1227 ET - The typical home bought in the U.S. hit a record age of 36 years in 2024, according to Redfin. That's nine years older than the median age of homes purchased in 2012, showing a lack of new construction over the past 15 years has fast-tracked the aging of America's housing stock. The homes people are buying are getting older across all types, with condos aging the most--to a median 38 years in 2024 from 26 years in 2012. Americans are increasingly buying older homes for two main reasons: lack of new supply and affordability. There have been fewer homes built in the past two decades in comparison to earlier decades. And older homes are generally cheaper than new homes, with the typical 30-plus-year-old home selling for 15% less than the median price of all homes. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 12, 2025 12:27 ET (16:27 GMT)
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