Real Estate News 11/17/2023

Today’s News Synopsis:

The housing market is witnessing a shift in preferences among Millennial and Gen Z home buyers, with a growing interest in the practice of “house hacking” – renting out part or all of a home for additional income.

In The News:

Zillow – “Rising Interest in House Hacking Among Young Home Buyers“ (11-16-2023)

” Zillow data indicates that more than half of Millennial and Gen Z buyers view the opportunity to rent out a portion of their home for rental income as “very” or “extremely” important. That’s compared to 39% of all homebuyers, which is up eight percentage points in the past two years. ”

Redfin –  “More Than One-Third of Home Sellers Are Giving Concessions to Buyers ” (11-14-2023)

“Home sellers gave concessions to buyers in 35% of U.S. home sales during the three months ending Oct. 31, little changed from 35.9% one year earlier but up from 27.6% two years earlier.”

Kiplinger  –  “October CPI Report: What the Experts Are Saying About Inflation” (11-15-2023)

“Inflation slowed markedly last month on both a headline and underlying basis, the October Consumer Price Index (CPI) showed Tuesday, giving support to the view that the Federal Reserve is done hiking interest rates this cycle, experts say. “”

NAR –  “Companies May Soon Be Required to Report ESG Efforts” (11-15-2023)

“A proposed federal rule would mandate more detailed reporting on climate-related risks of buildings, which could impact real estate in several ways. ”

YahooFinance –  “Inflation: Consumer prices were unchanged in October, core inflation rises at slowest pace since September 2021” (11-14-2023)

“Consumer prices were unchanged from the prior month in October as a drop in oil prices dragged down headline inflation while “core” inflation rose at the slowest annual pace since September 2021, according to the latest data from the Bureau of Labor Statistics released Tuesday morning. ”