As the employment situation continues to improve, more buyers made their way into the housing market for the second quarter in a row.
Source: www.dsnews.com
Is the Homeownership pendulum about ready to swing back in the other direction?
“First-time buyers were for the most part held back once again in 2015 by rising rents and home prices, competition from vacation and investment buyers and supply shortages,” said Lawrence Yun, NAR Chief Economist. “While these headwinds show little signs of abating, the cumulative effect of strong job growth in recent years and young renters’ overwhelming interest to own a home should lead to a modest uptick in first-time buyer activity in 2016.”
The Bureau found that homeownership was highest among those 65 years and older at 79.3% in the fourth quarter of 2015, down slightly 79.5% in the previous quarter. However, the only age group to increase their homeownership rate was the 35 to 44-year olds, from 58.8% in the fourth quarter of last year to 59.3% in the fourth quarter of 2015.