Potential home buyers decline in Q1
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.
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.