Homeowners stay put, keeping inventory low
Home prices regained upward momentum in the third quarter, according to ATTOM Data Solutions, rising 2.9% from the previous quarter and 8.3% from the previous year. Average homeownership tenure, meanwhile, hit a new high, of 8.19 years — it was less than half that during the housing bubble of the early-to-mid-2000s.
According to Todd Teta, chief product & technology officer at ATTOM, lower mortgage rates are driving home sales, along with a strong stock market and continued moderate economic growth. He said that because inventory is tight, people are staying in their homes longer — even if they’ve built substantial equity. Houses in comparable markets have also risen in value, Teta added, leaving fewer options for homeowners to trade up or downsize.
Click the audio player above to hear the full story.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
