Homeowners Are Staying In Their Homes Longer
Buying a home is a commitment. Part of that commitment is financial; the other part is time. In other words, if you're buying a home, you're likely planning on staying there a while. But how long do buyers typically stay in the home they buy? Well, according to ATTOM Data Solutions' Q2 2019 U.S. Home Sales Report, homeownership tenure is increasing and recently reached a new peak. In fact, the average number of years home sellers lived in their home before selling hit 8.09 during the second quarter. That's up 3 percent from the previous quarter and 4 percent from the same time last year. And, in some areas, it was even longer. In fact, Tucson, Portland, Phoenix, and Tampa-St. Petersburg all had homeownership tenures longer than the national average. In San Francisco, the average amount of time sellers lived in their homes was 10.26 years. There are a number of reasons that Americans are living in their homes longer than they once did. But whatever their reasons, homeowners have benefited from staying put. That's because they've built up a significant amount of equity over the years. For example, ATTOM's report shows the average home price gain since purchase is now $67,500, which is almost $10,000 more than the previous quarter. More here.