COVID-19 continues to impact home purchasing plans

existing-home sales

According to the National Association of Home Builders‘ latest Housing Trends Report (HTR), the share of Americans who are considering the purchase of a home in the next 12 months was 15% in the fourth quarter of 2020, four percentage points higher than a year earlier and the largest year-over-year gain in the 3+year history of this series. The gain shows the COVID-19 pandemic continues to impact Americans’ propensity to want to buy homes.

Meanwhile, the share of prospective buyers who would be purchasing a home for the first time declined slightly in the year ended in Qtr4’20, down from 63% to 61%.

Between the fourth quarters of 2019 and 2020, the share of Millennials planning a home purchase rose eight points to 27%. The share increased 6 points to 18% among Gen X’ers, 3 points to 16% among Gen Z, and was flat at 5% among Boomers. Geographically, the share of adults with plans to buy a home rose in all four regions during this period, led by the Northeast (up 9 points to 19%) and the West (up 6 points to 18%).

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See more at NAHB’s Eye on Housing Blog.

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