Prospective Buyers Continue to Turn into Active Buyers
Of the 17% of American adults who were considering a future home purchase in the second quarter of 2021, more than half (61%) have moved beyond just planning and are now actively trying to buy. This share of active buyers has increased for six straight quarters, a trend that began after the final quarter of 2019 when it stood at 43%.
In the past year and a half, several factors have contributed to turning more prospective buyers into active ones, namely: low mortgage rates, desire for more space and desire for a new location in the suburbs/exurbs.
Furthermore, the share of prospective buyers who are actively searching for a home has grown in every region of the U.S. From the final quarter of 2019 to the second quarter of 2021, the share went from 46% to 66% in the Northeast, 40% to 50% in the Midwest, 43% to 58% in the South and 40% to 72% in the West.
Rose Quint, NAHB assistant vice president for survey research, provides more insight in this Eye on Housing blog post.
*Note: All articles have been redistributed from NAHBnow.com*