MARKETWATCH
Younger Homeowners Making Moves
31% of Gen Z homeowners and 38% of millennial homeowners plan to sell in the next 30 days (at press time). Source: realtor.com®
Foreclosure Activity Continues to Increase
Lenders started the foreclosure process on 10,759 U.S. properties in October, up 5% from the month prior. States that had at least 100 foreclosure starts and saw the greatest monthly increase included: -Pennsylvania (up 107%) -North Carolina (up 104%) -New Jersey (up 61%) -Connecticut (up 56%) -Massachusetts (up 39%) Source: ATTOM Data Solutions
Home Prices Surge Higher
The average cost of a single-family home in 2020 was $267,726, increasing to $301,855 in 2021—a difference of nearly $34,000 (or half a year’s median salary). Source: move.org
56.6% of new and existing homes sold
between the beginning of July and end of September were affordable to families earning the U.S. median income of $79,900. Source: National Association of Home Builders (NAHB)/ Wells Fargo Housing Opportunity Index (HOI)
A Robust Year for Remodeling The industry expects a robust year for remodeling, with year-over-year gains in annual improvement and repair spending to reach 9% in Q4 2021, maintaining that pace into 2022. Source: The Leading Indicator of Remodeling Activity (LIRA)
RISMedia’s REAL ESTATE December 2021 11
