Amid a Sluggish Housing Market, Homeowners Are Staying in Homes Longer than Ever
October 29, 2018
As the housing market continues to lag behind the other sectors of the economy, more homeowners are deciding to just stay put. According to a new report from Attom Data Solutions, the average home sold in Q3 of 2018 had been owned for an average of 8.23 years. This is the longest period on record since Attom began collecting this data in 2000.
Some of this may be attributable to the aftershocks of the housing crisis still being felt. Millions of homeowners are still underwater, owing more than the current value of their homes, or have limited equity. Limited inventories are also a factor, as even homeowners with equity worry that they may not be able to find a suitable new property even if they do sell.