KANSAS CITY, Mo.
— A survey by the National Association of Realtors found that while the national real estate market continues to be buoyant, the number of new homes is dropping significantly in some major metro areas.
In a survey conducted by Realtor.com, the survey ranked the 50 largest metro areas in the U.S. based on home sales, rent, vacancy rates and income for 2017.
The top 50 metros ranked among the top 10 metropolitan areas in terms of new home sales and rents in the nation, according to the survey.
The top 10 metro areas were Kansas City, Kansas, which ranked number one with 1,086 new homes and 1,788 rents, and Denver, Colorado, which came in second with 1.8 million homes and 2.4 million rents.
According to Realturist.com , the metro areas that saw the largest declines in new home and rental sales were:St. Louis-St. Charles, Missouri, which saw its home sales drop 37.7 percent in the fourth quarter of 2017;Dallas-Fort Worth, Texas, which lost 27.4 percent; andNew Orleans, Louisiana, which was down 29.6 percent.
The number of homes in each of the top 50 metro areas fell by more than 7,000 in 2017.
The decline was the biggest among all of the major metro area, the report found.
The bottom 10 metros, however, saw new home growth:Charlotte-Gastonia-Dakota-North Carolina, which gained 6.7 new homes in the quarter; Kansas City-Kansas City-Stark City, which rose 9.5 percent; Denver-Aurora-Lakewood-Auburn, which fell 3.9 percent; Minneapolis-St Paul-Bloomington, which declined 2.5; San Francisco-Oakland-Fremont, which dropped 1.4; and Seattle-Tacoma-Bellevue, which decreased 1.1.
The report also found that in many major metro regions, the percentage of new households that were made up of people under the age of 25 increased from 10.5 to 13.9, which is in line with the national trend.
The new households grew by 18.7 percentage points in the four quarters.