GENERATIONAL TRANSITIONS & TRENDS IN HOUSING

AARP URGES UNIVERSAL DESIGN AND INCLUSIVE HOMES

Dr. Jessica Lautz, NAR deputy chief economist and vice president of research,  said the lack of housing volume and diverse types of housing within that lagging inventory is one of the biggest issues in the housing industry.

“We need to be building more homes to meet the demands out there.

Nearly a third of homes are selling for more than the asking price—there are bidding wars,” she said.

“We must build affordable units; that is what’s most in demand.”

She said America has the highest percentage of child-free homes ever—70 percent.

Her stats go back to 1985, when child-free homes were 58 percent of housing.

“A lot of people might want a small-square-foot property, single-family or multifamily, but we see a mismatch.

We keep seeing larger homes, new and old, coming to market, because a larger home has the biggest profitability,” she said.

“We need to look at bringing different types of units to market.

We also have to consider a significant amount of people who are buying a home with the intent of having an elderly relative or young adult living in that home.”