As housing trends begin to shift, so does the buyer, according to real estate company Trulia.
“We are starting to see a changing tide in the housing market,” Trulia Senior Economist Cheryl Young told FOX Business’ Stuart Varney on Thursday. “We are starting to see home price growth slowing – it’s not going down, it’s slowing but that’s a change from the past few years.”
For three consecutive months, annual home price gains have slowed across the United States, data from the latest S&P CoreLogic Case-Shiller Home Price Index showed. According to Young, it’s becoming a buyer’s market.
“We are starting to see home sales slow down and drop,” she said. “So things are starting to move a little bit more towards buyers than sellers. “
What’s more, Young said millennials are beginning to jump into the market.
“Millennials have not really shown up in the housing market,” she said. “For the past few years people were worried when are they going to start buying homes? And it’s starting to happen.”
Millennials currently account for about 49 percent of mortgages in the top markets for homebuyers, according Realtor.com.
Young expects the trend will continue throughout 2019.