Fast Facts About the Housing Market
Good news! Although existing home sales declined for three straight months, September’s market reversed course and rose slightly by 0.7%. Could it be the millennial crowd? Maybe.
Millennial buyers — anyone born between 1980 and 1999 — continue to flood the market. The average age of this generation of homebuyers aged 18-37 is 29.4 years old. And while over half (though just barely, at 52%) of millennial buyers are married, the other 48% were single.
We can only speculate how much the dogs drove home sales, but let’s clarify that this doesn’t necessarily show whether millennial homebuyers were co-borrowers, co-owning with one borrower, or buying alone.
Will we continue to see a rise in home sales for the rest of the year? It’s certainly possible. But according to Freddie Mac, 2018 should at least see modest increases. The economy and more modest house price growth should push purchase origination volume higher next year by a couple of percentage points over this year’s numbers, so if you’re considering listing your home, talk to a real estate expert soon, while it’s still a seller’s market.