Homes today are selling in about 40 days on average, almost two weeks faster than a year ago. But it is taking a lot longer for shoppers to find a home to buy.
Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders. Why so long? They can’t find a home they can afford.
Forty-two percent of buyers surveyed said prices were out of reach for the homes they wanted. Home prices have been rising at a fast clip in the past year – faster than income growth and inflation. The primary reason is a lack of homes for sale, especially lower-priced homes.
- Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders.
- Home prices have been rising at a fast clip in the past year – faster than income growth and inflation.
- Home prices increased in 92 percent of the nation’s measured housing markets at the end of last year, according to the National Association of Realtors.
About a third of those surveyed said they couldn’t find a home with features they wanted or in a neighborhood they wanted. Back to prices though, 27 percent said they kept getting outbid on their offers. Bidding wars are now the rule, not the exception, in most major U.S. markets.
