Homeowners across the country aren’t moving as frequently as they have in previous years, which is making it even harder for renters to enter the market.
Owners are staying in their homes at a median rate of 10 years, the Wall Street Journal reported, citing data from the National Association of Realtors. It’s tied for the highest level since NAR began tracking the rate in 1985.
The reason that people aren’t moving is that there is little inventory available and prices are still rising to record levels. As a result, owners are renovating their homes and sticking around, which is making it even more difficult for renters who are trying to break in.
Right now, there’s approximately four months worth of supply of homes across all price brackets, the newspaper reported. Six months worth of supply is what economists consider to be normal.
In the third quarter of 2017, listing volume in Manhattan fell 3.1 percent from the quarter before, according to the quarterly report from Douglas Elliman. As a result, the median price of a co-op jumped 8.3 percent to hit $850,000 and the condo price jumped 6.3 percent to hit $1.7 million. [WSJ] — Miriam Hall