Time Spent Searching for a Home is Rising
Of the 11% of American adults considering a home purchase in the final quarter of 2019, only 43% reported being actively engaged in the process to find and buy a home. A year earlier, the comparable share of active buyers was a much stronger 54%. This finding suggests that mortgage interest rates steadily below 4.0% in recent months have not motivated more prospective buyers to get started trying to find a home to buy.
Across generations, 46% of Millennial prospective buyers are actively looking for a home to buy, along with 43% of Gen X buyers, 41% of Gen Z buyers, and 37% of Boomer buyers. Across regions, prospective buyers in the Northeast are the most likely to already be actively searching for a home (49%), followed by those in the South (43%), West (41%), and Midwest (39%).