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California topped the list of states generating purchase loan inquiries in 2017, 2018 and Q1 2019, and also had the highest average mortgage budgets in Q1 2019, according to the Q1 2019 Purchase Mortgage Consumer Profile Report published by DMS Consumer Finance. California represented 9.2% of the purchase loan inquiry share of volume (SOV) in Q1 2019, while the top ten states for purchase loan inquiries collectively held a 55.4% SOV of all purchase inquiries, up from 52.6% in 2018 and 52.9% in 2017.
The West Has The Highest Average Mortgage Budgets In Q1 2019
Fueled by California’s high budgets, the West had the highest average purchase mortgage budgets in the U.S. in Q1 2019, followed by the Northeast. The South and the Midwest had the lowest average purchase mortgage budgets. This regional ranking echoes Q1 2019 trends reported by the National Association of Realtors (NAR). According to NAR, the median existing single-family home price was highest in the West at $384,300, up 3.5% year-over-year (YOY), followed by the Northeast at $277,200, up 3.7% YOY. The South was ranked third at $225,700, up 2.5% over the previous year, and the Midwest was last at $194,100, up 3.9% from the prior year. Download the Q1 2019 Purchase Mortgage Consumer Profile Report for more details on purchase mortgage trends.
Eight Of The Top Ten States With Highest Average Budgets Also Have Highest Average Listing Prices
Dominated by coastal areas, the top ten states with the highest average mortgage budgets in Q1 2019 were California, Massachusetts, Washington, Hawaii, Maryland, Colorado, Oregon, Utah, New York and Rhode Island. Eight of these top ten states (all except Maryland and Rhode Island) also have the highest average listing prices, according to Zillow data compiled by Business Insider. Download the Q1 2019 Purchase Mortgage Consumer Profile Report for more details on purchase mortgage trends.
Download The Q1 2019 Purchase Mortgage Consumer Profile Report Today
Featuring state and credit score trends for the purchase mortgage market, top consumer segments and more, the Q1 2019 Purchase Mortgage Consumer Profile Report highlights purchase mortgage market audience trends for the period of January 2017-March 2019, with an emphasis on January-March 2019.