2016 Survey of Consumer Finances Takeaway: Income and Wealth Share of 90 Percent of Families Has Declined in Past 27 Years (1989-2016)
The survey shows a continuing redistribution of income and wealth to the top 1%, amid falling homeownership, modest gains in income at the lower income group, and large gains in financial returns from an 8-year stock market bull run.
Contract contingencies give the buyer and seller the right to back out of the contract if these conditions (contingencies) are not met.
At the end of August 2017, the inventory of homes for sale stood at 1.88 million homes, which is equivalent to 4.2 months of the current monthly sales pace.
Value of owners’ household real estate was increased by 1.3 trillion in the last year, and 110 billion came from home price increases in July.
Survey respondents reported that buyer traffic conditions in August 2017 were stable to very strong compared to conditions one year ago in all states except Delaware.
Amid strong demand and tight supply, REALTORS® reported that properties that sold in June–August 2017 were typically on the market for less than 31 days in 29 states and in the District of Columbia.
The share of first-time buyers has been improving, although slowly, from less than 30% in 2013.
Millennials as a whole made a median of $38,800 in annual income in 2016 and have a median student loan debt of $41,200 in the same year.
The median sales price for a single family home sold in July in the US was $260,600 up 6.3 percent from a year ago.
Existing-home sales dropped 1.3% in July from one month prior while new home sales declined 9.4%.
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