Posts Tagged housing news

Sudden drop in Millennial homeownership points to weakening affordability; presents opportunity for home builders

house on chart showing decrease in statistics

Millennial homeownership dropped from a three-year high of 36 percent in the fourth quarter 2017 to 35.3 percent in the first quarter of this year, according to recent data from the United States Census Bureau. What’s causing young adults to start shying away from home buying? According to CNBC’s housing and real estate contributor, Diana Olick, the culprit is clear: weakening affordability and lack of available starter homes.

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Existing-Home Sales Climb in March

The number of existing-home sales increased 1.1 percent in March, marking the second consecutive month of growth. Although the gain was not exceptionally large, the boost may be an indication demand for home buying is sustainable, despite challenging market conditions.

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Total Housing Starts Down as Multifamily Segment Falls

home builder on frame of house

A drop in multifamily housing starts shrunk overall housing starts 7.0 percent in February, bringing the total to a seasonally adjusted annual rate of 1.24 million units, according to recently released data from the U.S. Department of Housing and Urban Development (HUD) and the Commerce Department. According to a March 16 press release from the National Association of Home Builders (NAHB), multifamily home production dropped 26.1 percent to a seasonally adjusted annual rate of 334,000 units. This comes after exceptionally high figures in January. Meanwhile, the report reveals single-family starts posted a 2.9 percent gain to 902,000 units.

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