As increasing demand continues to constrain the supply of homes for sale nationwide, many homebuyers are having difficulty finding homes within their budgets. A new report from Trulia explores the extent to which the housing market nationwide and in various metropolitan areas is out of sync with what buyers are looking for.
Specifically, 10.4 percent of searches at various price-points by would-be homebuyers across the country fail to find a match amongst the available properties, up from 8.3 percent of searches in 2015. The Houston and Dallas metropolitan areas have the highest market mismatch scores, at 31.2 and 30.3 percent respectively. For the report, Trulia gauged the price points that home buyers are searching for, and compared those to the prices of available properties.
The DC area market is comparable to the national market when considering whether searches match the housing supply. In 2016, 11.3 percent of home searches failed to match up with available properties — an increase of 3.8 percent from 2015.
Fifty-seven percent of searches in the DC area were below the area median listing price, also an increase since 2015 when 54.9 percent of searches were below the median. A market is considered balanced when 50 percent of searches are either below or above the median list price.
The study gathered data by examining the active listings in the 100 largest U.S. metropolitan areas from March 15, 2016-September 15, 2016 compared to how many times those listings were viewed.
This article originally published at https://dc.urbanturf.com/articles/blog/11_pct_of_dc-area_buyers_cant_find_homes_within_budget/11761.
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