HOMEOWNER’S MOBILITY IS STUCK AT A 30 YEAR LOW. Despite rising home prices and a growing U.S. economy, many homeowners elect to stay where they are rather than move. So since this vitally impacts our bottom lines, it’s important to know the landscape and make sales accordingly. This doesn’t look like it has any real sign of changing soon.
Why?
- Inventory of homes for sale has fallen to multidecade lows.
- New home prices are at record highs in majority of markets.
- New housing starts remain 40% below their 50-year average.
- Mobility rates which were stable from the 1950s through the late 1970s have been in a slow decline for decades.
Read more in WSJ, Monday October 30, 2017, P. A3.