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Archive for the Real Estate Category

Sudden drop in Millennial homeownership points to weakening affordability; presents opportunity for home builders

Millennial homeownership dropped from a three-year high of 36 percent in the fourth quarter 2017 to 35.3 percent in the first quarter of this year, according to recent data from the United States Census Bureau. What’s causing young adults to start shying away from home buying? According to CNBC’s housing and real estate contributor, Diana Olick, the culprit is clear: weakening affordability and lack of available starter homes. “Millennials make up the largest share of those seeking starter homes, a portion of the market that saw inventory plummet 14.2 percent and prices leap nearly 10 percent year-over-year in Q1 2017,” wrote

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In some metros, home prices have hit new highs

  Across the United States, there are several metros where home prices have never been this high. Roughly half of 105 metro areas studied by ATTOM Data Solutions, a real estate data provider, were above their prerecession home price peaks in the first quarter of this year. “Rising interest rates and recently enacted tax reform that removed some tax incentives for homeownership were not enough to cool off red-hot home price appreciation in many parts of the country, with 30 of the 105 local markets analyzed posting double-digit gains in median home prices in the first quarter,” said Daren Blomquist,

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Housing Starts Up Nearly 10% in January

Construction on new homes in the U.S. soared in January, as housing starts jumped nearly 10% to an annual rate of 1.33 million. That marks the second highest level since the Great Recession. According to the latest housing starts report from the U.S. Census Bureau, privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,326,000 — 9.7% above the revised December estimate of 1,209,000 and 7.3% above the January 2017 rate of 1,236,000. Building permits, which are an indicator of future housing starts, increased 7.4% in January. This was higher than the revised December rate of 1,300,000

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