truck court. The property is WELL Health-Safety Rated. Harris Corners is located at the intersection of W.T. Harris Boulevard and I-77, offering unmatched access to I-77, I-485, and I-85. The campus also provides tenants with excellent visibility and close proximity to downtown Charlotte, Lake Norman, and Charlotte Douglas International Airport. To learn more about the office park, visit www.harriscorners.com. Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 165 properties, totaling over 56 million square feet, valued at nearly $8 billion. It is currently Florida’s largest and Atlanta’s second-largest office landlord and ranks 25th largest in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Denver, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.
Residential Real Estate
Equity improves for U.S. homeowners as housing market boom shows signs of revival
ATTOM has released its second-quarter 2023 U.S. Home Equity & Underwater Report, which shows that 49 percent of mortgaged residential properties in the United States were considered equity-rich in the second quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values. The portion of mortgaged homes that were equity-rich in the second quarter of 2023 increased from 47 percent in the first quarter of 2023, to the highest point in at least four years. With home prices rebounding across the U.S., the report found that the level of equity-rich mortgage-payers went up from the first quarter of 2023 to the second quarter of 2023 in 45 of the nation’s 50 states. The gains followed two straight quarterly drop-offs caused by a temporary slowdown in the U.S. housing market that had threatened to end a decade-long run of price and equity growth. The second-quarter upturn marked another sign of how the market shift has helped homeowners, as home-seller profits also spiked. While equity-rich levels rose in the second quarter, the report also shows that less than 3 percent of mortgaged homes in the U.S., or one in 36, were considered seriously underwater in the second quarter of 2023. That meant they had a combined estimated balance of loans secured by the property of at least 25 percent more than the property’s estimated market value. Just 2.8 percent of mortgaged-homes were seriously underwater in the second quarter of this year, also the lowest point since at least 2019. The latest figure was down from 3 percent in the prior quarter and 2.9 in the second quarter of 2022. “The second-quarter market revival bestowed immediate benefits on homeowners around the nation in the form of better profits for sellers and rising equity for those staying put. Equity levels were high even during the recent downturn, and now they are going back up and better than ever,” said Rob Barber, CEO for ATTOM. “It is well worth nothing that the market remains in flux and the recent improvement could easily be temporary. Lots of changing forces are at work affecting whether boom times are really back, especially amid a recent increase in mortgage rates. But with the 2023 peak buying season still underway, it seems that homeowners can reasonably expect their household balance sheets to grow a bit more in the near future.” Equity for U.S. homeowners improved in the second quarter as prices for single-family homes and condos nationwide rose throughout most of the country, reversing a market slowdown that had run from the middle of last year to the early part of this year. Nationwide, the median home value shot up 10 percent in the second quarter to yet another all-time high of $350,000, after dropping 7 percent over the prior three quarters. The rebound came amid multiple factors that combined to put more financial resources in the hands of house hunters during a time of rising demand and tight housing inventory. Home mortgage rates were down by one-half to three-quarters of a point for a 30-year fixed loan during the second quarter, after more than doubling in 2022 to about 7 percent. At the same time, consumer price inflation dipped down under 4 percent, the stock market improved after a year of ups and downs, and unemployment remained less than 4 percent. That happened as the peak annual buying season revved up during a time when the supply of homes for sales around the U.S. remained historically low. With several months to go in the 2023 home-buying season, the potential for more gains remains in place. But that will depend heavily on whether key market drivers continue to improve or decline. Largest increases in equity-rich share of mortgages spread across Midwest The portion of mortgages that were equity-rich grew in most states around