For the fourth consecutive month of an existing home, sales have dropped 0.9% in May because of short housing supply and strong buyer demand reported the National Association of REALTORS.
According to NAR in spite of this, sales were up 44.6% year over year. The median price for an existing home is now at $350,300.
NAR Chief Economist Lawrence Yun said, in May the home sales fell moderately and are reaching pre-pandemic activity now.
Home sales are being held back due to a lack of inventory, but some first-time buyers out of the market due to rising prices.
Yun added the market looks encouraging because supply is expected to improve, giving buyers more options and help bring down record-high asking prices for the existing homes.
The NAR’s May existing-home sales report shows:
- 89% of homes sold were on the market for less than a month. And properties sold in 17 days, last year they sold in 26 days.
- The median existing-home price was up 23.6% at $350,300 a year earlier it was $283,500.
- At the end of May, total housing inventory reached 1.23 million units, down 20.6% from this time in 2020. At the current sales rate, the unsold inventory is at a 2.5-month supply.
- 31% of sales consisted of first-time buyers down by 34% from last year.
- Individual investors and second-home buyers bought 17% of homes, up from 14% a year earlier.
- Less than 1% of foreclosures and short sales, which is 3% down from last year.
Reference Source: Realtor Magazine
https://www.compareclosing.com/mortgagenews/home-sales-to-relapse-soon/
Millennials make up the fastest-growing segment of buyers today as they are ending their leases, and many of them are buying houses.According to a recent report of the National Association of Realtors, the millennials who are in their late 20s to early 30s are the fastest-growing segment of buyers today.The household income rates of this set of people were two to four times higher than that of other age groups, noted a research study.Not just as buyers, half the number of sellers in the country are millennials impacting the market said a Zillow study.This movement is probably due to growth in their careers, higher income, and paying off student loans and other personal debts.Covid-19 was a perfect time for rebounding with a steep drop in interest rates providing the right opportunities for buying a home.Just by stretching their budgets a bit, they could afford a better home due to low-interest rates.MILLENNIALS ARE CHANGING THE HOME BUYING PROCESS.Compared to the older generation, the millennials have been slower to buy their first homes.According to this Pew Research study, 52% of adults aged 18–34 choose to move back in with their parents due to economic factors and the pandemic.According to this Pew Research study compared to 83% of the Silent Generation who married at their age only 46% of millennials are married, this is one of the reasons for the delay in home buying.According to a 2017 report by the National Association of Realtors, 99% of millennials used technology in the form of the internet and mobile devices for the home buying process, which is nearly double to Baby Boomers using the internet to browse homes.MILLENNIALS AND REAL ESTATE AGENTS.Important information about homes is now available online so the realtors’ value now comes from negotiation skills, valuable relationships, and their ability to facilitate the home buying process in this digital world.CHOOSING THE SUBURBS OVER THE CITY.A recent Zillow study pointed that 47% of millennial homeowners live in the suburbs for bigger, more updated houses by moving out of the city areas.Overall, they are approaching and treating the homebuying process in a modern way, which will an impact on the economy in the future.Reference Source: Forbeshttps://www.compareclosing.com/mortgagenews/millennials-contribution-in-the-mortgage-and-home-buying-market/
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