Even real estate sales, it seems, are all in the name.
“The faces behind home sales are changing quickly, and while the Hannahs and Austins have a long way to go to catch up with the Michaels and Johns, they are closing the gap,” according to a recent study by Realtor.com
Buyer data on home sales for the last nine months are increasingly skewed toward three key demographics: Millennials, Women and Hispanics. Names associated with these groups are taking a larger share of all sales, and rapidly changing the landscape of the U.S. housing market. If these buyers continue breaking through the affordability barrier, they should continue to dominate the market in the years to come, the study continues.
What are those names?
* “Hannah, Austin, Alexis, Logan and Taylor were the top five homebuyer names with the fastest levels of sales growth in 2018, with all seeing 19-23 percent increases over 2017. Michael, John, David, James and Robert were the top five names by sales volume, but all saw 3-to-5 percent declines over the last year.
* “Under age 35 ownership reached an estimated 36.8% in Q3 of 2018, statistically higher than a year earlier, and very likely the highest in five years, according to a Census Bureau report on residential vacancies and homeownership.
* “Sales to those with Millennial names increased while sales to those with Boomer names decreased, up 5.3% and down 2.0%, respectively, year-over-year on average.
* “Single women are one of the fastest-growing demographics in the housing market. In 2018, the National Association of Realtors estimates 18 percent of home purchases came from single-woman households, more than double the share of single men at just 7%. Sales to those with female names increased while sales to those with male names declined, up 1.6% and down 0.1 percent year-over-year on average, respectively.
* “Sales to those with Hispanic names increased while sales to those with non-Hispanic names remained virtually flat, up 4.1% and down 0.1%, respectively, year-over-year, on average. Twenty-six of the top 100 fastest-growing names on home deeds are traditionally of Hispanic origin, with the three fastest-growing being Julio, Jesus and Andres.”
For real estate sales going forward, it does seem it’s all in the name.
The full article may be accessed here: https://bit.ly/2WbJ235
