This is a summary of key points from Floor Covering News’s article in Floor Covering News – August 17/24, 2015 (www.fcnews.net):
The National Association of Realtors (NAR) reported earlier this month that existing home sales in the second quarter increased in 93% of the metro areas. it is an encouraging sign that the housing industry is continuing its recovery.
Regionally, existing home sales in the Northeast increased 10.3% in the second quarter and are 8.6% above where they were during the same period last year.
Home values have risen to a point where it is difficult for first-timers to purchase a home. Even with low mortgage rates, wages are not high enough for first-timer buyers to purchase a home.
In terms of demographics, while millennials have been the focus for housing market potential, there is more opportunity with the baby boomers generation. Boomers are downsizing and want to live in an areas with other boomers. Millennials now outnumber the boomers, but they are in debt with student loans so it may be eight to ten years before they even consider buying a home.