The first quarter of 2023 saw 56% of prospective home buyers actively in the process of purchasing a home. This is up from the fourth quarter of 2022 at 46%. This is due to the improved affordability expectations.
With the improved affordability, buyer demand is up as well as the competition. Unfortunately, this leads to potential buyers having a harder time finding the home of their dreams. In fact, 71% have spent 3+ months searching for a new home which was up from the 65% reported in the fourth quarter of 2022.
As for each region, the number of prospective buyers actively looking for a home rose in every region in the first quarter of 2023. The Northeast went from 50% to 63%, Midwest from 42% to 45%, the South from 47% to 51% and the West from 44% to 66%.
These results are derived from the Housing Trends Report (HTR). This report is produced by the National Association of Home Builders’ Economics team. The team measures prospective home buyers’ perceptions about the affordability and availability of homes for sale in their market. The Housing Trends Report runs every quarter to track changes in buyer’s perceptions over time.
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