Home Buying Interest Increases Amid COVID-19
Increased interest can be seen across generations, with millennials as the primary driver (22%). Gen Z (14%) and Gen X (14%) also saw increased interest year-over-year, while baby boomers’ interest remained flat. The share of prospective first-time buyers, however, is declining. In the third quarter of 2018, 61% of prospective buyers were first-time buyers; by the third quarter of 2020, the share was 55%.
Interest in existing homes declined as well, from 41% to 37%, with prospective home buyers increasingly looking toward new homes. The share interested in a newly-built home rose to 31% in the third quarter of 2020, up from 18% a year earlier.
Rose Quint, NAHB’s assistant vice president for survey research, provides more information in this Eye on Housing post.