They may have waited longer than previous generations, but millennials are showing a strong desire to become homeowners, especially older millennials. That is strengthening demand for the limited supply of homes for sale, and consequently reigniting the fire under home prices.
Home price gains had been shrinking over the last year, but the increases turned higher again this summer. Home prices were up 3.6% in July compared with July 2018, according to CoreLogic.
More than a quarter of the nation's largest generation said they were interested in buying a home in the next 12 months, according to a survey conducted by CoreLogic with RTi Research during the first half of this yearThey may have waited longer than previous generations, but millennials are now showing a strong desire to become homeowners, especially older millennials.
"Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income," said Frank Nothaft, chief economist at CoreLogic. "With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.
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