Current housing market conditions present some challenges for prospective home buyers. Elevated mortgage rates and home prices – combined with a lower than normal number of homes for sale – have made it more difficult for buyers looking for a home that fits both their needs and their budget. But housing market conditions are never perfect and, despite the ups-and-downs, Americans have consistently expressed a desire to own their own home. That remains true today, according to the latest Housing Trends Report from the National Association of Home Builders. The report found the share of adults who say they plan to purchase a home in the next year climbed 2 percent quarter-over-quarter, rising to 17 percent in the third quarter from 15 percent in the previous quarter. What’s behind the gains? Well, demographics play a part. Most of us buy a house based on what’s happening in our lives, rather than what’s happening in the market. That means the sheer number of Americans who are at a point in their lives when they’re looking to buy their first home, or a larger one to accommodate a growing family, will push demand higher regardless of current affordability trends. (source)
