Realty Trac released its U.S. Residential Property Vacancy Analysis for first quarter 2016, and out of 85 million residential properties nationwide, 1.6% were vacant at the beginning of February.
Daren Blomquist, vice president of Realty Trac, writes the metro areas with the highest share of vacant properties were Flint, Mich., Detroit, Youngstown,Ohio, Beaumont-Port Arthur, Tx., and Atlantic City, New Jersey. While, the metros with the lowest share were San Jose, California, Fort Collins, Colo., Manchester, N.H., Provo, Utah, Lancaster, Penn., and San Francisco.
“With several notable exceptions, the challenge facing most U.S. real estate markets is not too many vacant homes but too few," said Blomquist.
"Across the Ohio markets, occupancy demand is fueling a robust seller’s market for residential and commercial real estate,” said Michael Mahon, president at HER Realtors, covering the Ohio markets of Dayton, Columbus and Cincinnati. “With vacancy rates low, situations such as leasebacks and delayed occupancy are factors of concern in trying to get timing aligned for possession transfer in many communities."