Market Perspective

Julie C. Nichols General

Home sales up as more Americans choose to buy. View online.

More Americans Choosing to Buy Than Rent 1

In Q3 2017, the national homeownership rate reached its highest level since 2014. What’s more, homeownership rates among those under age 35 increased for the third month in a row to 35.6%, signaling that more millennials are shifting from renting to owning.

National Homeownership Rates

Rental Vacancies Up for Fifth Consecutive Quarter 1

Today’s Mortgages by the Numbers 4

Veterans Administration Purchase
Mortgage Originations

While VA loans represent only 10% of mortgage business4, their popularity grew significantly over the past decade. Between 2007 and 2016, total VA purchase mortgage originations grew from 110,000 to 365,000 loans per year5.

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Sources:
[1] U.S. Census Bureau, Quarterly Residential Vacancies and Homeownership, Q3 2017.
[2] U.S. Census Bureau, Monthly New Residential Sales, October 2017
[3] National Association of Realtors® (NAR) Existing-Home Sales, October 2017.
[4] Ellie Mae® Origination Insight Report, October 2017.
[5] Mortgage Bankers Association, November 2017.