Homebuyers more optimistic about housing inventory, survey says
When it comes to housing availability, buyers’ expectations are improving for the first time since 2020.
Between the first and second quarters of 2022, the share of prospective buyers who thought the home search would get easier grew 5% from 17% to 22%.
The National Association of Homebuilders poll found expectations in the West improved the most at 13%, followed by the Northeast at 6% and the South by 1%. Only the Midwest reported a drop at 1%.
After falling for five straight quarters, the share of buyers seeing more homes available in their markets rose 5% overall. In the West, the share increased 13%. The Midwest saw a 2% increase and inventory perceptions remained the same in the Northeast and South.
The homebuilders association says less competition from buyers priced out of the market and recent increases in mortgage rates are likely behind the changes.