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Home buyers who successfully purchased a home in 2021 viewed an average of eight homes before making a purchase, the lowest number reported since the National Association of Realtors began tracking homes viewed in 1987. Following the Great Recession, buyers viewed an average of 12 homes before purchasing, but a steep decline in inventory throughout the COVID-19 pandemic has left few options for house hunters at the start of 2022.
Housing supply dropped 13.3 percent year-over-year in November 2021 with a total of just 1.1 million units for sale. Though low supply impacts the number of homes viewed by prospective buyers, technology offers an alternative through virtual tours and open houses. In 2006, 80% of buyers used the internet to search for homes, according to the National Association of Realtors, and today, that share is at 95% of total buyers.
Technology and tight inventory have also likely played a role in the number of weeks a buyer is searching for a new home. Buyers searched for just eight weeks before deciding on the home to purchase. From 2009 to 2013 buyers took their time and looked at homes over 12 weeks. As homes were moving at a slower pace, they could decide over a longer timeframe and perhaps view a home several times before putting in a contract. Buyers today do not have that luxury and need to make fast decisions on which home to place an offer on, as there is likely another buyer ready to pounce right behind them. From the November REALTORS® Confidence Index, homes typically had 3.8 offers in November 2021.
