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On Monday, NAR said that pending sales rose 7.5%, but it appears the buyer uptick includes fewer millennials as home prices rise beyond their reach.<\/span><\/span><\/p>\n<\/div>\n NEW YORK \u2013 Looks like there\u2019s an acceleration coming in residential real estate. The National Association of Realtors\u00ae reported on Monday that pending home sales were up 7.5% in October. That\u2019s seen as a leading indicator of home sales that\u2019ll close in 30 to 60 days. The group says it appears \u2013 despite very tight inventory of homes for sale \u2013 would-be buyers are trying to lock in sales earlier rather than later, as rents rise along with home prices.<\/span><\/span><\/p>\n But those rising home prices appear to be keeping millennial buyers on the sidelines.<\/span><\/span><\/p>\n The apartment-search website RentCafe analyzed rental applications nationwide and found that those aged between 25 and 40 are sticking with their leases longer than they would have a decade ago.<\/span><\/span><\/p>\n \u201cThe millennials who are aging, who would typically be moving into homeownership, have the difficulty \u2013 as we well know \u2013 about affordable housing and housing in general,\u201d said Doug Ressler, who tracks data at RentCafe\u2019s parent company, Yardi.<\/span><\/span><\/p>\n In a housing market with little inventory and prices going through the roof, first-time buyers are routinely outbid, Ressler said.<\/span><\/span><\/p>\n They\u2019re also prioritizing other financial work, according to Lawrence Yun at the National Association of Realtors. \u201cWith record-high student debt \u2013 a deterrent to home-buying \u2013 people want to pay off a major debt obligation before considering buying a home,\u201d Yun said.<\/span><\/span><\/p>\n If millennials want to find more affordable homes to try to buy, Robert Dietz at the National Association of Home Builders said they might need to turn away from expensive coastal urban markets and look in the South, where land is cheaper and zoning is easier.<\/span><\/span><\/p>\n \u201cWhether it\u2019s Texas or Florida, the Carolinas, you see a high-volume home construction and a relatively greater emphasis on entry-level,\u201d Dietz said.<\/span><\/span><\/p>\n\n