Boomers own 38% of America’s homes

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Half of all home listings have gone extra stale, unsold after 60 days on market link

• Almost half of the homes listed in August (48%) had been on the market for over 60 days, up from 43% the previous year. This marks the highest level of stagnant listings for any August since 2019.

• The typical home now takes 37 days to sell, which is six days longer compared to last year. Homes in Seattle sell the fastest, averaging 12 days, while homes in Florida metros like West Palm Beach take over nine weeks.

• Rising mortgage rates and increasing home supply in states like Florida are key reasons for slower sales. Insurance and HOA costs are also contributing to reduced buyer demand in these areas.

Newer Industrial bldgs more in demand than existing link

• New industrial buildings are absorbing demand, leaving older properties vacant as tenants seek better facilities. Buildings completed between 2023 and Q2 2024 saw 395 million sq. ft. of positive absorption, while older buildings experienced 17 million sq. ft. of negative absorption.

• Properties over 25 years old have been hit hardest, with a negative net absorption of 139 million sq. ft. since Q1 2023. However, their vacancy rate remains low at 3.6%, compared to 44% for new buildings post-2022.

• The U.S. has 13 billion sq. ft. of industrial space built before 2000, making up most of the market. Even a small increase in vacancy in these older buildings leads to significant absorption challenges.

Boomers own 38% of America’s homes—but more than half never plan to sell link

• Among baby boomer homeowners, 54% never plan to sell their homes, despite many expecting to profit over $100,000. This could tighten the already limited housing supply in the U.S. for younger buyers.

• Boomers, now aged 60-78, make up 21% of the U.S. population but own 38% of its homes. Despite their large share, most are reluctant to downsize or move, even though homeownership rates traditionally decline after age 75.

• The supply of homes for sale in the U.S. in July was 1.33 million units, still below the balanced level of six months' inventory. This persistent shortage has driven home prices to record highs, compounding affordability issues for new buyers.

Housing starts increase to fastest pace since April link

• U.S. housing starts surged by 9.6% in August, reaching a rate of 1.36 million units, the highest since April. This jump follows a decline in July and outpaced economist forecasts of 1.32 million units.

• Single-family home construction rose by nearly 16%, while multifamily housing starts decreased for the first time since May. Building permits, which indicate future activity, increased 5% to 1.48 million.

• The South saw a 15.5% rise in housing starts, driven by post-hurricane recovery, and gains were also noted in the Midwest and West.

People on the move ignoring climate risk link

• The South has gained 3.9 million residents since April 2020, largely due to domestic migration, but many are ignoring rising climate risks. Texas and Florida host 10 of the 15 fastest-growing U.S. cities despite their vulnerability to hurricanes.

• Institutional landlords control significant portions of housing markets in hurricane-prone Florida cities like Jacksonville and Tampa. These landlords face increasing costs as insurance premiums rise due to natural disasters, which have already reduced apartment values by up to 6.8%.

• Rising insurance premiums have impacted property valuations in storm-prone cities like Jacksonville and Houston by 9.6% and 11%, respectively. Homeowners and landlords alike are struggling as insurance becomes harder to secure in high-risk areas like Florida and California.

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Can this scream any more San Francisco?

Link to the listing

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Vidit

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