Eye On Housing
Surging job losses in March stemming from the COVID-19 pandemic contributed to a decline in housing affordability in the first quarter of 2020, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 61.3 percent of new and existing homes sold between the beginning of January and end of March were affordable to families… Read More ›
Of the 10% of American adults considering a home purchase in the first quarter of 2020, about half (49%) have moved beyond just planning and are actively engaged in the process to buy a home. This “active buyers” share was slightly higher than in the first quarters of 2018 and 2019—both 46%, and a possible sign that low interest rates… Read More ›
While home buyers report slightly more optimistic expectations for future housing availability (see earlier post) in the first quarter of 2020, there is no commensurate improvement in their outlook for affordability. In fact, 78% say they can afford fewer than half the homes available in their markets, the same share as a year earlier. This in turn means that only… Read More ›
According to the latest Housing Trends Report (HTR), the share of prospective home buyers expecting their house search to get easier in the months ahead rose to 25% in the first quarter of 2020, up from 16% and 22%, respectively, in the first quarters of 2018 and 2019. This rise marks the third consecutive year-over-year increase in the share of… Read More ›
According to NAHB’s latest Housing Trends Report (HTR), the share of adults who are considering purchasing a home in the next 12 months fell to 10% in the first quarter of 2020, down from 17% and 13%, respectively, in the first quarters of 2018 and 2019. This decline marks the sixth consecutive year-over-year drop in the share of American adults… Read More ›
After rising for six consecutive years (2010 to 2015), the average home size in the US has fallen steadily for the past four years (2016 to 2019). In fact, estimates indicate the average home built in 2019 was the smallest since 2011. This trend is evidence that builders are working to meet the demand for smaller homes; that they are… Read More ›
San Francisco, which has been the nation’s least affordable major housing market for the past two years, was supplanted by Los Angeles in the fourth quarter of 2019, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 63.2 percent of new and existing homes sold between the beginning of October and end of… Read More ›
As revealed in a previous post, 60% of buyers actively searching for a home to buy in the final quarter of 2019 have been looking – unsuccessfully – for at least three months. Why is it taking these buyers that long to pull the trigger? Once again, the most common reason is they can’t find a home at a price… Read More ›
Of the 11% of American adults considering a home purchase in the final quarter of 2019, only 43% reported being actively engaged in the process to find and buy a home. A year earlier, the comparable share of active buyers was a much stronger 54%. This finding suggests that mortgage interest rates steadily below 4.0% in recent months have not… Read More ›
While home buyers may have slightly more optimistic expectations about future housing availability (see earlier post), there is no improvement in their outlook for affordability. In the fourth quarter of 2019, 79% say they can afford fewer than half the homes available in their markets, which is higher than the 76% with that opinion a year earlier. This marks the… Read More ›