Potential home buyers decline in Q1

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Potential home buyers decline in Q1

By HBSDealer Staff - 05/13/2019
The number of adults who pan to purchase a home within the year fell in the first quarter 2019, according to the latest Housing Trends Report (HTR) from the National Association of Home Builders (NAHB).

About 13% of adults reported they plan to purchase a new home, down from 17% in the first quarter last year. The NAHB said that the falloff is additional evidence of a decline in housing affordability and its impact on home ownership plans.

The latest HTR also revealed that 60% of prospective home buyers have never owned a home before. In last year’s first quarter report, 54% of respondents were first-time home buyers.

Breaking down potential buyers by age group, while 20% of Millennials plan a purchase, only 15% of Gen X buyers are house hunting, along with 7% of Baby Boomers, and 3% of seniors.

By region, 16% of potential buyers were in the South followed by 13% in the Northeast, 13% in the West, and 11% in the Midwest.

Roughly 41% of buyers are looking for an existing home while 22% are seeking a new home. The remaining 38% are interested in either new or existing.

The full first quarter Housing Trends Report can be read here.