Check out some of the news we want to share with you this November. Mortgage rates are still climbing, Gen Z is living with their parents for longer, and average household income is rising too. We got you covered with these highlights below.
NAR Chief Economist Lawrence Yun Forecasts Existing Home Sales Will Rise by 15% Next Year and Mortgage Rates Will be Between 6-7% by Spring 2024
Elevated mortgage rates, high home prices and limited housing inventory are making the dream of homeownership difficult for Americans, according to NAR Chief Economist Lawrence Yun. He analyzed the current state of the U.S. residential real estate market and shared his 2024 outlook yesterday during the Residential Economic Issues and Trends Forum at 2023 NAR NXT, The Realtor® Experience(link is external), in Anaheim, California.
National Association of Realtors
NAR Finds Typical Home Buyer’s Annual Household Income Climbed to Record High of $107,000 in Wake of Rising Home Prices and Mortgage Rates
“Given the erosion of housing affordability due to higher home prices and mortgage rates, the household income for those who successfully purchased homes jumped by nearly $20,000 and topped six figures for only the second time in our records,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “In a still-competitive housing market, more well-off home buyers were able to have their bids accepted by offering larger down payments and even by paying cash.”
National Association of Realtors
More Than 80% of Metro Areas Registered Home Price Increases in Third Quarter of 2023
“Homeowners have accumulated sizable wealth, with a typical homeowner gaining more than $100,000 in overall net worth since 2019 and before the height of the pandemic,” said NAR Chief Economist Lawrence Yun. “However, the persistent lack of available homes on the market will make the dream of homeownership increasingly difficult for younger adults unless housing supply is significantly boosted.”
National Association of Realtors
Adult Gen Z-er still living at home? Why that’s not surprising if you live in Raleigh.
As Triangle housing costs remain high, millennials and Generation Z are taking longer to fly the coop compared to previous generations. In particular, a whopping 87% of adult Gen Z-ers in Raleigh (aged 18 to 25), sometimes known as Zoomers, are still living at home with family members, earning the nation’s No. 1 spot for this age group in 2022, according to a new report from RentCafe.
The News & Observer
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