These two factors ultimately muted what should have been a stronger sales pace...
Affordability pressures persisted, and the pool of interested buyers at the end of the year significantly outweighed what was available for sale.»
Adds Yun, «Furthermore, limited inventory in millennials» price range, minimal entry - level condo construction and
affordability pressures make buying in the city extremely difficult for most young households.»
U.S. home prices climbed higher in June with gains that are eclipsing income growth — creating
affordability pressures for would - be buyers.
Long - term U.S. mortgage rates climbed this week to their highest average in more than four years, ratcheting up
affordability pressures at the start of the traditional spring home buying season.
The majority of remodeling spending occurs in housing markets with high home values and incomes — a derailing trend,
if affordability pressures continue to hamper millennial home - buying.
After steadily rising for four straight months, stubbornly low inventory levels and
affordability pressures caused existing - home sales to falter in July.
In an age of dwindling public subsidies for affordable housing, NOAH is gaining currency
as affordability pressures escalate across the United States and commuting times and costs rise for a growing percentage of Americans who can not afford to live near where they work.
Furthermore, limited inventory in millennials» price range, minimal entry - level condo construction, and
affordability pressures make buying in the city extremely difficult for most young households.»
«Millennial homeowners who can't afford to trade up because of their student debt end up staying put, which slows the turnover in the housing market and exacerbates the low supply levels and
affordability pressures for those trying to buy their first home,» says Yun.
Home sales are forecasted to increase this year, but at a more moderate pace, «as pent - up demand
combats affordability pressures and meager economic growth,» says Lawrence Yun, chief economist for the National Association of REALTORS ®.
«Politicians are tempted to help first - time homebuyers enter the market, but low down payments may be part of the problem, adding to
affordability pressures and macro-economic vulnerabilities,» said Evan Siddall, president and CEO of Canada Mortgage and Housing Corp..
«These three positives should further ignite buyer demand; however, several metro areas with the healthiest labor markets also have the most severe supply and
affordability pressures.
«
Affordability pressures are frustratingly occurring in places where jobs are plentiful and incomes are rising,» says Yun.
Affordability pressures, student debt and possible confusion about down payment requirements keep many aspiring homeowners from reaching the market.
«However, with prices and mortgage rates also expected to increase,
affordability pressures will persist.
«However, sales are softer both at the very low and very high ends of the market because of supply limitations and
affordability pressures.»
Buyers are also relying on historically low mortgage rates to ease
the affordability pressures.
«Politicians are tempted to help first - time home buyers enter the market, but low down payments may be part of the problem adding to
affordability pressures and macroeconomic vulnerabilities,» Mr. Siddall said in the speech, which was published on CMHC's website.
However, several metro areas with the healthiest labor markets also have the most severe supply and
affordability pressures.