Homeowners stay put, keeping inventory low

Mitchell Hartman Oct 24, 2019
HTML EMBED:
COPY
People are staying in their homes longer than they used to. Above, a real estate agent gives a tour of a house. Joe Raedle/Getty Images

Homeowners stay put, keeping inventory low

Mitchell Hartman Oct 24, 2019
People are staying in their homes longer than they used to. Above, a real estate agent gives a tour of a house. Joe Raedle/Getty Images
HTML EMBED:
COPY

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.

Courtesy of ATTOM Data Solutions

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.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.