Spending Habits/Pricing

Skyrocketing home prices over the past two years have kept new buyers on the sidelines as first-time homebuyers made up just under a third of all buyers in July. The median sales price of an existing home fell to $403,800 in July from a record $413,800 in June. These price tags have kept many millennials away from the home buying market as thee quarters of respondents report that rising new home costs are their main factor for deciding not to buy a house. Of those who responded around a third have reported that new home costs would need to drop by 15% or more before they would consider purchasing a new home.