Americans bought homes last month at the fastest pace in nearly eleven years. According to the National Association of Realtors, sales of existing homes climbed 5.6% in November. They reached a seasonally adjusted annual rate of almost six million units.
The last time home sales were this strong was in December of 2006, when properties sold at an annual pace of 6.4 million. Some of the factors that are driving this boom are the strengthening economy and rise of millennials getting into the housing market.
In other real estate news, the average size of the American home is getting bigger. According to real estate company Zillow, 44% of baby boomers live in houses larger than 2,000 square feet.
As the last members of the baby-boom generation become empty nesters, demand is growing for dual-purpose homes. Boomers are looking to remodel so that their homes comfortably fit a couple, but can also accommodate children and grandchildren when they visit for extended periods.
It might feel like the artificial intelligence train has left the station, but there are still opportunities to get in before the boom gets even bigger.
Nevada’s Supreme Court upheld the state’s ban on ghost guns Thursday, overturning a lower court’s ruling that had sided with a gun manufacturer’s argument the 2021 law regulating firearm parts with no serial numbers was unconstitutionally vague.
