WRE News May 22, 2024
Buyer
Two in five (39.7%) new mortgages issued in 2023 went to homebuyers under the age of 35, according to new data from Redfin (NASDAQ:RDFN).
During 2013, more than one-quarter (26.5%) of buyers were between the ages of 35 and 44, while those between 45 and 54 accounted for 16.1% of new mortgages. Among the older buyers, 10.8% were between 55 and 64 and 5.4% were between 65 and 74.
Redfin determined the median age of first-time U.S. homebuyers last year was 35. However, the overall homeownership rate has not tilted in favor of extreme youth – only 26% of adult Gen Zers owned their home in 2023, compared to 55% of millennials, 72% for Gen Xers and 79% for baby boomers.
Separately, Redfin also issued a report that found one-third (33.4%) of single-family homes for sale in the first quarter were newly built, unchanged from one year earlier but down from a record-high 34.5% two years earlier. The portion of housing supply that’s newly built is still roughly double pre-pandemic levels, and there were 8.3 months of supply on the market nationwide in March compared to 3.2 months for existing homes.
Stay up to date on the latest real estate trends.
December 21, 2024
There are always new frontiers in health care: diseases whose treatment and cures still elude us; biological and medical mysteries that we’re yet to crack; public heal… Read more
December 20, 2024
Children of baby boomers are set to be on the receiving end of one of the largest generational wealth transfers in history as their parents prepare to bequeath them a … Read more
December 20, 2024
The title insurance industry generated $4.3 billion in title insurance premiums during the third quarter, according to new data from the American Land Title Associatio… Read more
December 20, 2024
When Olympic swimmer Michael Phelps wakes up in the morning, he asks himself how he can be his best self that day, not only for his own mental health, but also for his… Read more
December 20, 2024
When you sell your house, ideally, you want it to go something like this: your house sells for top dollar, you get it sold quickly, and it all goes down without a hitc… Read more
December 20, 2024
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today