According to Ernst & Young, the Millennials are expected to increase their share of market from 27% to 47% over the next two years. 

On a positive note, the Millennials are seeing increases in their wages and income, which will allow them to manage with greater ease the still large student debt that they carry.

Even though the pending home sales index fell in October to 102.1, down from 104.8 in September, the sales continue to maintain.

Not all markets are created equal and so the 10 straight months of the downward trend by the National Association of Realtors does not actually reflect the same kind of trend that may be experienced in certain hot markets such as Brooklyn, North Carolina and even New Jersey, which continues to show an uptick.

According to the National Association of Realtors, the long-term looks very solid. There just has to be some comfort with the current increased in mortgage rates and the income necessary to account for those increase charges.

Pending home sales declined in the South and in the West, but in the state of New Jersey we continue to see a healthy robust demand for housing.

Overall the National Association of Realtors expects existing home sales to decrease by 3.1% to 5.34 million properties and the median existing home price increased by 4.7%. The NAR is projecting that 2019 will account for an increase in the average home price of approximately 2.5% nationwide.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.