Homebuyer demand is growing stronger as evidenced by the latest Pending Home Sales Index, which in April climbed to its highest level since May 2006, according to the National Association of REALTORS® (NAR). April also marked the eighth consecutive month of year-over-year gains. Read a news release and watch a video from NAR.
“REALTORS® are saying foot traffic remains elevated this spring despite limited — and in some cases severe — inventory shortages in many metro areas. Homeowners looking to sell this spring appear to be in the driver’s seat, as there are more buyers competing for a limited number of homes available for sale,” said NAR Chief Economist Lawrence Yun.
Masnick says that in general, the market has responded well to the changing housing needs of Americans. But the exception has been the supply of smaller, accessible, affordable single-family residences for older citizens. He cites many factors that have worked against that.
Masnick uses a variety of resources to give meaning to statistics about single-person households, such as:
100 years ago, less than 6 percent of U.S. households included only one person;
In 2013, 28 percent of U.S. households had one person;
In 2013, 54 percent of single-person households were women;
In 1940, 61 percent of single-person households were renters;
In 2013, two-thirds of single-person households under the age of 45 were renters; and
In 2013, a strong majority of single-person households over age 64 owned their homes.
The strong start to Illinois’ spring housing market continued in April with gains in year-over-year home sales and median home prices, according to the Illinois Association of REALTORS®. Statewide home sales totaled 12,822 homes sold, up 6.6 percent from last year and the statewide median price rose to $170,000, a 9.7 percent gain over April 2014. Read today’s news release.