REAL ESTATE INFORMATION

INFO THAT HITS US WHERE WE LIVE ... Those who think they know everything about millennials in the housing market may have been surprised by some of the facts revealed in the Home Buyer and Seller Generational Trends report from the National Association of Realtors. The 2016 edition, just released, noted more millennials (defined as age 35 and younger) are buying homes in the suburbs than in urban centers. Millennials also made up the largest share of recent home buyers--35%--for the third year in a row! Millennials don't even have the biggest student debt balances, trailing both Gen X and younger boomer buyers, the latter no doubt still paying for their kids' schooling.

Some interesting data also came from the Mortgage Bankers Association (MBA) Builder Application Survey. To kick off the spring buying season, purchase mortgage applications for new homes shot up 24% in February. New single-family home sales, according to MBA estimates, ran at a seasonally adjusted annual rate of 544,000 units for the month, almost a 12% jump over February 2015. Purchase mortgage applications for all homes rose 4% for the week ending March 4, to their highest level since January. Fannie Mae's National Housing Survey reported that 63% of respondents believe it's a good time to buy a home. Now you know everything too.