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Millennials to gain market share in the second half of 2015

Jun 26, 2015
Millennials are primed to gain market share in the second half of the year as more decide to take the plunge into homeownership, according to a consumer behavior survey conducted by realtor.com. 
 
Jonathan Smoke, realtor.com chief economist, said this year they are seeing an increase in millennial demand that points to a strengthening first-time buyer demographic. As the economy continues to grow over the next few years, first-time buyers are expected to return to a healthy level of 40 percent of the market, adding approximately 15 percent to the number of total homes sold.
 
Realtor.com notes that since the beginning of this year, there has been a slight increase in older millennials – those between the ages of 25 and 34 years old – visiting its website and mobile applications for home searches. 
 
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August sales fall just short of 2016 record

August home sales were strong across the Empire State, setting the second-highest total on record for the month at 14,174 units. The statewide median sales price growth trend continued in August, posting a 6.9-percent increase compared to August 2016. Click here to read more.

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