Higher interest rates are pricing out some (not all) buyers, but also transforming remaining prospects into active buyers. In the third quarter of 2022, 59% of prospective buyers had moved beyond the planning phase and become fully engaged in the buying process, up from 46% in the first quarter and 49% in the second quarter of the year.
The share of prospective buyers actively searching for a home rose in every region between the second and third quarters of 2022: Northeast (54% to 62%), Midwest (51% to 53%), South (39% to 51%), and West (57% to 68%).
Buyers actively looking for a home are having a harder time finding what they want: in the third quarter of 2022, a record 70% have spent 3+ months searching, up from 63% a quarter earlier.
**Results come from the Housing Trends Report– a research product created by the NAHB Economics team with the goal of measuring prospective home buyers’ perceptions about the availability and affordability of homes for-sale in their markets. The HTR is produced quarterly to track changes in buyers’ perceptions over time. All data are derived from national polls of representative samples of American adults conducted for NAHB by Morning Consult. Results are seasonally adjusted. A description of the poll’s methodology and sample characteristics can be found here. This is the fifth in a series of six posts highlighting results for the 3rd quarter of 2022. See previous posts on plans to buy, new vs. existing preference, housing availability, and housing affordability.
The FED is going to far and too fast .
Granted they didn’t not cut back MBS
purchasing early enough now they are
not being patient enough to see the results of what they have done. Take a step back and let the results of the fast hard rate increases take it’s toll. Inflation is a cancer , FED actions are the medicines . Meds take time to show results but too many meds too fast cause an overdose.
Putin is the the real issue fuel and food .
The civilized world needs to take him out .
The focus on the cost of fuel to consumers would be best, as this trickles way back to suppliers, then wholesalers, then retailers. We, the end consumer is paying for all of this and is a main contributor to the inflation we’re all experiencing. Great, so the interest rates go up and the housing market is in trouble for buyers, sellers, and all those professionals who make a living in real estate or the mortgage industry. The low to middle class are the ones to feel this pressure, as almost always. Is there any insight to the big gas companies that are slowly raising their middle finger to us all until the year 2030? They COULD lower the price per gallon if they WANTED TO, but why would they when they can just make as money as possible, only to pay the investors huge sums and call it a day. Does anyone know what can be done to keep the gas companies in check?