New Home Sales surge by 18.6% last month to an annual rate of 504K, well above the 440K anticipated. Still, according to the National Association of Home Builders, we haven’t been building this few homes since WWII. Part of the reason is the there are over 2MM millennial “friends” (AKA YSA’s) who are choosing to stay home with Mom and Dad or shack up together in an apartment rather than purchase real estate. This is leading to a generation ill-prepared for their financial future.
The Case Shiller 20 City Index shows home prices rose 10.8% since this time last year. This is down from the 12.4% increase reported last month. The median home price across the country is $213,400, averaging 47 days on the market.