A new study from the National Association of Realtors found Millennials now account for the greatest market share of recent home purchases. According to the association's Home Buyer and Seller Generational Trends study for 2014, Millennials comprised 31 percent of recent purchases, leading all other age groups. The median age of Millennial buyers was 29, while their median income was $73,600. The typical choice of homes among the group was an 1,800-square foot house costing $180,000 dollars.
Coming in slightly behind Millenials for new home buyers was Generation X, classified by buyers aged 34 and 48, who accounted for 30 percent of home sales. Younger Boomers and Older Boomers were next, with 16 percent and 14 percent market share respectively. The Silent Generation, made up of home buyers aged 68 to 88, were last with 9 percent, according to the NAR study. Out of the group of Millenials buying a home, 87 percent purchased an existing home, and said they planned to stay in their homes for a median 10 years.
A report issued by the Wells Fargo Economics Group noted that California lost 31,600 jobs in January—the largest single-month decline since September, 2009. Non-farm payrolls dropped 0.2 percent during the month. The group suggests that the decline in jobs was precipitated by seasonal factors, specifically job losses in the information sector. 12,700 information sector jobs were lost, mainly in the state's volatile motion picture business. Retail trade jobs tumbled as well, down 14,300. Despite the loss in jobs, California's unemployment rate fell 0.2 percent.