NAHB: Few believe home buying will get easier
NAHB Housing Trends Report points to doubt from prospective home buyers.
According to the third quarter 2019 Housing Trends Report from the National Association of Home Builders, just 21% of prospective homebuyers expect that finding the right home to buy will get any easier in the months ahead.
Conversely, about 68% of prospective buyers expect housing availability to get harder or stay about the same, slightly lower than the 71% who shared that expectation a year earlier.
Analysis from the NAHB also shows that older generations are more likely to expect worsening housing availability. About 74% of Baby Boomers have that expectation compared to 64% of Gen Z buyers.
When it comes to seeing homes they can afford and like, about 29% of potential buyers reported seeing more such homes on the market compared to three months earlier, essentially unchanged from the 30% reporting increases a year earlier. The share of buyers who perceive fewer or the same number of homes for sale was 59%, not much different from 60% a year earlier.
The share of buyers who report seeing more homes they like and can afford available for sale declines with age: from 41% of Gen Z, to 32% of Millennials, 23% of Gen X, and 18% of Boomer buyers. Regionally, buyers in the West are the most likely to report improving availability (36%), while those in the Midwest are the least likely (23%).
The full third quarter NAHB Housing Trends Report can be read here.
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