November brought some interesting trends and record-breaking statistics. Here's a quick rundown of the highlights.
Renter Households on the Rise
The number of renter households in the U.S. hit a record high this quarter, increasing by 2.7% year-over-year. For the past four quarters, renter households have been growing faster than homeowner households. This shift is largely due to the cost of renting rising at a slower pace than the cost of buying, making renting a more accessible option for many.
Affordability Challenges for Buyers
The National Association of Realtors (NAR) released its 2024 Profile of Home Buyers and Sellers this month, revealing some telling statistics about today’s market: The market share of first-time home buyers dropped to a record low of just 24%. The median age of home buyers reached a record high of 56. These figures highlight the affordability crisis impacting young people and families, who are finding it increasingly difficult to enter the housing market.
Percentage of FSBO Properties Hits Record Low
For-sale-by-owner (FSBO) properties hit a record low this year, making up only 6% of home sales between July 2023 and June 2024. This continues the downward trend documented by the NAR since they began tracking this data in 1981. This is good news for real estate agents. It means that sellers are still turning to agents for help selling their homes.
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