Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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So that's a big jump in the past decade in terms of how long people are staying in their homes.
So the most recent numbers we have are for November.
And at the end of November, there were about 1.3 million homes for sale, which was more than 20% lower than a year earlier.
And it was actually the lowest level on record.
And the way that economists like to track inventory is kind of months supply.
So if sales continue at the current pace,
How long will it be until supply is totally depleted?
And in November, that was 2.3 months supply of homes left in the U.S.
And a healthy market is considered about four to six months of supply.
So two to three is extremely low.
So there are a couple of reasons why homeowners are not selling in what is definitely a seller's market.
One reason is COVID-19.
People don't want strangers touring their homes.
They're nervous about spreading the virus.
So people who were considering moving last year might have delayed those plans or canceled them entirely out of fears of infection.
Another reason is low interest rates, which are spurring demand among people
people who want to buy homes, but also make it possible for people who already own homes to refinance, lower their monthly payments without moving and they don't have to incur the cost and stress of moving.
Another reason is that baby boomers are healthy later in life.
They're not interested always in downsizing or moving to retirement communities.
they want to age in place.
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