Real Estate News 03/13/2024

Today’s News Synopsis:

The National Association of REALTORS® computed the median age of home buyers within each region, state, and among the 200 largest metro areas. After estimating the concentration of Gen Z (born between 1999 and 2004) and Millennial (born between 1980 and 1998) buyers, the current analysis identified the areas where young people can still purchase a home.

In The News:

NAR – “Gen Z and Millennial Home Buying Hotspots: Where Young Buyers Are Putting Down Roots“ (03-12-24)

“The age of home buyers is a key demographic variable that provides valuable insights into the local economic health, the housing market dynamics, and cultural trends of an area.”

Redfin –  “Rental Market Tracker: Asking Rents Climb 2% in February, Biggest Gain in Over a Year“ (03-11-2024)

“Rents hit a low point last February—one reason they’re now showing a sizable year-over-year uptick. ”

Yahoo Finance-  “The 2025 Social Security cost-of-living increase will be far smaller than this year’s, estimates say” (03-13-24)

“Next year’s Social Security cost-of-living adjustment (COLA) will likely be lower than the increase seniors enjoyed in 2024, according to new estimates, as inflation continues to abate.”

Zillow – “Homes Listed for Sale in Early June Sell for $7,700 More” (03-07-2024)

“Spring home sellers looking to maximize their sale price may want to wait it out and list their home for sale in the first half of June. A new Zillow® analysis of 2023 sales found that homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home.  ”

Yahoo Finance-  “Americans’ credit scores are falling. That hasn’t happened in a decade.” (03-08-24)

“The national average FICO score dipped to 717 as of October, down from 718 in July, according to data released Wednesday by FICO, an analytics company that evaluates the strength of borrowers.”