The National Association of REALTORS® (NAR) just released its Q3 2019 Homeownership Opportunities and Market Experience Survey, aka HOME. This quarterly survey measures consumer sentiment data from homeowners and renters in all demographic groups and living in all regions of the country.
In response to the question, Is now a good time to buy a home,63% of survey respondents said YES, 34% responded with a strong yes and 29% responded with a moderate yes.
- 51% of Millennials think now is a good time to buy, 62% Gen-Xers think now is a good time, 70% Young Boomers think now is a good time to buy, 72% of Older Boomers think now is a good time and 75% of Silent Generation people think now is a good time to buy a house.
- 54% with household incomes under $50,000 said yes to now, 64% with household incomes between $50,000-$100,000 said yes to now and 72% with incomes over $100,000 said this is a good time to buy.
- 65% of people living in the Northeast said yes, 66% living in the Midwest said yes, 69% of people living in the South and just 50% of people living in the West said yes to this being a good time to buy a house.
74% of respondents also said yes to this being a good time to sell a house. Within that 74%, 45% of respondents said yes strongly and 29% said yes moderately.
- 71% of Millennials, 72% of Gen-Xers, 77% of Young Boomers, 78% of Older Boomers and 79% of Silent Generation respondents said yes to this being a good time to sell a house.
- By income level, 64% of those earning under $50,000 said yes, 76% of those earning $50,000-$100,000 said yes to now being a good time to sell a house and 82% of those earning over $100,000 said yes to it being a good time to sell.
- Regionally, 67% in the Northeast said yes, 75% in the Midwest, 75% living in the South and 81% living in the West said yes to this being a good time to sell a house.
Asked about prices going up, down or staying the same during the last year:
- 67% respondents said that prices have gone up in the last year and 63% said prices increased during the third quarter.
- 27% respondents said prices have stayed the same.
- 6% respondents indicated that prices have decreased.
How about home prices in the next 6 months?
- 44% said prices to remain the same.
- 46% said prices to increase.
- 10% said prices to go down.
Asked about their outlook on the economy…
- 52% believe the economy is improving.
- The most optimistic about the economy are those earning +$100,000 and those living in rural communities.
- 49% of Millennials believe the economy is improving, the lowest among all demographics.
- 40% of those living in urban environments believe the economy is improving.
TechnoMetrica Market Intelligence conducted NAR’s Q3 2019 HOME survey.