Headlines: Best October in 9 years; how to woo first-time homebuyers
Here’s a look at what’s happening in real estate in the District of Columbia and beyond.
Purchases by first-time homebuyers fell to the lowest level in nearly three decades—just 33 percent this year, down from 38 percent a year ago, according to an annual survey of homebuyers by the National Association of Realtors released last week. The long-term average, dating back to 1981, shows that 4 out of 10 purchases are by first-time buyers. − CNBC
Millennials need to be wooed. They need to be shown that, despite their student loans, there’s a massive incentive for them to put money aside to buy, and there are large swaths of the millennial generation that are making far more money than their elders. − Inman News
First-time buyers have a whole lot of saving to do — possibly more than a decade of saving for a home purchase. It can take, on average, 12.5 years for first-time buyers to save a 20 percent down payment based on a current personal savings rate at 5.6 percent, according to new research by RealtyTrac. − Realtor Magazine
The region’s median sales price rose to $400,000, an increase of 5.3 percent over 2013. Every jurisdiction in the area experienced price growth, with Fairfax City (14%) and Prince George’s County (13%) leading the annual gains. P.G. County has now seen price increases for 32 straight months. In D.C. proper, home sales prices rose almost 10 percent to $500,000. − Urban Turf
A forest of cranes crisscrosses the sky and piles are being driven for the first phase of construction. Condominiums, apartments, offices, hotels, music venues and shops are on the drawing table. − Washington Post
While there are pricier neighborhoods in Washington, Falls Church City continues to lead median prices by jurisdiction, at $615,000 last month, up 4.2 percent from a year earlier. − Washington Business Journal