In this video, NAR Chief Economist Lawrence Yun gives an overview of pending home sales so far this year, talks about new home construction, the slight increase in inventory, and shadow inventory, and gives his forecast for the housing market through the end of 2014 and into 2015.
WASHINGTON (September 29, 2014) – Pending home sales slowed modestly in August but contract signings remain at their second-highest level over the past year, according to the National Association of Realtors®. All major regions experienced declines except for the West, which rose for the fourth consecutive month.
The median age of First-Time Home Buyers was 31 years old in 2013, but it differs slightly each year. The maps below show the median age of home buyers at the state-level for the past decade (2003-2013). There is an obvious increase in the median age since 2003, specifically for 2006 and beyond. In 2011, the median age of home buyers reached its highest value. In addition, First-Time Home Buyers exhibit greater stability in median age than Repeat Home Buyers.