The two largest population cohorts in the U.S.—Baby Boomers and Millennials—are competing for scarce supply of homes in most markets. And, according to an analysis by Zillow, Seattle, Boomers are winning in most cases.
Zillow, Seattle, reported housing inventory saw “significant recovery” for the second straight month in June, indicating the market may be on the road to rebalancing after a long stint of being heavily in sellers’ favor.
Rent growth has slowed during the pandemic, seemingly a boost for rent affordability. But more expensive areas tended to soften the most, giving little respite to renters in lower-priced areas, reported Zillow, Seattle.
The past year has been like no other, housing-wise. Near-record-low interest rates, tight housing supplies and greater flexibility in where one lives have pushed a normally predictable housing cycle into uncharted territory, as three new housing reports show.
In this edition of the MBA NewsLink Housing Market Roundup, we look at the latest FHFA Strategic Plan; how consumers are altering their home buying and home selling plans during the coronavirus pandemic; why housing affordability might be at a “tipping point;” how the coronavirus is driving down inventories; and how political preferences are having an effect on where people choose to live–or even stay in America.
This morning’s Monday Report features stories that confirm the housing markets remain hot, regardless of location or political preference; what that might mean for down payments; and a housing survey that, thanks to the coronavirus pandemic, was obsolete the moment it was released.