ShareSinclair Broadcast Group – The National Desk
A new survey from Bankrate paints a picture of the housing market through the eyes of struggling homebuyers.
Over 80% of people in Bankrate's survey said owning a home is part of the American dream.
Homeownership topped other aspects of the American ideal, including being able to retire, having a successful career, having children, or getting a college degree.
But over 80% of aspiring homeowners told Bankrate that affordability issues are holding them back.
The median existing-home sales price hit $398,400 in February, according to the National Association of REALTORS®.
That was the 20th consecutive month of year-over-year price increases.
NAR will release existing-home sales figures for March next week.
High prices and high mortgage rates have kept home sales sluggish.
And younger buyers are struggling.
First-time home buyers hit a record low.
And baby boomers now make up the largest generational group of home buyers, according to NAR.
Jessica Lautz, NAR deputy chief economist, said in a news release this month that half of older boomers and two out of five younger boomers are buying homes entirely with cash, bypassing those high mortgage rates.
NAR forecasts that existing-home sales will increase 6% this year and 11% next year.
Median home prices are expected to increase between 3% and 4% in each of the next couple of years.
And NAR forecasts mortgage rates will remain above 6%.