Real Estate News 01/22/2024

Today’s News Synopsis:

Empty nesters take up a lot of large homes because affordability was better when they were young, and there’s no financial incentive to sell now: Most boomers own their homes free and clear, and most who have a mortgage have a low rate.

In The News:

Redfin– “Empty Nesters Own Twice As Many Large Homes As Millennials With Kids“ (01-16-24)

“Empty-nest baby boomers own 28% of the nation’s large homes, while millennials with kids own just 14%. ”

Zillow –  “Why Buffalo will be 2024’s Hottest Market” (01-04-2024)

“2024’s hottest markets all boast solid economic fundamentals, relatively fast-moving for-sale housing inventory, plentiful likely buyers and expectations for stable home values.”

USA Today –  “Rent or buy a house? The gap is narrowing for affordability in the US” (01-21-2024)

“From January through November of last year, median rents for three-bedroom homes topped median single-family home price increases in 210, or 62%, of 338 counties with more than 100,000 residents and at least 100 sales, ATTOM figures show.”

San Diego Union-Tribune –  “20% of Southern California offices are empty. Where are the most vacancies?” (01-21-24)

“The five-county region had 81 million square feet of vacant office space out of 398 million square feet of supply at the end of 2023, according to Cushman & Wakefield. That’s enough to fill 58 US Bank Towers, the 72-story Downtown L.A. landmark.”

Yahoo Finance –  “Existing home sales sank to slowest pace in 30 years in 2023” (01-20-24)

“The median home price jumped more than 4% year over year, marking the sixth straight month of annual gains. The median price of $382,600 was the highest for the month of December on record.”