Real Estate News 03/29/2024

Today’s News Synopsis:

More than one-third (36%) of Gen Zers and millennials who plan to buy a home soon expect to receive a cash gift from family to help fund their down payment.

In The News:

Redfin – “Nepo-Homebuyers: More Than One-Third of Gen Z and Millennial Homebuyers Plan to Use Family Money For Down Payment“ (03-27-24)

“Young homebuyers are also receiving help from family members in other ways. Roughly one in six (16%) Gen Zers and millennials say they’ll use an inheritance to help fund their down payment, and 13% plan to live with their parents or other family members.”

NAR –  “Pending Home Sales Rose 1.6% in February“ (03-28-2024)

“Pending home sales in February grew 1.6%, according to the National Association of REALTORS®. The Midwest and South posted monthly gains in transactions while the Northeast and West recorded losses. All four U.S. regions registered year-over-year decreases.”

Redfin –  “Housing Market Update: Rising Supply Draws in Some Buyers, Even as Housing Payments Soar 10% to All-Time High” (03-29-24)

” The typical U.S. monthly housing payment hit an all-time high of $2,721 during the four weeks ending March 24, up 10% from a year earlier. Housing payments are at a record high because of the one-two punch of elevated mortgage rates and rising home prices. ”

Yahoo Finance – “Homebuyers need to earn 80% more than they did in 2020 to afford a home in today’s market” 03-29-2023)

“Home prices are up 42% since 2020, but because both rates and borrowing costs have skyrocketed, you need to earn 80% more to comfortably afford a home in today’s market.”