In the National Association of Home Builders’ (NAHB) latest article, the organization found that of the 11% of U.S. adults considering a future home purchase in Q2 of 2020, nearly half (49%) are actively searching and in the process of finding a home. This is an 8% increase year-over-year, and experts from NAHB say this has to do with the combination of COVID-19 and record-low mortgage rates turning prospective buyers into active buyers. The article also dove deeper into the data.
“Of Millennials planning a home purchase in the next year, 57% are already actively searching for a home. Among Boomers, that share is only 37%. Across regions, prospective buyers in the Northeast are the most likely to be actively engaged in the purchase process (57%), compared to 44% in the Midwest, 45% in the West, and 50% in the South.”
The trek through the coronavirus pandemic continues, and housing doesn’t seem to be slowing down.