More than one-in-four prospective buyers (28%) in the third quarter of 2020 expect their search for a home to become easier in the months ahead, while 61% percent expect it will be harder or stay the same, according to the latest Housing Trends Report. Strong new
home sales in the summer of 2020 may have been a factor contributing to buyers' improved expectations for housing availability.
By contrast, a year earlier, fewer buyers (21%) expected availability improvements and more (68%) thought it would be difficult to search for a home.
Across generations, expectations that housing availability will improve rose most significantly among Gen X buyers (21% in the third quarter of 2019 vs. 32% in the third quarter of 2020) and Millennials (22% to 30%). Geographically, expectations that housing availability will ease up increased most significantly in the West (16% to 28%) and the Northeast (24% to 35%).
Rose Quint, NAHB's assistant vice president for survey research, provides more analysis in this Eye on Housing blog post.
The Housing Trends Report is a research product created by the NAHB Economics team with the goal of measuring prospective home buyers' perceptions about the availability and affordability of homes for-sale in their markets. The HTR is produced quarterly to track changes in buyers' perceptions over time.