The share of adults planning a home purchase within a year marginally increased to 15% in the third quarter of 2022 from 13% in the first half of the year. According to an analysis on NAHB’s Eye on Housing blog, the increase could reflect a small segment of potential buyers considering a home purchase sooner given the prospect of higher mortgage rates in the near-term future.
Sixty-six percent of those contemplating a home purchase are first-time home buyers, up from 59% in the second quarter. The increase marks a sharp reversal, following three quarters of declines in the share of prospective buyers considering homeownership for the first time.
The share of adults with plans to buy a home changed unevenly across regions from the second to the third quarter of 2022, rising in the Northeast (12% to 15%) and West (16% to 20%), but falling in the Midwest (11% to 9%) and South (15% to 14%).
Over half of all prospective buyers in every region are 1st-timers. From the second to the third quarter of 2022, the share rose most prominently in the Northeast (54% to 70%) and West (60% to 70%), and marginally in the Midwest (54% to 56%) and South (62% to 66%).
