Latest Berkshire Hathaway HomeServices Survey Reveals Millennials Exercise Patience in Quest for Homes

 

The concept of a starter home may be a non-starter for millennials, at least according to findings from Berkshire Hathaway HomeServices’ latest Homeowner Sentiment Survey. The study found that besides saving for a down payment, 37% of millennial renters indicated they are interested in buying a house only when they’re ready to afford their dream home, relegating the concept of a “starter home” to virtual non-existence. 

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Stephen Speaks: S&P/Case-Shiller Home Price Indices

According to a report released Tuesday, home prices rose in August. The S&P/Case-Shiller Price Index revealed a 4.7% annual increase in August 2015, slightly higher than the 4.5% increase reported for July 2015.  The 10-City Composite gained 4.7% in the year to August compared to 4.5% in the prior month. The 20-City Composite’s year-over-year gain was 5.1% versus 4.9% in the year to July.

“These numbers are dramatically undramatic,” said Stephen Phillips, president of Berkshire Hathaway HomeServices. “This is a steady pattern of moderate price gains that spells good news for both home buyers and sellers.”

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Stephen Speaks: U.S. Housing Starts

On Tuesday, the Commerce Department reported that U.S. housing starts rose to a nearly 8-year high. Construction of new homes jumped 6.5% from August figures to a seasonally adjusted annual pace of 1.21 million units in September. This increase was bolstered by an 18.3% surge in multifamily units, though starts of single-family homes didn’t show as much strength, increasing only 0.3%. Stephen Phillips, president of Berkshire Hathaway HomeServices, weighed in on the latest figures:

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Ohio’s Return to the Game

By Jessica Botkin

Once upon a time, Ohio was viewed by many as a rusty dinosaur of a state, mostly due to the lack of job opportunities here following a recession that nearly wiped out our manufacturing industry. Now, Ohio is proudly on the upswing: the economy is revitalized and our real estate market is bouncing back to life. (Not to mention, our Ohio State Buckeyes recently won the national championship trophy in the first-ever College Football Playoff game!) All in all, Ohioans are collectively feeling better than we have in nearly a decade.

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