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Market News

Will Millennials be ‘Perma-renters’?

There has been a lot of buzz in the news recently suggesting that millennials will forever be renters and not homeowners. Reasons for this theory include amenities that apartments offer, flexibility when it comes to moving and changing jobs, and inability to afford a home given the crushing student debt load many are carrying. So will this be the renter generation? Let’s take a look at the data.
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Western Washington Real Estate Market Update

Washington state appears to be pretty much firing on all cylinders with annual employment growth well above 100,000 and the unemployment rate trending down toward 5%. A ll in all, it’s difficult to f ind something to worry about at the moment.
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Homeownership Has Declined, But It Won’t Be Forever

In addition to talking about housing bubbles, another topic that is becoming popular among housing scaremongers is the ongoing decline in the U.S. homeownership rate. Remarks range from the direct, “American homeownership is at its lowest level in more than two decades,” to the downright inflammatory, “Rental surge to drop homeownership rate to 61.3% by 2030”.
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No Housing Bubble in Sight – For Now

So here we are, a decade later, and some are starting to suggest that we are on the verge of another “bubble” bursting due to an overheated housing market. I’m often asked if there is any truth to this, and my response is no, I don’t believe there is a national bubble on the horizon. And here are the reasons why:

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Market News Will Millennials be ‘Perma-renters’? There has been a lot of buzz in the news recently suggesting that millennials will forever be renters and not homeowners. Reasons for this theory include amenities that apartments offer, flexibility when it comes to moving and changing jobs, and inability to afford a home given the crushing student debt load many are carrying. So will this be the renter generation? Let’s take a look at the data.

Market News Western Washington Real Estate Market Update Washington state appears to be pretty much firing on all cylinders with annual employment growth well above 100,000 and the unemployment rate trending down toward 5%. A ll in all, it’s difficult to f ind something to worry about at the moment.

Market News Homeownership Has Declined, But It Won’t Be Forever In addition to talking about housing bubbles, another topic that is becoming popular among housing scaremongers is the ongoing decline in the U.S. homeownership rate. Remarks range from the direct, “American homeownership is at its lowest level in more than two decades,” to the downright inflammatory, “Rental surge to drop homeownership rate to 61.3% by 2030”.

Market News No Housing Bubble in Sight – For Now So here we are, a decade later, and some are starting to suggest that we are on the verge of another “bubble” bursting due to an overheated housing market. I’m often asked if there is any truth to this, and my response is no, I don’t believe there is a national bubble on the horizon. And here are the reasons why:

Market News Oregon and Southwest Washington Real Estate Market Update First quarter had 10,269 home sales, which is an annual increase of 16.9%.

Market News Western Washington Real Estate Market Update This speedometer reflects the state of the region’s housing market using housing inventory, price gains, sales velocities, interest rates, and larger economic factors. As you can see, we are still very clearly in the midst of a seller’s market, and unless we see a significant increase in listings, it will remain that way for the foreseeable future.

Market News Oregon and Southwest Washington Real Estate Market Update Total sales in 2014 were 3.8 percent higher than those seen in 2013; however, inventory constraints in many markets kept this number below its full potential.

Market News Western Washington Real Estate Market Update 2014 was a pretty good year for the 15 counties covered in this report. In total, Western Washington added 65,710 jobs in 2014, up from the annual rate of 62,520 through the third quarter, which is a growth rate of 2.9 percent. For comparison purposes, the state as a whole grew by 2.7 percent and employment nationwide rose by 1.9 percent.

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Market News Oregon and Southwest Washington Real Estate Market Update I am pleased that we can, at last, say that the Oregon economy is expanding. Although this rate of expansion is certainly not at the level that I would like to see, it is now outperforming the U.S. as a whole, which is a promising sign.

Market News Western Washington I 2014 Third Quarter Market Update Our region’s economy continues to expand but the rate of growth is tapering. This is not surprising, and as long as we can continue to say that our region is growing at a faster rate than the country as a whole, we are in pretty good shape.

Market News Oregon and Southwest Washington Real Estate Market Update The markets covered by this report are seeing their labor forces grow, which is encouraging. More people are either looking for work or have obtained positions. I think that the temporary slowdown that was seen in June is just a blip and that the market will return to positive employment growth as we move through the rest of the summer.

Market News Western Washington I 2014 Second Quarter Market Update The average home price in Western Washington in the first half of 2014 was $355,335—up by 4.6 percent over the first half of 2013. As is seen in the chart to the right, all but four counties saw average sales prices rise compared to a year ago. Price growth has been tapering over the past year, but remains generally positive.

Market News Oregon and Southwest Washington I 2014 First Quarter Market Update Home prices are certainly influenced by the number, quality and mix of homes that are being offered for sale. Many times, markets with limited supply demonstrate stronger price growth than markets where inventory is less tight.

Market News Western Washington I 2014 First Quarter Market Update Washington State added just shy of 61,000 jobs over the past 12-month period, an annualized growth rate of 2.1 percent, while the markets covered by our report added 50,690 jobs (a 2.3 percent increase over a year ago).

Market News Oregon and Southwest Washington I 2013 Fourth Quarter Market Update The housing market continues to head higher in terms of both price and sales volumes. The number of homes for sale in the region is still well below historic levels, but I remain hopeful that 2014 will bring a much-needed boost to active inventory.

Market News Western Washington I 2013 Fourth Quarter Market Update It is fair to say that 2013 was a pretty good year for those who were either looking to get back into the job market, or entering it for the first time.

Market News Mortgage Forgiveness Debt Relief Act Expires: IRS “Insolvency Clause” Offers Tax-Saving Protection The Mortgage Forgiveness Debt Relief Act expired December 31, 2013. The Act prevented homeowners who go through a short sale or foreclosure from being taxed on the amount of their mortgage debt that has been forgiven.

Market News Oregon and Southwest Washington I 2013 Third Quarter Market Update In the third quarter of 2013, the region reported 11,064 home sales—a modest decline of six percent over the second quarter of the year, but still a 17 percent increase over the same period in 2012. Year to date, there have been over 30,000 home sales, an increase of close to 5,000 units when compared to the same period a year ago.