Time Spent Searching for a Home Continues to Grow

According to additional information and a deeper dive into the National Association of Home Builders (NAHB) Housing Trend Report (HTR), up until the onset of the COVID-19 pandemic (mid-March) home purchases for the first quarter of 2020 were on the upswing. According to the HTR Millennials and Gen Z are the most likely to be actively looking for a home. The HTR also reports that the time active home buyers are spending searching for a home also continues to rise. In the first quarter of 2020, 56% of actively engaged buyers reported having spent at least 3 months searching, compared to 53% a year earlier. This marks the fifth consecutive year-over-year gain in the share of active buyers who have spent upwards of 3 months looking for a home to buy. Of course, since the COVID-19 pandemic the purchase of homes has declined and realtors and prospective new buyers are finding newer and safer way to tour homes from the safety of their own abode.