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Millennials and Changing Homebuyer Demographics hot topics at Annual NAR Conference

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REALTOR® University Richard J. Rosenthal Center Forum presents at 2014 REALTORS® Conference & Expo

REALTORS® from across the country gathered on Nov 9 in New Orleans to hear about the effects of changing demographics on the housing market during the REALTOR® University Richard J. Rosenthal Center for Real Estate Studies Forum at the 2014 REALTORS® Conference & Expo. Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS®, moderated the panel discussion, sharing the latest information on consumer housing trends and future predictions. The forum, titled Home Buyer Preferences and Market Opportunities, was presented to an audience eager to know what the latest research shows for the housing market in 2015 and beyond.

Two weeks later, people are still talking about the forum. In fact, one tweet about the REALTOR® University forum was statistically one of the top three tweets at the Annual Conference & Expo, garnering more than 6,000 impressions, making the Home Buyer Preferences and Market Opportunities Forum one of the most talked about events at the conference.

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So what was everyone talking about? Millennials for one.

“We have … seen an increase in the median age and income of the average buyer, as well as in multigenerational household formations as adult children and elderly family members move back in with their families,” said Jessica Lautz, director of member and consumer survey research for the NATIONAL ASSOCIATION OF REALTORS®.

“It’s not that young people don’t want to purchase homes, it’s that they are delaying the purchase,” said Lisa A. Sturtevant, vice president of research for the National Housing Conference. “Many of the reasons millennials are not forming households or making purchases are economic, so as the economy improves, we should see this group become more of a force in the housing market.”

That may come sooner, rather than later. In 2014, adult millennials, aged 18-34, saw 60 percent better job growth than the U.S. overall and a drop in unemployment. That growth, along with improved economic opportunities, should encourage millennials to form households and buy homes in the coming years. “Millennials are more likely than any other group to purchase a home in the next year,” said Johnathon Smoke, realtor.com® chief economist.

Here’s what people around the country are saying about millennials, housing market trends and the research being done through the Richard J Rosenthal Center for Real Estate Studies:

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Millennials: Fast Track Home Buyers that are Shaping Housing Trends
Digital Journal

2015 to be a watershed year for millennial homeownership. Realtor.com Chief Economist shares 3 ways to convert Gen Yers into closed sales – Inman

Today’s homebuyers are older, have higher incomes – Dallas News

3 Reasons Millennials Are Driving the Housing Market – realtor.com®

Experts Discuss Impact of Changing Demographics on Housing – MReport

Millennials still grapple with first-time homebuyingHousingWire

Year-end predications for home sales, housing reformConstruction Dive

 

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