What a start to March! If you thought real estate was going to be boring this year compared to last, prepare to be disappointed! There are noteworthy statistics with regards to homeownership levels and pending sales that verify what we have known for years (okay, maybe decades) – real estate is where it’s at!
On Thursday of last week, the Census Bureau reported that homeownership rates had risen to 64.8%, the highest figure since 2014. Moreover, the jump was driven by an increase in home purchases among those aged 35-44. Quarter 3 of 2018 also ended with the strongest household formation counts since 2004. Mortgage News Daily reports that three years of homeownership growth, with the last two years in excess of the one million mark, is considered a strong and continued demand for housing.
In addition, the National Association of Realtors (NAR)® reported that its Pending Home Sales Index (PHSI) jumped 4.6% – the first gain in four months. This increase was consistent among all four housing regions. NAR Chief Economist Lawrence Yun stated that “Income is rising faster than home prices in many areas and mortgage rates look to remain steady. Furthermore, job creation will help lift home buying.” As such, he expects these positive pending home sales stats to continue in the next few months at least of 2019.
Spring isn’t even here and yet real estate has already sprung! Home isn’t just a place… it is a feeling – and one that more individuals and families are continuing to seek as 2019 progresses! We wish all the buyers out there the very best of luck in making their dreams come true. (Sellers, if you are on the fence the best time to sell is when it is right for you AND when homeownership rates are rising… just saying. 😉 )
All my best,
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/