Hispanics Lead the Surge in U.S. Home Ownership

August 9, 2013

Hispanics lead the surge in U.S. home ownership and also make up the fastest-growing group of first-time home buyers, according to the 2012 State of Hispanic Homeownership Report published by the National Association of Hispanic Real Estate Professionals. Hispanics accounted for 51 percent of the total net increase of the 693,000 owner households. The number of Hispanic home owners has grown over the past 12 years. In 2000, there were 4.24 million Hispanic home owners, and by 2012 that number grew to 6.69 million, according to the report.

Hispanics lead population growth in America and have accounted for more than half of the U.S. population increases over the past 10 years. Surveys have also shown that Hispanics place a strong value on home ownership. Fifty-six percent of Hispanics surveyed say that a main reason to purchase a home is because it represents a symbol of success or achievement that compares to 32 percent of all Americans. “It is critical to understand the demographic trends which are likely to impact housing demand in the years ahead,” says Mike Fratantoni, vice president of research and economics for the Mortgage Bankers Association. “This report provides information for lenders, builders, and policymakers regarding the future shape of housing demand, which will be substantially impacted by the housing choices of Hispanic households.” Source: RIS Media

 

Sales of new single-family houses in June rose by 8.3 percent to a seasonally adjusted annual rate of 497,000, countering a reported drop in existing home sales, the Census Bureau and HUD reported. June sales rose by 8.3 percent from May’s 459,000 and were 38.1 percent higher than a year ago (360,000), reaching their highest level since 2008. The median sales price of new houses sold in June dipped slightly to $249,700 from $262,000; the average sales price fell $295,000 from $307,000. The seasonally adjusted estimate of new houses for sale at the end of June rose slightly to 161,000, representing just a 3.9-month supply at the current sales rate. “While new home sales for the prior two months were revised slightly lower, June’s pace still topped most estimates,” said Mark Vitner, senior economist with Wells Fargo Securities, Charlotte, N.C. “Builders are having a tough time keeping up with demand.” Vitner noted although sales for the prior two months were revised down by 38,000 units, both months still show sequential increases, indicating that new home sales are continuing to build momentum. “June’s strong gains in new home sales may allay some concerns that higher rates are undermining the budding housing recovery,” Vitner said. Earlier this week, sales of existing homes posted a 1.2 percent drop for June, although economists noted much of the drop-off resulted from a decrease in investor purchases. “The low end of the existing market has been dominated by institutional investors bent on buying up bargain-priced homes and converting them into rental properties,” Vitner said. “Most of the desirable existing properties at the low end of the market are now gone, which is good news for home builders. Moreover, the exit of institutional buyers should be good news for first-time buyers, many of which were having difficulty competing with cash offers.” Source: MBA

 

Middle-aged women have become the fastest growing group of single female home owners, according to a new study by the real estate brokerage Redfin. The number of 45- to 54-year-old single female home owners has soared 120 percent from1982 to 2012. “Probable causes for this phenomenon include the large baby boomer population entering this age group over the last several decades and the prevalence of divorce leading to the creation of more female-headed households,” according to Redfin. Single females have long been big consumers of real estate. Among unmarried home owners, single women have outnumbered men since at least 1982, when the Census began collecting such data. While middle-aged women are increasing their buying, women younger than 35 appear to be delaying home ownership until later on in life, the report shows. The Redfin report revealed the top U.S. cities for single successful women, factoring in the percentage of women with four-year college degrees, percentage of women with a salary greater than $65,000, and the percentage of women who are single between 25 to 39 years old. 

 

Source: Redfin

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