Home Sales First Time Home Buyers And Renters

Home Sales First Time Home Buyers And Renters

I was glad to read that pending home sales jumped 6.1% in May, and not surprised to learn they were down 5.2% from the same time last year.  However, the jump in pending sales is evidence that the housing market may have shrugged off a recent slump.   

First-time homebuyers are limited by tight credit and declining affordability. Also, this group accounted for only 27% of existing-home sales in May (generally they’ve comprised about 40%).   

Apartment rents are expected to rise 8% over the next two years, and renters are currently paying over half their monthly income in rent. 


Brian Hargrove Headshot
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Phone: 919-830-5233
Dated: July 6th 2014
Views: 425
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