OfflineMarket Improvement Sputtering
Much of the price improvement in housing markets in the previous quarters has been due to investor competition for dwindling inventory, with investors buying more than 30% of all homes purchased. That pressure is waning, and new home sales are down a lot as well. The economy is making it difficult-to-impossible for many to afford a home. Inventories have risen for the first time since the bust to six month levels.
Millennial Home Ownership is Dismal
The U.S. Census Bureau reports that the rate of homeownership for those in the millennial generation has fallen to the lowest level in recently recorded history. In the first quarter of 2014, homeownership for Americans under 35 years of age declined to 36.2 percent, down from 36.8 percent in 2013, and the lowest level on record since this statistic was originated.
One Third of Americans Pay Too Much in Rent
Rents being paid now for a three bedroom home in many markets eat up more than 30% of the monthly median income of the household. This is according to RealtyTrac, and the report also states that some in New York City are spending nearly 66% of their monthly income for rent.
In the past two days the news was reporting over 40% of home sales is cash buyers and I believe they were quoting Realty Trac.
In my market San Diego we have about a month's worth of inventory so Estraeana all markets are different it could be your market is a little higher than the average.
Tony
Go faster do more! GFDM!