This is the 48th consecutive month with year-over-year price gains.
Lawrence Yun, NAR’s Chief Economist says that, “The main issue continues to be a supply & affordability problem. Finding the right property at an affordable price is burdening many potential buyers.”
Inventory is still below historic normals at a 4.4 month supply.
Housingwire published a story that loanDepot interviewed 1,000 parents of Millennial-aged children and 1,000 adults ages 18-38 to see what the financial relationship is like between the two. The study found that 85% of Millennials plan to own a home someday; however, how they will afford it is a different story.
Seventeen percent of parents said they plan to help their children buy homes, while only 11% expect to be paid back (check out the bottom, left of the graph below).
Oddly enough, the percent of parents expecting to be paid back is significantly lower than the 43% of Millennials who plan on repaying their parents.