Market Matters

Millennials still grapple with first-time homebuying Source: HousingWire Tightened inventory, difficulty receiving credit and lower-than-average salaries have kept many of these buyers out of the market, but most economists see that as a temporary setback. Jonathan Smoke, chief economist forrealtor.com, commented, “Millennials are the largest generation of people in the U.S. and represent 60% of first-time homebuyers. They are also more likely than any other group to purchase a home in the next year."   Read the full story

Survey: Many Still Believe Housing Recovery Still Three to Five Years Away Source: DSNews.com   In a survey of real estate experts and economists by Zillow, 40 percent of respondents said it will take another three to five years for the housing market to normalize, based on current home price trends and homebuyer activity. One in five responded that housing has either already returned to normal or will within the next 12 months. Read the full story

Foreign Buyers Are Pumping Up Prices in U.S. Luxury Housing Source: Newsweek   Sales of U.S. homes to foreigners jumped 35 percent, to $92.2 billion, and while that represents only 7 percent of the U.S. market, the buying tends to be concentrated in a handful of markets, namely Arizona, California, Florida, New York, and Texas. Foreign buyers tend to purchase high-end properties and pay cash, which is pushing up the prices on luxury properties. In Manhattan, prices of luxury properties rose faster than the overall market in the third quarter of 2014, according to the real estate firm Douglas Elliman. Read the full story