02/18/2021
One in four homeowners have lived in their home for more than 20 years - the highest level that owners with that tenure has ever reached, a new Redfin study shows. That's due in large part to the aging in place trend, which is accelerating during the COVID-19 pandemic. As Americans stay in their homes longer, housing shortages are growing. The typical homeowner in 2020 had lived in their home for 13 years, a big jump from 8.7 years a decade earlier, according to the Redfin study. Longer homeownership tenure has contributed to a logjam in housing inventory, which dropped 23% year over year in December to an all-time low: a 1.9-month supply at the current sales pace, according to the National Association of REALTORS®. The COVID-19 pandemic is likely sidelining many potential home sellers who don't want to risk infection by allowing strangers inside for tours. Potential sellers also may be concerned about their ability to find a new home. Tight inventory is pressing on home prices: The median existing-home price in December was $309,800, up nearly 13% compared to a year earlier, according to NAR.
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News In Brief February 4, 2021 Washington is one of the nation's worst states to drive in, according to a new study released late January. The study, by personal finance website WalletHub, found that Washington ranks as the third-worst state for drivers, thanks mainly to steep gas prices, high rate....