the U.S. from the first quarter of 2023 to the second quarter of 2023, commonly by up to four percentage points. The biggest gains came in the Midwest region, led by Wisconsin (portion of mortgages homes considered equity-rich rose from 41.6 percent in the first quarter of 2023 to 47.1 percent in the second quarter of 2023), Michigan (up from 42.5 percent to 47.7 percent), South Dakota (up from 41.4 percent to 46.4 percent), Ohio (up from 36.7 percent to 41.3 percent) and New Jersey (up from 38.9 percent to 43 percent). At the other end of the scale, the South and West regions had the only states where the equity-rich share of mortgaged homes decreased from the first quarter to the second quarter of this year. They were Nevada (down from 49 percent to 46.8 percent), Louisiana (down from 24.1 percent to 23 percent), Arizona (down from 56.4 percent to 55.3 percent), Florida (down from 61 percent to 60.4 percent) and Utah (down from 58.1 percent to 57.8 percent). Largest decreases in seriously underwater mortgages also in Midwest The portion of mortgaged homes considered seriously underwater dipped, and remained historically low, during the second quarter of 2023 in most of the nation. The rate declined in 37 states, with the biggest decreases clustered in the Midwest, a region that has some of the higher levels of seriously underwater mortgages. The improvements were led by Missouri (share of mortgaged homes that were seriously underwater down from 6.4 percent in the first quarter of 2023 to 4.8 percent in the second quarter of 2023), Illinois (down from 6.4 percent to 5.1 percent), South Dakota (down from 4.8 percent to 4 percent), Kansas (down from 3.7 percent to 3 percent) and Ohio (down from 5 percent to 4.3 percent). States where the percentage of seriously underwater homes increased the most from the first to the second quarter of this year were led by Indiana (up from 3.3 percent to 8.1 percent), Hawaii (up from 2 percent to 3.6 percent), Maine (up from 2.5 percent to 2.7 percent), Mississippi (up from 5.6 percent to 5.8 percent) and Utah (up from 1.7 percent to 1.9 percent). Highest levels of equity-rich homeowners still in the West The West continued to have the highest levels of equity-rich mortgaged properties around the U.S., with six of the top 10 states in the second quarter of 2023. Those with the highest portions were Vermont (77.5 percent of mortgaged homes were equity-rich), California (63.3 percent), Montana (60.9 percent), Florida (60.4 percent) and Idaho (59.4 percent). Nine of the 10 states with the lowest percentages of equity-rich properties in the second quarter of 2023 were in the Midwest and South. The smallest portions were in Louisiana (23 percent of mortgaged homes were equity-rich), Alaska (29.2 percent), Illinois (29.5 percent), West Virginia (30 percent) and North Dakota (31.3 percent). Among 107 metropolitan statistical areas around the nation with a population of at least 500,000, the West and South continued to dominate the list of places with the highest portion of mortgaged properties that were equity-rich. All but one of the top 20 were in those regions during the second quarter of 2023, led by San Jose, CA (76.3 percent equity-rich); Los Angeles, CA (69.3 percent); San Francisco, CA (69 percent); San Diego, CA (68.8 percent) and Sarasota-Bradenton, FL (66.6 percent). The leader in the Northeast region again was Portland, ME (60.7 percent) while the top metro in the Midwest continued to be Grand Rapids, MI (54.7 percent). The 10 metro areas with the lowest percentages of equity-rich properties in the second quarter of 2023 again were in the Midwest and South. The smallest levels were in Baton Rouge, LA (19.3 percent of mortgage homes were equity-rich); Jackson, MS (26.6 percent); Little Rock, AR (29.2 percent); Virginia Beach, VA (29.7 percent) and New Orleans, LA (31.7 percent). The portion of mortgaged homes considered equity rich went up from the first quarter of 2023 to the second quarter of 2023 in 81 of the 107 metro areas with sufficient data (76 percent) and was up from second quarter of last year in 64 percent. Top equity-rich counties clustered in Northeast and West Among 1,712 counties that had at least 2,500 homes with mortgages in the second quarter of 2023, 14 of the top 20 equity-rich locations were in the Northeast and West regions. Counties with the highest share of equity-rich properties were Chittenden County (Burlington), VT (85.6 percent equity-rich); Nantucket County, MA (83.7 percent); Dukes County (Martha’s Vineyard), MA (82.7 percent); Manistee County, MI (80.6 percent) and Washington County (Montpelier), VT (79 percent). Counties with populations of at least 500,000 and the highest equity-rich rates were San Mateo County, CA (outside San Francisco) (78.5 percent equity-rich); Santa Clara County (San Jose), CA (77.4 percent); Orange County, CA (outside Los Angeles 73.3 percent); Alameda County (Oakland), CA (71.8 percent) and Pinellas County (Clearwater), FL (70.8 percent). Counties with the smallest share of equity-rich homes in the second quarter of 2023 were Vernon Parish (Leesville), LA (8.2 percent equity-rich); Lea County (Lovington), NM (10.1 percent); Beauregard Parish, LA (east of Lafayette) (10.7 percent); Iberville Parish, LA (outside Baton Rouge) (12.4 percent) and Geary County (Junction City), KS (13.7 percent). Counties with populations of at least 500,000 and the smallest equity-rich portions were Baltimore City, MD (27.9 percent equity-rich); Cook County (Chicago), IL (28.8 percent); Prince George’s County, MD (outside Washington, DC) (30.3 percent); Lake County, IL (outside Chicago) (31.1 percent) and Anne Arundel County (Annapolis), MD (31.6 percent). At least half of all mortgaged properties considered equity-rich in almost 50 percent of zip codes Among 9,082 U.S. zip codes that had at least 2,000 residential properties with mortgages in the second quarter of 2023, there were 4,183 (46 percent) where at least half the mortgaged properties were equity-rich. Forty-four of the top 50 zip codes were in California or Florida, with seven of the top 10 in Santa Clara County, CA. They were led by zip codes 93108 in Santa Barbara, CA (87.9 percent of mortgaged properties were equity-rich); 94024 in Los Altos, CA (86.4 percent); 93109 in Santa Barbara, CA (86.2 percent); 95070 in Saratoga, CA (86.1 percent) and 95014 in Cupertino, CA (85.4 percent). Largest shares of seriously underwater mortgages remain in Midwest and South The Midwest and South again had the top 10 states with the highest shares of mortgages that were seriously underwater in the second quarter of this year. The top five were Louisiana (10.5 percent seriously underwater), Indiana (8.1 percent), Kentucky (5.9 percent), Iowa (5.9 percent) and Mississippi (5.8 percent). The smallest shares were in Vermont (0.9 percent seriously underwater), California (1.1 percent), Rhode Island (1.2 percent), Massachusetts (1.2 percent) and Florida (1.3 percent). Among 107 metropolitan statistical areas with a population greater than 500,000, those with the largest shares of mortgages that were seriously underwater in the second quarter of 2023, were Baton Rouge, LA (10.8 percent); Indianapolis, IN (8.6 percent); New Orleans, LA (7.2 percent); Syracuse, NY (6.1 percent) and Scranton, PA (6 percent). While most seriously underwater rates around the country changed by less than one percentage point from the first quarter to the second quarter of this year, the portion decreased in 81, or 76 percent, of the metro areas around the U.S. with enough data to analyze. Seriously underwater rates were down, year over year, in 54 percent of the metro areas analyzed. More than 20 percent of residential mortgages seriously underwater in just 45 zip codes Among 9,082 U.S. zip codes that had at least 2,000 homes with mortgages in the second quarter of 2023, there were only 45 locations where more than 20 percent of mortgaged properties were seriously underwater. Of those, 23 were in Chicago, IL; Cleveland, OH; Detroit, MI; Kansas City, MO; Philadelphia, PA or St. Louis, MO. The top five zip codes with the largest shares of seriously underwater properties in the second quarter of 2023, were 10570 in Pleasantville, NY (44.3 percent of mortgaged homes were seriously underwater); 60636 in Chicago, IL (43.7 percent); 44108 in Cleveland, OH (41.8 percent); 10520 in Croton-on-Hudson, NY (40.7 percent) and 62206 in East St. Louis, IL (39.5 percent). Most homeowners facing foreclosure have at least some equity Only about 255,700 homeowners were facing possible foreclosure in the second quarter of 2023, or about one in every 250 mortgaged residential properties in the U.S. Of those facing foreclosure, about 235,500, or 92 percent, had at least some equity built up in their homes. States where the largest portion of homeowners facing possible foreclosure had equity in their properties in the second quarter of 2023, included Utah (97 percent with equity), North Carolina (96 percent), Florida (96 percent), Idaho (96 percent) and New Hampshire (95 percent). States with the lowest percentages included Louisiana (82 percent with equity), Illinois (85 percent), North Dakota (85 percent), Maryland (86 percent) and Arkansas (87 percent).
