Recent survey data from the National Association of Home Builders found that over half of house hunters who want to purchase a new or existing home in the next 12 months have been looking for three months.
Chief among the survey respondents' concerns were affordability, location, and features. Over one-third of respondents could not find a home in their desired neighborhood, or a home with the features they prefer, (34 and 36 percent, respectively). Roughly 42 percent of respondents told NAHB they could not find a home in their price range, and 30 percent said they encountered competition from other buyers, and were outbid when they made an offer, MarketWatch reports.
The National Association of Realtors said that home purchase contracts signed in January had been on the market for only 42 days, one of the shortest periods for any January since NAR started keeping track in 2011. Sales were down in January, though Realtors are reporting stronger buyer traffic. “It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth,” NAR said in a release.
