More Millennials Living With Parents

It is a fact, according to Trulia: more young adults are still living with their parents.
The information provided points out nearly 40% of the 18-to-34-year-old demographic lived with a parent or other family member in 2015. This represents the highest percentage since 1940, as the Great Depression ended.
Facts Affecting The Millennials
+ Unemployment rates are improving, but not at levels prior to the Great Recession.
+ Wages are still significantly lower than they were a decade ago.
+ Debt accumulated from student loans is still high.
+ Many Millennials will be buying homes later than prior geneation.

CoreLogic US Home Prices Hit New High

CoreLogic reported that October 2016 U.S. home prices hit a new high. The S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was also up 5.6% in October from 2015.
The 20-City Composite Home Price Index S&P CoreLogic Case-Shiller also climbed higher by 5.1% in October from 2015. The 20-City Composite Home Price Index is still 7.1% below the July 2006 peak price.

Prices rose the most in Seattle by 10.7%, in Portland by 10.3% but in New York City, prices rose by only 1.7% from 2015 levels.

Home affordability has fallen by 20%-30% since 2012.
The affordability index is based on median incomes, housing prices and mortgage rates.

By most measures, home prices have reached levels only seen during the time preceding the crash back in 2008.
Home sales and prices have benefited from strong demand, which is further supported by very tight supply and still very affordable mortgage rates.

Another reason for the continuing trend in real estate is consumer confidence. The U.S. Consumer Confidence Index surged to 113.7, which is its highest level in 15 years according to the Conference Board.

NJ Closed Sales Up Over 26 Percent

November Closed Sales Up 26.3%
New Jersey Closed Sales November 2016
It was an incredible 2016. Sales have remained strong in year-over-year comparisons, despite the fact that there are fewer homes on the market. Not only are homes selling, but they are selling faster and receiving a higher percentage of the actual list price.
* Single Family Closed Sales were up 29.7% to 6,050.
* Townhouse-Condo Closed Sales were up 18.4% to 1,721.
* Adult Communities Closed Sales were up 20.7% to 588.
* Single Family Median Sales Price remained flat at $295,000.
* Townhouse-Condo Median Sales Price fell 2.0% to $240,000.
* Adult Communities Median Sales Price were up 3.4% to $180,963.
Ocean County
Single Family 2015 2016 Change
New Listings 829 829 0.0%
Closed Sales 473 637 +34.7%
Days on Market 101 94 -6.9%
Median Sales Px $273K $295K +8.0%
% of Price Recvd 95.8% 96.6% +0.8%
Inventory 5,177 4,164 -19.6%
Months Supply 10.3 6.8 -34%
Monmouth County
Single Family 2015 2016 Change
New Listings 678 677 -0.1%
Closed Sales 412 518 +25.7%
Days on Market 81 76 -6.2%
Median Sales Px $375K $401K +6.9%
% of Price Recvd 95.5% 96.7 +1.3%
Inventory 3,815 2,883 -24.4%
Months of Supply 8.6 5.2 -35.8%


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