(Bloomberg)—The U.S. homeownership rate fell to the lowest level in more than a year as rising prices and a tight supply of starter homes put buying out of reach for many renters.
The share of Americans who own their homes was 64.1% in the second quarter, the lowest since the third quarter of 2017, according to a Census Bureau report Thursday. It was the second straight decrease, down from 64.2% in the previous three months and 64.3% a year earlier.
This year’s drop in mortgage rates and the strong job market have only added to competition for entry-level homes, driving up prices for a limited supply of properties and slowing sales. The median price of a previously owned U.S. home rose 4.3% from a year earlier to a record of $285,700, while sales dropped 2.2%, the National Association of Realtors said this week.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.