Additionally, mortgage rates remain depressed after Treasury bond yields made a surprising turnaround this year, with benchmark 10-year yields down to 2.2% compared to about 3.0% at the start of 2014.
“As we prepare for New Year’s and the next home shopping season, we expect soaring rents to entice more people to the relative stability of home ownership, particularly younger potential buyers,” Zillow’s Humphries added.
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Max Chen contributed to this article.