MetroIntelligence Economic Update by P. DUFFY
Pending home sales rise for third straight month but down 21.1 percent year-on-year
February pending home sales rose for the third consecutive month, up 0.8% from January. Month-over-month, contract signings increased in three U.S. regions but declined in the West. Pending home sales decreased 21.1% in all four regions compared to one year ago.
January Case-Shiller index down 0.5 percent from December, up 3.8 percent year-on-year
The (S&P Corelogic) Case-Shiller index continued to decline month-on-month in January, down -0.5% before seasonal adjustments with the steepest declines ranging from 1.2-1.4% in Seattle, Las Vegas, San Francisco and Phoenix. No market in the index showed an increase between these months. The national index still showed an annual (although falling) increase of 3.8%, although there were declines in San Francisco (-7.6%), Seattle (-5.1%), San Diego (-1.4%) and Portland (-0.5%). The highest annual rises were in Miami (13.8%), Tampa (10.5%), Atlanta (8.4%) and Charlotte (8.1%).
NAR: Baby boomers overtake millennials as largest group of home buyers
Baby boomers now make up 39% of home buyers – the most of any generation – an increase from 29% last year. Generation Z now makes up 4% of buyers, with 30% of Gen Z moving directly from a family member’s home into homeownership. When relocating, all generations are moving farther distances, with younger boomers (ages 58-67) moving the greatest distance at a median 90 miles away.