NAHB: Few believe home buying will get easier
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.
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.