Older Millennials are now showing a stronger desire to become homeowners. Consequently, their activity is strengthening overall demand for the limited supply of homes and pushing up home prices.
“Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income,” said Frank Nothaft, chief economist at CoreLogic. “With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.”
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