NAR Reports on Top Factors Limiting Prospective Homebuyers
Washington, DC, September 14, 2023-The current real estate market's high home prices and mortgage rates, as well as limited inventory, are the top reasons that Realtors and prospective homebuyers across races and ethnicities cite as barriers to purchasing a home, according to two new reports from the National Association of Realtors.
In partnership with Morning Consult, NAR's 2023 Experiences & Barriers of Prospective Home Buyers Across Races/Ethnicities report surveyed White, Hispanic/Latino(a), Black and Asian prospective home buyers about their experiences. NAR's 2023 Experiences & Barriers of Prospective Home Buyers: Member Study surveyed Realtors who focus on residential real estate regarding the latest buyer with whom they worked who has not yet purchased a home, and it compares findings with the consumer study.
"Homebuyers face the most difficult affordability conditions in nearly 40 years due to limited inventory and rising mortgage interest rates," said Jessica Lautz, NAR's deputy chief economist and vice president of research. "The impact is exacerbated among first-time buyers who are more likely to be from underrepresented segments of the population."
Full findings are available here.