When comparing many categories of demographics of homebuyers, single women over the age of 55 have been the fastest growing since 1981. Last year, the percentage of single older women nearly doubled from 20 years ago, making up 8.2 percent of all homebuyers. Also on the rise: Hispanic homeownership, up for the third consecutive year and rising to 46.2 percent in 2017.
Homes with central air conditioning sell for a 2.5 percent greater profit than homes without it. With the heat wave we’re facing in Michigan this week, we can’t say this is a surprise. It’s a common feature many homeowners prefer and was a requirement for 62 percent of homebuyers last year—we’re surprised that percent wasn’t higher.
Two Michigan cities made the top 20 hottest markets list again: Detroit and Grand Rapids. Midland, Texas topped the list, holding onto it’s No. 1 spot for the third month in a row, thanks to homebuyers’ ability to obtain a decent-size home for an attractive price in the area. California only holds five of the top 20 spots, no longer dominating the list, and signaling a shift in interest and money away from the overheated markets and into the less expensive secondary markets.
The Bureau of Labor Statistics reported 213K jobs created in June, beating expectations of 190K but last month’s number was revised lower by 22K and the unemployment rate increased to 4 percent. The Average Hourly Earnings also moved slightly higher. The ADP Employment Report released yesterday showed 177K jobs created in June.