The median sales price of all existing homes sold rose to its highest level in May 2018, to $264,800.
Younger Boomers, buyers aged 53 to 62 years, made up 18 percent of all home buyers in 2017. The median age for this group was 58 years old and they were born between 1955 and 1964. This age group was the most likely to purchase a multi-generational home at 20 percent.
Respondents from the states of Washington, Oregon, Idaho, Nevada, California, Utah, Wyoming, Colorado, and Wisconsin expect the highest price growth in the next 12 months, with the expected median price growth at more than five to nearly eight percent.
Older Boomers' primary reasons for purchasing a home, more than other generations, were the desire to live closer to friends and family (25 percent), followed by retirement (15 percent).
At the national level, housing affordability is down from last month and down from a year ago.
Home prices around the country are continuing to surge—and they are not likely to slow down any time soon.
Amid strong demand and tight supply, REALTORS® reported that properties that sold in April 2018 were typically on the market for 26 days, down from 29 days compared to the same month last year.
In states such as Florida and Texas, REALTORS® reported that buyer traffic was stronger but seller traffic has not increased compared to one year ago.
A very rare event is occurring in the economy: the total number of job openings exceed the number of unemployed.
Strong employment growth has bolstered housing demand, with the unemployment rate falling to 3.8% in May 2018, the same rate in April 2000 and just a tad higher than in October 1969 (3.7%).
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