Based on polls of its site users, the National Association of Realtors says the housing market is on track to enjoy one of its best years since 2006, despite slow indicators earlier in the year, and positive millennial sentiment is adding to the momentum.
In the first half of June, realtor.com saw visits and mobile applications by older millennials, those between 25 and 34, looking to buy a home increase to 23%, up from 21% in January.
In mid-June, it also observed that the share of visitors looking for rental property had decreased to 20% from 26% in January.
Realtor.com said its survey data was based on a daily representative sample of site visitors. This analysis examined more than 12,000 responses from Jan. 1 through June 15.
Older millennials are not only looking; many also intend to purchase a home.
In mid-June, 65% of 25- to 34-year-old site visitors in a poll said they intended to buy a home within three months, up from 54% in January.
Moreover, older millennials and first-time buyers expressed optimism about buying. The survey found that both groups were slightly likelier than the average buyer to say that they were “very likely to purchase within the next 12 months.”