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.
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