Per Market Watch
28 million Americans plan to buy homes within 2023
4/20/2023
A report from Market Watch shared the state of Americans when it came to wanting to buy property. The study found that 28 million wanted to purchase a home within the year.
The data came from Ned Wallet's annual Home Buyer Report, which tackled how Americans are wanting to buy homes. It found that for a fifth consecutive year, buying a home remains the priority for 8 in 10 Americans.
To be specific, 83% of Americans said that it was their priority to buy a home. The poll involved 2,051 adult participants from December 1-5, 2022.
Nerdwallet Home and Mortgages expert Holden Lewis commented on the situation, sharing how the situation was for homebuyers since the beginning of the pandemic. It was noted that buyers "haven't caught a break" since the pandemic started.
Lewis: "Competition among buyers was fierce in 2020 and 2021, and then mortgage rates skyrocketed in 2022. The housing market finally might be friendlier to buyers in 2023. Mortgage rates could fall, and home prices might decline in some places."
Here are other key findings of the report.
- Buyers had unrealistic expectations of the price
- Buyers blamed the economy and mortgage rates for the situation
- Buyers expected a housing market crash
- 2022 was difficult for buyers
In January, it was found that US home sales dropped by 36.9% year-over-year. This resulted in a 12th consecutive monthly decline. This was also the new all-time low home sales in over 12 years.
During that time, it was reported that buyers were struggling with high rates. Existing home sales dropped to just 4 million units in January.
Median home prices also increased by 10.2% in 2022. However, KPMG economists say there could be a 20% price drop this 2023.
See flow at unusualwhales.com/flow.
Other News:
- US home sales were down by 36.9% YOY in January, reaching their 12th consistent monthly decline
- Median home prices spiked 10.2% in 2022, but KPMG economists say there could be a 20% drop in home prices in 2023
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