Migration

“Making ends meet in today’s economy can be tough for anyone, but it’s often especially challenging for young people,” said Jacob Channel, LendingTree Senior Economist. In a new report, he revealed that nearly half of all young Americans are living in their hometowns, as two-thirds of young adults who moved back home during the pandemic still live with their parents.

According to a new report, Gen Z moved at rates far above national averages in 2023.

The share of existing-home sales ticked up, ending a five-month slide, according to a new report from NAR, while the median existing-home price also jumped in November, marking a fifth consecutive month of year-over-year price increases.

“Lending on new construction has been the one bright spot in an otherwise slow year for purchase originations,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “That trend continued in November, with applications to purchase a new home up 22 percent compared to last year, while the purchase market as a whole remains about 20 percent behind last year’s pace."

"Affordability was the word on home shoppers' minds this year, and it shows in the most popular cities that buyers ... gravitated toward," said Skylar Olsen, Zillow Chief Economist. However, Olsen notes that "Heading into next year, the winds appear to be shifting just a bit."

New data from the Department reveals that more than 650,000 people experienced homelessness on a single night in January 2023, a 12% increase over 2022.

While the combination of high home prices and interest rates continues to price many potential buyers out of the market, homebuyer mobility has stalled as a result as well. Riordan Frost, Senior Research Analyst for the Joint Center for Housing Studies, reveals the latest predictions surrounding homeowner mobility and what it would take to recover.

First American's latest Potential Home Sales Model revealed mortgage rates declined in November, "igniting cautious optimism in the industry.”

Knightvest has released their latest Multifamily Renter Sentiment Report, examining where modern Americans are falling on the "rent-versus-buy" question and how different generations feel about renting in today's market.

According to a new market report from Redfin, in November, pending sales climbed to their highest level since 2022, while new listings rose, representing the first sign of growth in a year and a half.