Millennials are powering the housing marketing rebound. Our No Place Like Home trend report found that 83% of Millennials who don’t already own a home plan to the future, with the majority planning to buy in the next five years. And according to NAR, younger buyers are a big reason why home sales were able to start recovering in July. Sales of previously owned homes surged nearly 25% in July to their highest seasonally adjusted annual rate since 2006. First-time buyers accounted for 34% of sales in July, which was up 32% from last year. A desire for more space (now that so much time is being spent at home) and low interest rates are both motivating factors. (WSJ)
