Housing Availability Expectations See Mild Improvement
Buyers’ expectations of housing availability edged up slightly in the first quarter of 2023, with 26% expecting the home search to get easier in the months ahead.
After souring significantly in the final quarter of 2022, buyers’ expectations of housing availability edged up slightly in the first quarter of 2023, with 26% expecting the home search to get easier in the months ahead, just ahead of the 24% a quarter earlier. Despite the mild improvement, buyers’ perceptions of housing availability remain well below their level in the third quarter of last year (when 37% expected easier availability ahead).
Housing availability expectations changed little across regions. From the final quarter of 2022 to the first quarter of 2023, the share of buyers expecting an easier home search ahead was essentially unchanged in the Northeast (28% to 27%), the Midwest (19% to 20%), and the South (flat at 24%), while showing a mild improvement in the West (27% to 29%).
Another way to measure buyers’ perceptions of housing inventory is to ask them if they are seeing more/fewer/the same number of homes for-sale (with desired features and price point) in their markets. By this measure, buyers’ perceptions remained essentially unchanged between the final quarter of 2022 and the first quarter of 2023, as the share of buyers seeing more homes available for-sale* in their markets barely moved from 30% to 31%.
