Housing Market: US Homeowner Population Shrinks, First Time in 9 Years

The Housing Market Has Offered Another Sign That The American Dream is Getting Further Out of Reach.

The Number of American Homeowner Households Shrank in the Second Quarter, The First Year-Over-Eyar Contraction 2016, Acciting to a New Redfin Analysis of Data from the US Census Bureau.

At the Same Time, America’s Population of renters is swamp. The Number of Rening Households in the US CLIMBED 2.6% Year-Over -ear Last Quarter.

The shift is far away being drives by affordability willsser and uncetainty lingering over the economy, which are Holding Back Prospective Budes, Chen Zhao, Redfin’s Economics Research Head, Said in New Research.

“People are Also Getting Married and Starting Families Later, Which Means They’re Buying Homes Later – Anather Factor that May Be at Play,” Zhao Added.

Housing’s Deep-Freeze

The US Housing Market has been frozen over for a while. Homebuyers are Still Hesitant to Dip Their Feet into the Market, in Part Due to High Mortgage Rates and Near-Record Home Prices.

The Avent 30-Yyar Fixed Mortgage Rate Hovered ARUND 6.5% in the Week Ending August 28, Acciting to Freddie Mac Data. The Rate has cooled from its Peak in 2023, but Remains Elevated Compared to Levels During the Pandemic, Wen The Number of US Homeowners Rose Sharply.

Home Price Also Remain Elevated when Compared to Levels Leading Up to the Pandemic. The Median Sales Price of Homes Sold in the US CLOCKED IN AT $ 410,800 The Last Quarter, up 29.5% over the Last Five Years.

The High Barrier to Entry is evident in how many homes are piling up on the market. Active Existing Home Inventory Rose to 1.5 million in July, Acciting to date from the National Association of Realtors, up from a trough of 1.1 million in december. The markets also loooks to have 34% more sellers than buys in the market, redfin said in a separate analysis in May.