Home Searches Are Stretching Longer
Lower mortgage rates are drawing out more prospective buyers to look at properties, but house hunters are taking their time in committing. In the final quarter of 2019, 60% of actively engaged buyers reported spending at least three months searching for a home. That is up from 58% a year earlier, according to the Housing Trends Report from the National Association of Home Builders.
This is the fourth consecutive annual gain in the share of active buyers who have spent three months looking for a home to purchase.
Here in St. Charles County, however, the median days on the market in 2019 was just 17 days.
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