Just 16 percent of home buyers in a new survey, believe that the availability of properties for sale in the months ahead will improve over current conditions. This is opposed to the 66 percent that believe that finding the right home will be harder or not change much. This latest pulse of home buyers comes from The National Association of Home Builders’ Housing Trends Report.
That 16 percent of home buyers who remain optimistic is down from 36 percent in Q4 2020. Buyer’s are accurately concerned about the lack of homes for sale. Inventory levels continue to worsen or remain at a standstill. Just 31 percent of buyers in Q3 2021 reported noticing more homes on the market.
Limited supply has driven home prices to record levels, furthering the struggles buyers have experienced.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.