Although mortgage interests rates have dropped, that carrot hasn’t nudged more people into looking to buy a home.
Twelve percent of adults were thinking about buying a house in the next 12 months according to a second quarter poll by the National Association of Home Builders. Of that group, 41% were actively engaged in looking, down from 50% a year earlier.
Across generations, about 40% of Millennials, Gen X’ers, and Boomer buyers have moved beyond just planning and begun the home search, compared to only 21% of senior buyers. Geographically, prospective buyers in the Northeast are the most likely to be actively looking for a home (47%), followed by those in the West (43%), and those in the Midwest and South (both 39%).