Homebuying Still Going Strong With the Prospective Buyers

NAHB’s latest Housing Trends Report found in the second quarter of this year 11% of Americans

were considering buying a home within the next 12 months. In fact, almost half (49%) of those surveyed, reported that they are currently in the process of purchasing a home. This figure is a lot higher than reported this time last year.

The Housing Trends Report is put out by the National Home Builders Association’s Economics team. The team researches and measures prospective home buyers’ perceptions about the availability and affordability of homes for sale in their markets.”

As seen in the chart displayed, Millennials were the most likely to purchase a home in the next 12

months at 19% which was a little higher than a year ago at 17%. Gen Z reported 14%, Gen X came in at 12%, and Boomers were the least at 5%. Among regions across the country 13% planned to purchase a home in the next 12 months, 12% in the South, 10% in the Northeast and Midwest came in at only 9%.

Even with the COVID-19 crises home buying is still a must on many American’s to-do lists. Record low mortgage rates at 3.13% coupled with a recovery in the labor market with 4.8 million jobs and a low unemployment rate has boosted the housing market.

Click Here For the Source of the Information.