U.S. Housing Update – Mind The Gap

Housing prices hit what was then an all-time high ten years ago; the bursting of the housing bubble was arguably the primary cause of what we would come to call “The Great Recession.” Housing prices surpassed the levels reached a decade ago in November of 2015, and have continued to move higher since. Yet, the market is very different today as the portion of households renting has increased even though, thanks to low mortgage rates, home affordability is still reasonable. Two major factors may boost home prices going forward, the impact of the slowdown in new home sales, which has reduced supply, and the fact that the first wave of the millennial generation has entered its prime home buying years.

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