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.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Time Spent Searching for a Home Continues to Rise