Home prices are going up and younger homeowners are taking advantage of it.
According to a Redfin survey of more 1,700 home sellers in July, 36 percent of Millennials said that they sold their home to make a profit. Three-quarters of the Millennials surveyed were first-time sellers. April’s survey indicated that 27 percent of owners 34 and young said that profit was the motivation for selling.
Altogether, homeownership rates are down but the market is very active. Millennials, a group defined by their apathy toward homebuying for many reasons (student debt, low wage growth, difficult to obtain mortgages), may be selling at the right moment, before another recession.