Real Estate News 01/18/2024

Today’s News Synopsis:

26% of adult Gen Zers owned a home in 2023, little changed from 2022. Meanwhile, the homeownership rate for millennials rose to 55% from 52%, and the rate for Gen X climbed to 72% from 70%.

In The News:

Redfin– “Gen Z’s Homeownership Rate Stagnated in 2023, But Millennials and Gen Xers Saw Gains“ (01-17-24)

“Just over one-quarter (26.3%) of adult Gen Zers owned a home in 2023, little changed from 26.2% in 2022.”

CNBC –  “Mortgage demand surges more than 10% as lower interest rates lure homebuyersThis was the average cost of an American home in the decade you were born” (01-17-2024)

“The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.75% from 6.81%.”

Yahoo Finance –  “Biden Cancels $5 Billion in Student Debt in Latest Relief Step” (01-19-2024)

“President Joe Biden is forgiving nearly $5 billion in additional student debt as the administration seeks to deliver on one of his signature initiatives with high stakes for his 2024 reelection campaign.”

NAR –  “Home Sales Dip as Prices Surge to New Highs” (01-19-24)

“Existing-home sales likely bottomed out in December, says NAR’s chief economist, who predicts brighter days ahead.”

CBS News –  “Mortgage rates are falling. Here’s how to get an even lower rate now” (01-19-24)

“Last year was a tough one for homebuyers thanks to elevated inflation and corresponding high interest rates. That resulted in mortgage rates hitting their highest point since 2000.”