-The average length of time a homeowner has stayed in the same home has more than doubled over the past 20 years – from a little under 5 years in 2000 to almost 12 years in 2019, according to findings from DataTree.
-The national homeownership rate currently sits at 64.3 percent, according to the most recent data from the U.S Census Bureau.
“Looking ahead, we continue to anticipate that the economy’s resilience will help keep housing on a firm growth track,” Duncan continued. “In fact, our updated housing market forecast shows greater strength in essentially every part of the housing market extending through the first half of 2021. The limiting factor for home sales, as well as the primary driver of home price appreciation, remains the supply shortage. Barring an uptick in the inventory of existing homes put on the market, in the near term we’re forecasting relatively flat home sales until higher construction activity can be sustained, which we foresee will be the case later this year.”
Builders are getting off the sidelines amid a critical housing shortage
The homeownership rate for black households rose during the second half of 2018, perhaps the start of a recovery from lows following the Great Recession.
It’s predicted to keep going…
Although rent gains from December to January were 3% year over year, the latest increase marked the slowest pace in 18 months, according to a new report from RentCafe. No suprises here: the most expensive apartments were found in Manhattan.
Supply crunch spurs January’s home price uptick, bidding wars.
“Typically, we don’t see this many buyers in January, but with mortgage rates at a 3-year low, there are plenty of early-birds hoping to secure a home and lock in an affordable mortgage payment,” said Redfin chief economist Daryl Fairweather. “Home sellers, on the other hand, see that the market is clearly heating up and have no reason to rush to list their homes or to make price cuts in order to secure a sale.”
Builder confidence dipped a notch in February but remains at elevated levels. The National Association of Home Builders (NAHB) says its Housing Market Index (HMI) which it sponsored with Wells Fargo, edged 1-point lower to 74. Even with this change, the Index remains high.
Twenty-seven percent of mortgage holders do not know their interest rate, according to a new survey from Bankrate.
“Given that a home purchase tends to be the largest single item that we’ll ever make, this is need-to-know information,” says Mark Hamrick, Bankrate’s Senior Economic Analyst.
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