A real estate agent readies a house for viewing in Venice, Calif.
Anne Cusack | Los Angeles Times | Getty Images
Homebuilders and buyers alike are pulling back, even as mortgage rates fall to multiyear lows. The housing market is simply too pricey, and consumers are starting to worry about the economy and their personal finances.
Just 12% of adults said they plan to buy a home in the next year, according to a survey done in the second quarter of this year by the National Association of Home Builders. That is down from 14% in 2018.
“The drop marks the third consecutive year-over-year decline in the share of adults thinking about buying a home, providing further evidence of a slowdown in the housing market, as potential buyers are held back by the lowest levels of affordability in a decade,” wrote Rose Quint, NAHB’s assistant vice president for survey research.
The price squeeze is showing up also in who is planning to buy. Among prospective homebuyers, 58% were first-timers this year,…