Moving stinks. And increasingly, American homeowners are choosing to stay put

Homeowner mobility rate is at a 30-year low: NAR

TRD New York /
Oct.October 30, 2017 01:00 PM

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


Related Articles

arrow_forward_ios
157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M

118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years

arrow_forward_ios
Loading...