America’s homes, and the people who buy them, are getting older

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Permits to build new apartments have plummeted: NY Times link

• Apartment permits have dropped to 12 units per 10,000 people nationwide, down 6% from before the pandemic and 27% from the mid-pandemic peak. This signals a sharp pullback in new supply after years of high activity.

• 63% of large metro areas (population 750,000+) have cut back on apartment construction since March 2023. Developers are slowing down as demand cools and financing becomes tougher.

• Sun Belt cities are still building aggressively, led by Austin with 65 permits per 10,000 residents. Cape Coral, North Port, Orlando, and Raleigh also remain high-permit zones.

America’s homes, and the people who buy them, are getting older link

• The median age of first-time U.S. homebuyers hit 38 in 2024, the oldest on record. Meanwhile, repeat buyers now average 56 years old — up 44% from 20 years ago.

• The median age of homes sold in 2024 was 36 years, a sharp rise from 27 years in 2012. This reflects a decade-long slowdown in new construction that began after the 2008 crash.

• Buffalo, Pittsburgh, and Cleveland have the oldest homes sold (69, 68, and 65 years old, respectively). In contrast, newer homes dominate markets like Provo, UT (6 years), Austin, TX (8 years), and Raleigh, NC (9 years).

Rents in some markets nearly equal daycare costs link

• In Denver, one child’s daycare costs $1,434 per month—83% of the average rent of $1,720. For two kids, daycare jumps to $2,867, which is 167% of rent.

• Seattle families face daycare costs of $1,660 for one child (80% of average rent) and $2,320 for two (160% of rent). San Francisco and Minneapolis also show similar strain, with daycare nearing or surpassing rent.

• Childcare costs are rising in 17 of the top 20 metro areas, led by Seattle, San Diego, and Boston. Philadelphia families spend about half their income on just rent and childcare for one child.

Older adults experience disparate outcomes when relocating: Harvard Study link

• Black older adults moving homes ended up in neighborhoods with poverty rates 6 percentage points higher than white older adults. Hispanic and Asian seniors also faced poverty increases of 2–6 percentage points after relocating.

• Seniors with a college degree moved to areas with lower poverty rates, while those without a high school diploma often moved to worse-off neighborhoods. The gap in outcomes based on education was as much as 4 percentage points in poverty rate.

• Despite only 6% of older households moving, over 3 million did so in 2023—and that number is growing as more baby boomers retire. Cities and planners are urged to reduce housing barriers and support aging in place or equitable relocation.

Smarter leads, lower costs: Agentic AI’s impact on loan officer efficiency link

• The average cost to originate a mortgage loan is about $11,600, with nearly half going to loan officer compensation. Agentic AI cuts this cost by automating lead qualification and reducing the need for manual input early in the process.

• Conversion rates from ad clicks to loan applications remain low due to the friction of personal data entry. Agentic AI changes this by offering preliminary loan eligibility upfront, increasing serious borrower engagement without needing sensitive data first.

• The AI system fills out loan forms like the 1003 using voice-enabled interactions and real-time conversation monitoring. This allows loan officers to work more efficiently and serve clients anytime, even outside traditional hours.

FreshSales An AI-powered CRM platform that helps real estate agents manage leads, automate follow-ups, track customer interactions, and optimize sales pipelines for better conversions.

Offrs is an AI-powered predictive analytics platform designed specifically for real estate professionals to boost lead generation by identifying potential home sellers before they list. By analyzing over 250 data points—ranging from mortgage status and home equity to neighborhood turnover rates—Offrs pinpoints which homeowners are most likely to sell in the near future.

CloudPano is an AI-powered virtual tour platform that enables real estate agents, brokers, and property managers to create immersive 360° virtual tours quickly and easily. The platform allows users to upload panoramic images, customize branding, add interactive hotspots, and share tours seamlessly.

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Vidit

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