The American real estate market could be headed for trouble. According to Reuters, the number of houses sold in the U.S. during December 2017 have come in at an all-time low.
The National Association of Realtors reported the decline after a three-month-long increase in housing sales. Residential housing sales dropped by 8.2%.
Additionally, single-family homes fell 11.8% while multi-family home sales rose only 1.4%. This is especially problematic as 83% of homebuyers report a high demand for single-family homes. However, American economists say the decline is understandable what with rising mortgage rates and the grand majority of the public being fully employed.
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The aging in place movement has prompted many seniors to look to the future and make changes so that they can remain in their homes and live full, uninterrupted lives. But even though the movement has allowed many seniors to have a better quality of life, it's arguably had another unintentional effect: it may be having a negative impact on the U.S. housing market. And Millennials are taking the brunt of the blame.
