The share of prospective buyers turned active buyers has continually increased for the past six quarters, and the second quarter of 2021 was no different. Of the American adults surveyed by the National Association of Home Builders, 17% said they were considering a home purchase in the future, and now 61% of those buyers have begun actively searching for a home. This growth is seen in every region of the country, but the highest shares of prospective buyers turned active are in the Northeast and West regions. In the Northeast, 66% of buyers are active and 72% in the West.
As the share of prospective buyers actively searching for a home continues to increase, the length of time spent searching continues to grow. In the fourth quarter of 2019, 57% of buyers actively engaged in the purchase process had spent 3+ months looking. By the second quarter of 2021, that share was 66%.