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

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

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
From left: 80 Columbus Circle with Robert Stiller and 737 Park Avenue with Hamad bin Khalifa Al Thani (Photos via Google Maps, Agnovos, State of Qatar, Godsfriendchuck/Wikimedia)
Mandarin Oriental, 737 Park units sell at substantial losses
Mandarin Oriental, 737 Park units sell at substantial losses
Steve Cohen and 151 East 158th Street (Getty, Google Maps)
Steve Cohen’s $30M condo sells above asking — after a 74% cut
Steve Cohen’s $30M condo sells above asking — after a 74% cut
Nicole Oge, Casa Blanca founders Hannah Bomze and Erez Zaurer (Getty, Casa Blanca)
Former Elliman, WeWork marketing chief joins “Bumble for homes” startup
Former Elliman, WeWork marketing chief joins “Bumble for homes” startup
470 Broome Street  and Rayo Withanage (Photos via Saltzman Architects, P.C. and Withanage)
From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
Tenants are singing longer leases to lock in low rent. (Getty)
Tenants locking in longer leases as apartment rents rise
Tenants locking in longer leases as apartment rents rise
Last year more people relocated to ZIP codes with lower home values and more space. (Getty)
Long-distance movers found cheaper and larger homes in 2020
Long-distance movers found cheaper and larger homes in 2020
Federal Reserve Chair Jerome Powell (Getty)
Traders eye Fed pullback on mortgage bonds
Traders eye Fed pullback on mortgage bonds
(iStock)
Manhattan contracts bloomed to all-time highs in the spring
Manhattan contracts bloomed to all-time highs in the spring
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...