Millennials and Supply.
William Edwards, 6-24-2023, a senior investing reporter at Insider based in New York. He has graduate degrees from Ohio University and the University of Leipzig, and he earned his bachelor's degree at DeSales University. From central Pennsylvania, William has interned and written for Bloomberg News, CNBC, and Bicycling, and has studied or reported in France, Germany, and Tunisia. He's interviewed some of the most influential voices in the market, including Rob Arnott, Savita Subramanian, Ken Rogoff, Rick Rieder, Mike Wilson, Wei Li, Cam Harvey, Thomas Peterffy, Jonathan Golub, Skylar Olsen, Keith Parker, and more. In addition to chatting about markets, William is always eager to talk about pro cycling, Bundesliga soccer, and how to boost youth engagement with financial news. “Forget about a housing market crash, Harvard researchers say. Here are the 4 reasons they say a repeat of the mid-2000s drop in home prices is unlikely.," Business Insider, https://www.businessinsider.com/housing-market-crash-not-coming-supply-mortgage-rates-millenials-harvard-2023-6 ---ML
Second, the researchers said millennials are continuing to age into homebuying, even though a lot of Millennial demand has been satisfied over the last few years. Millenials are those currently between 25-40 years-old.
Ellen Zentner, Morgan Stanley's chief US economist, also recently told Insider that millennials and Gen Z homebuyers continuing to enter the market is a major reason she thinks home prices will only fall 2% in 2023.
Third, housing supply remains extremely tight. This is partly because builders have slowed down amid falling demand and higher interest rates.
But it's also because higher interest rates are disincentivizing current homeowners from moving, the report said. Months' supply of existing homes is currently under three months, well below what it was in 2008.