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June 4, 2018
It is no secret the housing market has been tough for quite a long while now. In fact, according to the National Association of Realtors, the listings for homes for sale have dropped year-over-year for 34 consecutive months. Yet, according to the most recent Housing Trends Report, prospective home buyers aren’t giving up on looking for a new home.
The Housing Trends Report is a research product released by the National Association of Home Builders Economics team to track prospective home buyers’ perceptions about the availability and affordability of homes for-sale in their markets. The results are based on national polls conducted by Morning Consult.
According to the report, 17 percent of adults responding to the poll reported to be planning the purchase of a home in the next 12 months. 42 percent said they were actively searching for a home during the first quarter of 2018, and 51 percent reported they had already been looking for three months or longer. More than half of the respondents (53 percent) stated the main reason it was taking so long to find a home is that they cannot find a home they can afford.
Even though it has become difficult for potential home buyers to find a home at a price they can afford, they aren’t giving up the search. While 13 percent of those surveyed said they would give up on the goal of homeownership for the time being, the considerable majority say they will continue looking.
Source: The Washington Post
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