Numbers of Buyers Actively Looking for a Home Are Increasing
The share of prospective homebuyers actively engaged in buying a home rose to 49% in the second quarter of 2022, after a decline in the second half of 2021 and the first quarter of 2022.
Taking advantage of having fewer buyers in the market and less competition, those still looking for a home became active buyers. According to the National Association of Home Builders, the share of active homebuyers rose in every region, except the south, between the first and second quarter of 2022.
In the second quarter of 2022, the share of active buyers who have been looking for a home for 3+ months fell to 63%, down from 67% in the previous quarter. The share is at its lowest point in almost two years (since the third quarter of 2020, when it was 62%). Before the pandemic (between the first quarters of 2018 and 2020), fewer than 60% of active buyers shopped for a home for 3+ months.