Home Prices Discouraging a Segment of Home Buyers

November 4, 2021

By: The Working Forest Staff

NAHB, eyeonhousing.org— After growing steadily for six straight quarters, and peaking at 61% in the second quarter of 2021, the share of prospective buyers actively trying to find a home to buy declined to 57% in the third quarter.  This is an indication that fast-growing home prices have begun to discourage a segment of potential buyers from getting past the planning stage.

The share of prospective buyers who are actively searching for a home declined in three of the four Census regions between the second and third quarters of 2021:  in the South, from 58% to 51%; in the West, from 72% to 65%; and in the Northeast, from 66% to 65%.  The share was flat in the Midwest, at 50%.

Most buyers actively engaged in the purchase process are spending long periods of time searching for a home.  During each of the first three quarters of 2021, 66% reported spending 3+ months looking.  Before COVID-19, in the final quarter of 2019, the share stood at 57%.

See more HERE.

 

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