Most House Hunters Have Been Searching for 3 Months or More

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How tough is the housing market?

Most Americans—61%—who intend to buy a home in the next 12 months have been searching for a whopping three months.

Or more.

That finding comes from a recent survey conducted by the National Association of Home Builders, and includes people who are searching for both new and previously-owned homes.

What’s making the house-hunt take so long?

Some 42% of respondents told NAHB they “can’t find a home at a price I can afford,” while 36% “can’t find a home with the features I want” and 34% “can’t find a home in the neighborhood I want.”

And even if would-be buyers can overcome all those obstacles, nearly 30% said they “continue to get outbid whenever I make an offer.”

On Wednesday, the National Association of Realtors said that home purchase contracts signed in January had been on the market for only 42 days, one of the shortest periods for any January since NAR started keeping track in 2011.

Sales were down in January even though Realtors® are reporting stronger buyer traffic. “It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth,” NAR said in a release.

The post Most House Hunters Have Been Searching for 3 Months or More appeared first on Real Estate News & Insights | realtor.com®.

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