flexiblefullpage
Currently Reading

Homebuyers Are Becoming More Active as Affordability Improves

Advertisement
billboard
Affordability

Homebuyers Are Becoming More Active as Affordability Improves

Improvements in housing affordability expectations led to a more engaged buyer pool in the first quarter of 2023


May 2, 2023
Agent handing over house keys to buyers
Image: KMPZZZ / stock.adobe.com

Roughly 56% of homebuyers reported being actively engaged in the purchasing process during the first quarter of 2023, up from 46% a quarter earlier, the National Association of Home Builders' Eye on Housing reports. The share of prospective buyers who are actively searching for a home increased in every region between the final quarter of 2022 and the first quarter of 2023, and that spur of fresh activity is likely a result of improved affordability expectations.

Mortgage rate hikes are slowing, and in some overheated metro areas, home prices are falling, but while greater housing affordability means more purchasing opportunities for prospective buyers, competition is heating up for available homes.

Improved affordability, however, has intensified demand and increased competition.  Buyers actively looking for a home are having a harder time finding what they want.  In the first quarter of 2023, a series high of 71% have spent 3+ months searching, up from 65% a quarter earlier.

Read more

 

Advertisement
leaderboard2

Related Stories

Housing Markets

Renting Still More Affordable Than Buying in Most US Metros

In all but three of the nation's 50 largest metro areas, renting remains more cost-effective than buying a home

Housing Markets

Rents Fall the Most in These Former Pandemic Hotspots

Rental prices are falling the most in these previously red-hot metro areas

New-Construction Projects

St. Paul to Receive 1,000 Energy-Efficient, Affordable Housing Units

A new housing development on the site of a former golf course is bringing 1,000 affordable, energy-efficient units to St. Paul, Minn.

Advertisement
boombox2

Top Articles

Advertisement
boombox1
Advertisement
native1
halfpage2

More in Category

COVID-19 may be easing its grip on the U.S. after a disastrous two years, but lingering supply chain disruptions have builders holding onto their pandemic business tactics

An archive of NHQA-winning companies that represent home building's best in Total Quality Management

Don’t let the current hype about single-family B2R communities obscure the need to create long-term sustainability and asset value

Advertisement
native2
Advertisement
halfpage1

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.