Improved Affordability Expectations Lead to More Engaged Buyers

56% report being actively engaged in the purchase process in the first quarter of 2023, up from 46% a quarter earlier.

Improvements in affordability expectations have led to an increase in the share of prospective buyers who have moved beyond just the planning phase of their home search: 56% report being actively engaged in the purchase process in the first quarter of 2023, up from 46% a quarter earlier.

The share of prospective buyers actively searching for a home rose in every region between the final quarter of 2022 and the first quarter of 2023: Northeast (50% to 63%), Midwest (42% to 45%), South (47% to 51%), and West (44% to 66%).

Improved affordability, however, has intensified demand and increased competition.  Buyers actively looking for a home are having a harder time finding what they want.  In the first quarter of 2023, a series high of 71% have spent 3+ months searching, up from 65% a quarter earlier.

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