Profits on home sales rebound across U.S. in second quarter as housing market revives
ATTOM has released its second-quarter 2023 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales in the United States increased to 47.7 percent in the second quarter – the first gain in a year. The improvement in typical profit margins, from 43.9 percent in the first quarter of 2023, came amid a rebound in the U.S. housing market that pushed the median nationwide home price up 10 percent quarterly to $350,000. Both the nationwide profit margin and median home price increased after three straight quarterly drop-offs that had begun to reverse a decade-long market boom. However, even as seller fortunes turned around in the second quarter, the typical investment return nationwide did remain below the recent high point of 53.2 percent, recorded a year earlier during the second quarter of 2022. “Just when it looked like the housing market was flattening out, prices spiked again, which pushed seller profits back up to nearly their highest level in the past decade,” said Rob Barber, CEO for ATTOM. “Stable mortgage rates, an ongoing tight supply of homes for sale and the usual Springtime surge in buyer demand appeared to have combined to halt the downturn we started seeing a year ago. It’s way too early to predict another long-term price run-up, especially since buying a home is a financial stretch for so many households around the country. But the second-quarter numbers clearly show the market has more steam left in it, and sellers are reaping the benefits.” Gross profits also shot up from the first to the second quarter of 2023. They rose 17 percent on the typical single-family home and condo sale across the country, to $113,000, although they were still down 5 percent annually. The about-face in profits and prices around the U.S. during the second quarter reflected a housing market in flux. After a decade of almost continual increases, home prices dipped across most of the country in the middle of 2022 and continued declining through the first quarter of 2023. The national median price dropped 7 percent during that time as rising home-mortgage rates, high consumer price inflation and a faltering stock market cut into what potential buyers could afford. Prices and profits went back up in the second quarter during the start of the annual buying season, helped along by several forces. They included the nation’s limited supply of homes for sale, mortgage rates that stabilized at around 6.5 percent for a 30-year fixed-rate loan, investment market gains and an easing of inflation. As the 2023 home-buying season continues, the prospect of even better seller profits remains in place but will depend heavily on whether any or all of those factors improve or decline. Profit margins grow quarterly in two-thirds of U.S. but remain down annually Typical profit margins – the percent difference between median purchase and resale prices – increased from the first quarter of 2023 to the second quarter of 2023 in 107 (69 percent) of the 156 metropolitan statistical areas around the U.S. with sufficient data to analyze. However, they were still down in 118, or 76 percent, of those metros compared to the second quarter of last year, as the recent improvements were not enough to wipe out losses sustained from the middle of 2022 to the early part of 2023. Metro areas were included if they had sufficient population and at least 1,000 single-family home and condo sales in the second quarter of 2023. The biggest quarterly increases in typical profit margins came in the metro areas of Barnstable, MA (margin up from 47 percent in the first quarter of 2023 to 69.2 percent in the second quarter of 2023); Fort Wayne, IN (up from 46.7 percent to 65.5 percent); Augusta, GA (up from 45.7 percent to 64.1 percent); Rochester, NY (up from 50.9 percent to 68 percent) and Charleston, SC (up from 37.7 percent to 52 percent). Aside from Rochester, the biggest quarterly profit-margin increases in metro areas with a population of at least 1 million in the second quarter of 2023 were in Grand Rapids, MI (return up from 63.9 percent to 76.5 percent); Raleigh, NC (up from 35.8 percent to 47.7 percent), Hartford, CT (up from 38.5 percent to 50.1 percent) and San Diego, CA (up from 45.3 percent to 56.7 percent). Typical profit margins