MarketWatch's Steve Goldstein looks at the slight uptick in homeownership that registered between July and September which, while only a modest 30 basis points, marks the first rise in seven years. What's more, the share of homeownership among those under 35 years old posted its biggest gain in 11 years.
The homeownership rate, all told, is now 63.7%, up from 63.4% in the second quarter, and the homeownership rate for those under 35 rose 100 basis points in that time-span, to 35.8%.
That’s the biggest gain since the second quarter of 2004, and the only age cohort to show a significant rise ... demand for owning a home has gradually gained steam. Existing-home sales in September grew to the second-highest level since the recession, fueled by low mortgage rates, continued jobs growth and a slight improvement in credit availability.
The rising demand to own a home comes even as house prices continue to accelerate faster than inflation, rising 5.1% in the 12 months ending August, according to the latest data released Tuesday.Check out the NAHB's take on the latest numbers, which notes that the homeownership rate for those under 35 is actually down on a year-over-year basis, or follow on to MarketWatch's rosier take: