November 03, 2015 // Franchising.com // MADISON, N.J. - Shifting military priorities in the Middle East mirror shifts in real estate dynamics of military communities here at home, according to insights from ERA Real Estate’s 2015 Military Market spotlight.
ERA Real Estate, a global franchising leader and one of the nation’s top franchises for military veterans according to Franchise Business Review, recently analyzed market conditions in a number of key U.S. military markets, revealing both similarities and differences from national housing indicators.
“National industry reports indicate that persistent low inventory across much of the country is driving steady price appreciation, but in many military markets we are seeing that the increase is not as great,” said Charlie Young, president and CEO of ERA Real Estate. “Brokers serving military markets in California, Colorado, Florida, Louisiana and Texas all report that low mortgage rates and military incentives are creating higher buyer traffic, but that inventory shortages at desired price points are delaying purchases for many servicemen and women.”
Changes in year-over-year average sale price in the military markets analyzed range from a 9 percent increase in San Diego, California, to a 7.6 percent decrease in Panama City, Florida. Markets in Leesville, Louisiana, and Colorado Springs, Colorado, saw price increases averaging around 4.3 percent, while home prices in El Paso, Texas, remained relatively flat at a 1 percent increase year-over-year. This is compared to a national year-over-year sales increase of around 6 percent.
Below is a snapshot of dynamics in military markets across the country:
ERA Real Estate is an innovative franchising leader in the residential real estate industry with more than 40 years of experience in developing consumer-oriented products and services. The ERA network includes approximately 35,000 brokers and sales associates and approximately 2,300 offices throughout the United States and 34 countries and territories. Each office is independently owned and operated. ERA Real Estate is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. ERA Real Estate information is available at: ERA.com.
SOURCE ERA Real Estate