May 18th - Home Sales And Prices Spring Forward

Home Sales And Prices Spring Forward In March 2017

Today’s talk with Terry Story begins with good news for the housing market, especially for sellers: home sales jumped 4.4% in March 2017 to a 10-year high.   This figure is all the more remarkable because inventories are still low and sellers relatively scarce; it’s difficult to find a home to buy right now.  As for median home prices, they’re up nearly 7% year-over-year, an equally impressive gain, particularly given how long the market has been rising.  Steve mentions a report he recently read suggesting a strong demographic trend behind this growth as a result of millennials leaving home, forming families, and looking for homes.  The breadth and depth of this trend could be auspicious for continued gains in housing prices.  Terry agrees, noting that millennials accounted for 32% of all sales in March, a very strong showing.