Whatever happened to American wanderlust? Manifest destiny? Hitting the road?
The fact is, Americans are less likely to pack up their belongings and relocate now than at any point in recorded history: Only about 11% moved to new homes last year, the lowest rate recorded since the government started keeping track 70 years ago. This includes a drop in the number of folks moving to new homes in the same state, as well as those moving across state lines.
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For many millennials, the idea of homeownership is still a big picture dream, with a new study saying 89 percent plan to purchase a home in the future — but simply can’t because of student debt.
According to a recent study released by Apartment List, 6,400 millennial renters nationwide were surveyed in regards to their plan for owning a home. Despite the majority of young people wanting to migrate away from renting, 48 percent have nothing saved for a down payment.
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Phoenix Festival of the Arts returns to Hance Park in Downtown Phoenix, December 7-9, 2018. Phoenix Center for the Arts is proud to present the seventh annual event, featuring more than 150 art and food vendors.
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Interest rates are up, and home prices are down a bit in metro Phoenix.
The combination hasn’t made it easier for buyers or sellers. But housing analysts aren’t alarmed or predicting any big drops in home prices in the Valley.
...The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
In the report, home prices are compared both regionally and by state. Looking at the breakdown by state, you can see that each state is appreciating at different rates.
Based on the latest numbers, if you plan on relocating, waiting to move may end up costing you more!
...Tempe Fall Festival of the Arts
The Tempe Festival of the Arts is a well-loved community event that showcases art, live entertainment, food and beverage. More than 300 artist booths will fill the streets of Downtown Tempe over a course of a 3-day weekend.
Mill Avenue District
Mill Ave. and University Dr. Tempe, AZ
November 30, 2018 to December 2, 2018
ZooLights...
Existing home sales are currently at an annual pace of 5.22 million, which is up 1.4% over last month. This reverses the six-month trend of dips in sales every month.
The inventory of existing homes is still below the 6-month supply needed for a normal market and is now at a 4.3-month supply.
NAR’s Chief Economist, Lawrence Yun, had this to say: “After six consecutive months of decline, buyers are finally stepping back into the housing market. As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”
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Metrostudy chief economist Mark Boud and his team recently released their analysis and forecasts for the fourth quarter of 2018. The number-crunching indicates smooth sailing for the not-so-distant future with turbulence expected by 2020.
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