Curious Case: A U.S. Housing Market No One Saw Coming
News Corporation - Class A (NWSA)
Last news corporation - class a earnings: 2/6 04:45 pm
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Source: PR Newswire
SANTA CLARA, Calif., Dec. 9, 2019 /PRNewswire/ -- What a difference a year makes. In November 2018, higher mortgage rates and increasing inventory characterized the U.S. housing market. This November, the number of homes for sale fell nearly 10 percent year-over-year in a market where low interest rates are spurring increased demand, according to the November 2019 Housing Trends report released today by realtor.com®."As millennials -- the largest cohort of buyers in U.S. history -- embrace homeownership and take advantage of this year's unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish," according to realtor.com senior economist, George Ratiu. "The housing shortage is felt acutely at the entry-level of the market, where most millennials are looking to break into the market for their first home."Ratiu added, "The issue is further compounded by the fact that sellers tend to be more reluctant to list during the colder time of year when the market
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