The National Association of Realtors (NAR) has reported a significant trend in the housing market, revealing that the median duration homeowners remain in their properties before selling has reached an unprecedented average of 11 years. This marks a notable increase, indicating that homeowners are opting to stay put longer, potentially due to factors such as rising interest rates and economic uncertainty. The extended tenure in homes suggests a shift in market dynamics, where fewer properties are turning over, likely impacting supply levels and housing prices.
Moreover, this increasing duration coincides with a concerning decline in the share of first-time homebuyers, which has hit a record low. The interplay between longer homeowner retention and diminishing first-time buyer engagement raises important questions about the accessibility of the housing market. As existing homeowners remain in their properties longer, fewer entry-level homes are available for new buyers, exacerbating the challenges faced by those trying to enter the market.
– **Median Time in Home:** Homeowners are now staying in their homes for 11 years before selling, a record high.
– **Housing Market Dynamics:** Longer retention may be influenced by rising interest rates and economic factors, affecting supply and prices.
– **First-Time Homebuyer Decline:** The share of first-time homebuyers has decreased to a historic low, complicating market accessibility.
– **Impact on Entry-Level Homes:** Fewer existing homes available for first-time buyers due to current homeowner retention trends.
You can read this full article at: https://wrenews.com/share-of-first-time-homebuyers-at-record-low/
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
