Sharing a great article written by Odeta Kushi
In 2022, National Homeownership Month arrived in June as the housing market adjusts to higher mortgage rates amid still strong nominal house price appreciation, which have resulted in a significant decline in house-buying power. The housing boom of 2020 and 2021 was the exception, not the rule. Record-low mortgage rates, the ability to work from home, and a pandemic-driven desire for more space accelerated demand for homeownership in 2020. In 2021, homeownership demand fell compared with the previous year, but remained significantly higher compared with pre-pandemic levels in 2019. Yet, the underlying demographic and lifestyle choices that are important drivers for homeownership demand remained strong in 2021.
Read the full article at https://blog.firstam.com/economics/millennials-continued-to-drive-homeownership-demand-in-2021