U.S. Home-Sales Pickup Signals Market Withstanding Weak Supply
Why Millennial Home Ownership Is Declining
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A pickup in sales of previously owned U.S. homes signals the housing market is making progress despite inventory constraints that are sending prices to all-time highs, a report from the National Association of Realtors showed Wednesday.
Wages have been steadily increasing, unemployment is at a 16-year low and Americans are feeling confident about the economy, factors that support continued demand for housing. Mortgage rates are also near historically low levels after erasing a post-election surge. At the same time, buyers are limited by inventory shortages that have kept property prices rising faster than worker pay.