NAHB’s latest Housing Trends Report revealed that the majority (67%) of buyers who were actively house hunting in the first quarter of 2022 have spent at least three months searching for a home without success. And the most common reason these long-term searchers cite for not having bought is their inability to find an affordable home (48%).
Other top reasons include their inability to find a desirable neighborhood (34%), followed by the inability to find a home with desirable features (31%), and being outbid by other buyers (29%).
When asked what they are most likely to do next if still unable to find a home in the next few months, most (52%) active buyers searching for at least three months said they will continue looking for the “right” home in the same location.
However, the share of buyers who plan to give up their home search until next year or later is showing a clear upward trend, rising from 20% in the 2nd quarter of 2021 to 25% in the first quarter of 2022.
Rose Quint, NAHB assistant vice president for survey research, provides more analysis in this Eye on Housing blog post.