A lot more Americans can now afford to own their own home. I’m sure this impeachable too.
Sales of existing homes rose a steeper-than-expected 3.5% in December compared with January, according to the National Association of Realtors.
Demand is surging because mortgage rates are about a full percentage point lower than they were a year ago, and the largest generation, millennials, are aging into their homebuying years.
That demand has pushed the supply of homes for sale down 8.5% annually to the lowest level since the Realtors began tracking inventory in 1982.
At the current sales pace, the total supply would sell out in just three months. A six months’ supply is considered a balanced market.
Supply of homes for sale hits record low, and prices suddenly jump
Sales of existing homes rose a steeper-than-expected 3.5% in December compared with January, according to the National Association of Realtors.
Demand is surging because mortgage rates are about a full percentage point lower than they were a year ago, and the largest generation, millennials, are aging into their homebuying years.
That demand has pushed the supply of homes for sale down 8.5% annually to the lowest level since the Realtors began tracking inventory in 1982.
At the current sales pace, the total supply would sell out in just three months. A six months’ supply is considered a balanced market.
Supply of homes for sale hits record low, and prices suddenly jump
