Number of prospective home buyers who are actively searching shrinks
December 5, 2019
Of the 12% of American adults who plan to purchase a home in the next 12 months, 44% are actively looking. That's a slightly smaller share than a year ago when 47% of prospective buyers were actively searching.
Researchers at the National Association of Home Builders (NAHB) who analyzed the results of its latest Housing Trends Report said the finding suggests that the lowest mortgage rates in the past three years did not lead more prospective buyers to become actively engaged in the process of house-hunting. The recently revealed survey covered the third quarter of 2019.
A comparison of prospective buyers across the U.S. showed buyers in the Northwest are the most likely to be actively looking with 50% reportedly doing so, followed by those in the West (45%), South (45%), and Midwest (40%).
Of those who are actively searching, nearly six in 10 (58%) said they had been looking for at least three months.
The Builders' Housing Trends Report is intended to measure prospective home buyers' perceptions about the availability and affordability of homes for sale in their markets.