CALABASAS, CA—The homeownership rate continues to decline and younger households continue to favor renting. Those are the top-line conclusions of a new Research Brief from Marcus & Millichap; however, the firm also suggests that more single-family homes would be selling if more of them were available.
“Low inventory is restraining sales of existing single-family homes, which rose in January by just 3.7% from last year,” according to Marcus & Millichap. “Despite an uptick in listings, the supply of available homes for sale held firm at a record-low 3.6 months.”
Meanwhile, “healthy demand” boosted the median price of a single-family home to $230,400, an increase of 7.3% year over year. “Increased inventory could help alleviate some pressure, boosting sales activity and moderating home price appreciation,” the report states.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
