2020 could be the first year that millennials originate more than half of all home mortgages
But according to a forecast from listings site Realtor.com, 2020 will be the first year millennials will originate more than 50 percent of all home purchase mortgages.
And meanwhile the inventory shortage could be the most severe ever, especially among entry-level houses that attract first-time buyers. That may be offset by Gen X-ers who are looking to upsize from their first home, but not enough to meet demand. There has been an increase in construction of new homes, but most of these are more expensive homes that first-time buyers can't afford.
In a market that promises little increase in home value, the report predicts that baby boomers won't sell their homes, waiting for better returns on their investments. This will be compounded byThe report predicts that nationwide home prices will only increase 0.8% in 2020, and volume will decrease by 1.8% to 5.23 million sales.
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