According to the American Land Title Association, total tile premiums fell 31% in 2023. The total revenue generated from title insurance in 2023 was reported to be $15.1 billion in premiums, representing a 31% drop from 2022. In 2022, the total premiums generated for title insurance came in at $21 billion.
The primary factors contributing to this steep decline are the record shortage of available properties and homes for sale in the market. Also, high interest rates continue to make home purchases for first-time buyers very difficult, as the median price for a home in 2023 came in at the median price of 387,000.
According to the National Association of Realtors, in February 2024, the median price fell just slightly to $385,000. Consider this: back in 2019 the median average cost for a home was $258,000, representing a 50% jump in the cost of a home.
Top title insurance underwriters for the first quarter of 2024 were: First American title company., Audrey Public National Title Insurance Company, Fidelity National Title Insurance, Chicago Title Insurance and Stewart Title Guarantee Company, representing 22%, 15.2%, 13.4%, 13% and 9.2% of the total revenue generated respectively.
And the states generating the largest total title premiums in volume in 2023 were Texas, $2.26 billion, Florida, $1.92 billion, California, $1.3 billion, New York, $900 million, and Pennsylvania, $596 million.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/