The housing market reached new price peaks in 2017, shattering records left over from the 2005 housing boom.Home prices rose as the number of homes for sale continued to drop — even more so than previous years. Meanwhile, the number sales stayed about the same.Strong job growth, low unemployment and historically low interest rates all contributed to rising prices, said Mark Goldman, finance and real estate lecturer at San Diego State University.“If you look back at 2017, it was a robust year,” Goldman said. “Interest rates were quite good, the economy was continuing to barrel ahead, wages were strong, employment was strong and millennials were aging into the homebuying market.” How prices compareThe median home price reached $529,000 last year, above the $500,000 peak in 2005 and 2006. Still, when adjusted for inflation, last year’s median is about $11,000 less than what it was in the housing boom. Inventory was downNationwide home inventory is down, … [Read more...] about Last year’s housing market broke records
Millennials housing market
Today's homebuyers are a lot different than those of the past. Gone are the days when first-time buyers were mostly married, with kids, and had previously rented. No longer is it as easy or desirable to borrow from banks for everything, instead of saving up or getting help from family for a down payment. And instead of getting away from family and moving to the city, there's a lot more preference for living nearby or even together, in the suburbs. Welcome to the modern housing market – where millennials dominate, buyers are older, singles and pets are in, homeowners remain in one place for longer, young people stay at home to save money, and the Bank of Mom and Dad is the go-to lender. "This is a different type of buyer," said Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors. "It’s a different first-time buyer and repeat buyer." Here are some of the trends that are shaping the housing market: Who are the buyers? … [Read more...] about It’s not your parents’ housing market anymore
Gina Heeb, provided by Published 9:43 am CDT, Tuesday, March 26, 2019 Luciano Mortula - LGM/Shutterstock The housing market has been cooling across the US. That could drive an increasing number of Americans toward rentals. Economists expect rental prices to jump over the next year. As the housing market cools across the US, economists say rental prices look poised to rise. Falling construction activity and housing shortages across the country have priced an increasing number of potential buyers out of the market, driving Americans to rent instead. While lower mortgage rates could pull some in from the sidelines, new tax laws have reduced incentives for Americans to own homes. Economists expect that to cause rental prices to increase within the next year or so, depending on how many apartments come onto the market and the pace of wage growth. Rental vacancy rates slid to a more than three-decade low in the fourth quarter, according to the Federal Reserve Bank of St. … [Read more...] about A housing-market slowdown could be bad news for renters
By Mitch Roschelle Published March 05, 2019 Opinion FOXBusiness Facebook Twitter Comments Print video Affordability the biggest obstacle for millennials in the housing market? PwC Partner Mitch Roschelle on the state of the housing market. The U.S. housing market is alive and well, and believe it or not, the so-called American Dream of homeownership remains intact -- even for millennials. Continue Reading Below As our economy has slowly grown over the past ten years, the housing market has yet to return to the “glory days” of the past decade. Over the past 100 months we have experienced positive job growth. Moreover, GDP continues to post solid gains, with fourth quarter GDP growth beating consensus expectations at 2.6 percent. Yet the housing market is not the driver of economic growth that it was a decade ago. In 2005, the housing investment and services represented 18.3 … [Read more...] about Don’t blame millennials for lukewarm housing market
It's no secret that Buffalo is one of the least expensive housing markets in the country. But did you know it's also the fastest? A new report from online real estate brokerage Redfin found that Buffalo tied with Grand Rapids, Mich., in January as the cities with the shortest time during which a house sits on the market. According to Redfin, a typical home in Buffalo went under contract in just 28 days. That's half of the national average of 57 days, and it's seven days faster than in January 2018. Grand Rapids had the same listing duration, but that was two days longer than a year ago. Coming in third was Omaha, Neb., where the time-on-market held steady at 29 days compared to a year ago. But Buffalo was also the strongest of the three markets for sellers, with more than one-third of homes selling for more than the listing price - consistent with rampant tales of bidding wars. Even so, its median sales price of $141,000 was still the most affordable of the three, with the other two … [Read more...] about Buffalo: Fastest housing market in the country?