decreased quarterly in just 49 of the 156 metro areas analyzed (31 percent). The biggest quarterly decreases were in Scranton, PA (margin down from 86.9 percent in the first quarter of 2023 to 70.2 percent in the second quarter of 2023); Hilo, HI (down from 101.5 percent to 86.7 percent); Detroit, MI (down from 90 percent to 76 percent); Spartanburg, SC (down from 60.6 percent to 46.6 percent) and Flint, MI (down from 91.6 percent to 80.5 percent). Aside from Detroit, the largest quarterly decreases in profit margins among metro areas with a population of at least 1 million came in Pittsburgh, PA (down from 50.9 percent to 40.2 percent); Buffalo, NY (down from 70.9 percent to 61.5 percent); Indianapolis, IN (down from 48.7 percent to 40.4 percent) and Honolulu, HI (down from 47.1 percent to 41.1 percent). Metro areas with a population of at least 1 million where typical profits remained down the most annually included Austin, TX (margin down from 80.3 percent in the second quarter of 2022 to 47.2 percent in the second quarter of 2023), San Francisco, CA (down from 85.1 percent to 59.4 percent); Phoenix, AZ (down from 75.8 percent to 51.6 percent); Salt Lake City, UT (down from 69.3 percent to 46.4 percent) and Las Vegas, NV (down from 66.5 percent to 46.5 percent). Raw profits up in almost 90 percent of housing markets Profits on median-priced home sales nationwide, measured in raw dollars, increased from $96,573 in the first quarter of 2023 to $113,000 in the second quarter, a 17 percent gain. Typical raw profits went up quarterly in 137, or 88 percent, of the metro areas analyzed for this report. Annually, however, raw profits remained down 4.6 percent from a record high of $118,400 in the second quarter of 2022. They dropped year over year in 65 percent of the markets analyzed. The biggest quarterly raw-profit increases in areas with a population of at least 1 million were in Birmingham, AL (up 47 percent); Rochester, NY (up 44 percent); St. Louis, MO (up 37 percent); Hartford, CT (up 35 percent) and Cleveland, OH (up 33 percent). On an annual basis, the largest year-over-year declines in raw profits on median-priced home sales among metros with a population of at least 1 million came in Austin, TX (down 36 percent); Birmingham, AL (down 32 percent); Salt Lake City (down 28 percent); San Francisco, CA (down 27 percent) and Phoenix, AZ (down 27 percent). The largest raw profits on median-priced sales in the second quarter of 2023 were in San Jose, CA (profit of $600,000); San Francisco, CA ($416,000); San Diego, CA ($301,500); Seattle, WA ($285,000) and Naples, FL ($265,905). The smallest were in Shreveport, LA ($14,000); Beaumont, TX ($24,943); Rockford, IL ($38,140); McAllen, TX ($41,407) and Toledo, OH ($43,000). Prices up quarterly in more than 90 percent of nation Median single-family home and condo prices increased from the first to the second quarter of 2023 in 150 (96 percent) of the 156 metro areas around the country with enough data to analyze and were up annually in 94 of those metros (60 percent). Nationwide, the median home price rose to $350,000, up 10.4 percent from $317,000 in the first quarter of 2023 and 2.4 percent over the previous record of $341,750, set in the second quarter of last year. Among metro areas, the biggest increases in median home prices from the first quarter of 2023 to the second quarter of 2023 were in Rochester, NY (up 20 percent); Madison, WI (up 19.1 percent); Bridgeport. CT (up 18.6 percent); St. Louis, MO (up 17 percent) and Augusta, GA (up 16.9 percent). Aside from Rochester and St. Louis, the largest median-price increases during the second quarter of 2023 in metro areas with a population of at least 1 million were in Detroit, MI (up 15.8 percent); Birmingham, AL (up 15.6 percent) and Grand Rapids, MI (up 14.5 percent). Home prices tied or hit new highs during the second quarter of 2023 in 89, or 57 percent, of the 156 metro areas in the report. Metro areas with a population of more than 1 million that set or tied records in the second quarter included Chicago, IL; Miami, FL; Dallas, TX; Washington, DC, and Atlanta, GA. The only metro areas with a population of at least 1 million where the median home price declined from the first to the second quarter of 2023 were Honolulu HI (down 1.4) and Salt Lake City (down .03 percent).