More Buyers Believe Their Home Search Will Get Easier
May 28, 2019
Buyers’ may be having more positive perceptions about the state of available inventory, according to a new survey released by the National Association of Home Builders. Twenty-two percent of adults planning a home purchase said in the first quarter of the year that they expect their home search to get easier in the months ahead. That marks an improvement from the 16% with the same expectation a year earlier, the NAHB reports on its Eye on Housing blog.
Meanwhile, the share of buyers who expect availability to become harder or remain unchanged dropped from 73% to 67%.
Millennials are the most likely generation to say they expect house hunting to become easier in the months ahead (23%), followed by Gen X’ers (22%), seniors (20%), and baby boomers (18%), the survey showed. By region, Midwestern (25%) and Northeastern (23%) buyers are the most optimistic about their search.
Home buyers’ perceptions are improving as the inventory of homes that are becoming available increases. In the first quarter, 30% of buyers reported seeing more homes on the market. But the number of buyers who perceive the inventory of for-sale homes they like or can afford will be lower or unchanged fell from 63% to 60%, the report showed.
The National Association of REALTORS® confirmed in its recent housing report that housing inventories are increasing in many markets. In April, housing inventories rose to 1.83 million, a 1.7% increase from a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace.
“We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home,” says Lawrence Yun, NAR’s chief economist.
“22% of Home Buyers Expect Housing Search to Get Easier Soon,” National Association of Home Builders’ Eye on Housing blog (May 24, 2019)
Updated: May 29, 2020