Americans aren’t moving in part because inventory levels have fallen near multidecade lows and home prices have risen to records. Many homeowners are choosing to stay and renovate, in turn making it more difficult for renters to enter the market. The stagnant housing market means people aren’t moving to places where they can get better jobs, or within their own metropolitan area to get closer to their jobs or better schools for their children. The crunch is most acute for midprice homes, with only about three months of supply, according to CoreLogic. Spending, already at record levels, is expected to continue accelerating, according to data released this month by Harvard University’s Joint Center for Housing Studies.

Source: Wall Street Journal October 29, 2017 10:52 UTC