Real Estate News 05/22/2024

Today’s News Synopsis:

Young people take out the majority of mortgages because they’re of prime homebuying age, gaining financial stability and growing families. Plus, they’re less likely than older people to pay cash.

In The News:

Redfin – “Gen Zers and Young Millennials Took Out 40% of U.S. Mortgages in 2023“ (05-20-24)

“2 in 5 new mortgages issued last year went to buyers under 35, and 27% went to buyers aged 35-44.”

Yahoo Finance –  “Why Jay Powell really wants to lower interest rates this September” (05-20-2024)

“Fed officials tamped down some of the excitement during a full slate of public appearances where they repeated that inflation was still too high for their liking.”

CNBC –  “IRS extends Free File tax program through 2029” (05-22-24)

“The IRS has extended the Free File program through 2029, which continues its partnership with a coalition of private tax software companies.”

Realtor.com – “Capital Gains Taxes Box Home Sellers Into a Corner—These States Are the Hardest Hit” (05-22-2023)

“A recent report from CoreLogic found that last year, 229,600 homes sold in the U.S., or 7.9% of all transactions, had gross capital gains above $500,000, potentially triggering tax liability. That’s up from an annual share of 1.3% 20 years ago.”

NAR –  “Mortgage Rates Curtail Home Sales, Yet Prices Surge“ (05-22-24)

“Existing-home sales fell last month as mortgage rates eclipsed 7% and home prices continued to rise. But some market segments are showing resilience: High-end home sales—listings at $1 million and above—posted significant gains in April, increasing 40% compared to a year ago, according to the National Association of REALTORS® latest housing report. The share of first-time home buyers also is rising.”