According to the NAHB, the share of prospective house buyers actively involved in the home purchasing process grew to 49 percent in the second quarter of 2022, the first increase in three quarters.
According to the group, the turnaround is driven by less competition from buyers who have left the market, which has encouraged some prospective purchasers to become active buyers.
According to an NAHB analysis of Census Bureau statistics, the homeownership rate in the United States will be 65.8 percent in the second quarter of 2022, with a 0.8 percent homeowner vacancy rate. The homeownership rate of adults under 35 years old, 35 to 44 years old, and 45 to 54 years old climbed year over year, while the homeownership rate of adults 55 to 64 years old and above 65 years old fell.
Except for the South, the share of prospective buyers actively looking for a home increased in all regions between the first and second quarters of 2022: the Northeast (50 percent to 54 percent), the Midwest (40 percent to 51 percent), and the West (40 percent to 51 percent) (46 percent to 57 percent ).
The share of active purchasers who have been looking for a property for three months or more fell to 63 percent in the second quarter of 2022, down from 67 percent the previous quarter. The share had dropped to its lowest level in nearly two years (since the third quarter of 2020, when it was 62 percent). Before the pandemic (Q1 of 2018 and 2020), less than 60% of active purchasers browsed for a property for three months or more.