The past year has been — excuse us —
unprecedented for many Americans. With the pandemic still influencing
Americans’ ability to work, move and navigate life, it’s no surprise that it is
also shaping homeownership trends in 2021. However, other factors, including
changing family dynamics and generational shifts, are also making a mark on
home purchases this year.
Looking for an overview? Here are some of
the top demographics driving the market in 2021.
First, the facts: According to NAR, July 2020 posted the highest monthly total of existing home sales since 2006, jumping 24.7% over June to hit 5.86 million (SAAR). And for the first time in U.S. history, the median existing-home price for all housing types broke a record with the median surpassing $300,000.
According to Zillow, the typical U.S. home sold in just 16 days in September, a typically slow-moving month for real estate.
Still, delinquencies and subsequent distressed property sales could put the brakes on home price growth in the future. If, for instance, CoreLogic Chief Economist Frank Nothaft’s forecast holds true, home price growth could slow to 0.6% in July 2021 with prices declining in 11 states, led by Louisiana, Illinois, Connecticut, Iowa and Arkansas.