How to simplify the appraisal process for everyone in today’s hot market

The housing market isn't slowing down anytime soon, and appraisers need to make sure they have the right tools to manage the high demand.

Who’s afraid of the PSPA?

Stakeholders are divided over whether, in light of proposed changes to its capital rule, the FHFA should retool its agreement with the U.S. Treasury and remove policies some say never belonged there in the first place.

Back to the Future of Mortgage Lending

This webinar will discuss what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on jobs data and the bond market

In this episode of HousingWire Daily, Logan Mohtashami discusses what the jobs data, changes in the bond market, and the Omicron variant could mean for housing.

Real Estate

Demand for new construction grows as housing stock ages

Aging trend signals growing market for remodelers

Housing stock continues to age, increasing to 37 years in 2015, up from 31 years a decade ago, according to a blog from the National Association of Home Builders.

This aging trend shows the market could be growing for remodelers as older structures normally require additional remodeling and renovations. Additionally, the aging market could bring a rising demand for new construction in the long run.

This chart shows the median age of owner-occupied housing over the past decade:

Click to Enlarge

Housing stock

(Source: NAHB)

As of 2015, more than half of the owner-occupied housing stock was built before 1980, and 38% of homes were built before 1970. This chart shows the owner-occupied housing by the year the structure was built:

Click to Enlarge

Housing stock

(Source: NAHB)

Only 3% of owner-occupied housing stock was built after 2010. And homeowners with higher family incomes tend to live in newer residential units. The average household income for owner-occupied homes built after 2010 came in at $121,577. This is up from the average income of $86,328 for those living in homes built before 1969.

And younger homeowners are also more likely to live in newer homes. Homes built after 2010 are headed by homeowners with a median age of 44 years, compared to homes built prior to 1969 which were headed by homeowners with a median age of 58.

Click to Enlarge

Housing stock

(Source: NAHB)

HousingWire Magazine’s June edition explains that the nation’s aging housing stock is in many cases toxic, energy inefficient and often obsolete.

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