The aspiring buyer faces record-breaking low inventory levels, rising rents, and student debt loads that make it difficult to save. But for some, there is a way that does help: they turn to the trusted bank of mom and dad.
Eighty-four percent of respondents reported that home prices remained constant or rose in December 2019 compared to a year ago.
At the national level, housing affordability conditions improved in November 2019 compared to last a year ago and modestly rose compared to October.
70% of all REALTORS® volunteer in their community, and the typical REALTOR® who volunteers is 53 years old.
Costs of buying a house include upfront expenses, like a down payment, but buying a home also includes closing costs, like origination fees and prepaid costs.
Overall, buyers’ ages have jumped from a median of 31 in 1981 to 47 in 2019. While many attribute that increase to the rising age of first-time buyers, there is more to the story.
Owners typically stay fewer years in their homes in metro areas with a high concentration of new residents, a NAR analysis shows.
At the national level, housing affordability conditions improved in October 2019 compared to last a year ago but slightly fell compared to September, according to NAR’s Housing Affordability Index.
October's pending home sales pace was down 1.7% last month, but rose 4.4% from a year ago.
The South and Midwest regions have accounted for an increasing fraction of existing home sales since 2012 while the shares of the North and West regions have declined, according to the October 2019 existing home sales estimates of the National Association of REALTORS®.
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