{"id":32589,"date":"2015-04-23T08:56:57","date_gmt":"2015-04-23T15:56:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=32589"},"modified":"2020-10-06T17:08:33","modified_gmt":"2020-10-07T00:08:33","slug":"todays-housing-data-one-reason-youre-stuck-in-your-parents-basement","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/todays-housing-data-one-reason-youre-stuck-in-your-parents-basement\/","title":{"rendered":"Today's Housing Data: One Reason You're Stuck in Your Parents' Basement"},"content":{"rendered":"

\"housing<\/a>The housing market sent some mixed signals on the eve of the industry\u2019s busy season. Yesterday we learned that sales of\u00a0existing homes<\/a>\u2014those pre-owned properties that account for most of the market\u2014took a nice pop in March, jumping 10.4 percent from a year ago, the biggest increase since August 2013.
\nToday we heard\u00a0a different story. New home sales<\/a>\u00a0in March were far below what most economists expected, reaching a\u00a0pace of 481,000 a year instead of the anticipated 515,000, the Commerce Department reported. While newly built houses and condominiums make up less than 10 percent of the overall market, they\u2019re important for two reasons: Construction creates jobs and gives a healthy boost to the overall economy, and the nation\u2019s housing stock is far below where it needs to be.
\nThat lack of inventory is a particularly worrisome thing, especially as millennials<\/a> are\u00a0growing up and moving out on their own. Add growing demand to weak supply and you get rising prices. That\u2019s what\u2019s happening<\/a>, and it\u2019s preventing young adults and moderate-income households from owning homes. The pace of new home sales is below where it was 20 years ago.
\nWhere will people live?<\/a> Rents aren\u2019t much better, and wages haven\u2019t kept pace. Parents\u2019 basement, anyone?<\/p>\n","protected":false},"excerpt":{"rendered":"

New home sales in March were far below what most economists expected, reaching a pace of 481,000 a year instead of the anticipated 515,000, the Commerce Department reported. While newly built houses and condominiums make up less than 10 percent of the overall market, they\u2019re important.<\/p>\n","protected":false},"author":13355,"featured_media":32592,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[70,32,39],"coauthors":[79,198,206,163],"class_list":["post-32589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-home-buyer-tips","tag-housing-market-tracker","tag-new-construction"],"acf":[],"yoast_head":"\nToday's Housing Data: One Reason You're Stuck in Your Parents' Basement - 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