Last year proved challenging for homebuyers, with only 28% of those planning to purchase a home successfully doing so, according to a new survey by NerdWallet.
Rising home prices, selected by 18% of respondents, was the most-cited challenge. That’s perhaps not surprising considering prices have surged 33% since 2020, further squeezing buyers already contending with mortgage rates that have doubled to over 6% in that time.
Potential buyers were also derailed by a historically tight housing market that has limited the supply of homes, the survey finds, with other top reasons including failed offers, difficulty finding suitable homes, high mortgage rates, trouble qualifying for loans and the rising cost of insurance.
“The biggest issue is that not enough homes are for sale,” says Holden Lewis, a mortgage expert at NerdWallet. “The low inventory pushes prices upward as buyers compete with one another.”
MORE:
https://www.cnbc.com/amp/2025/01/23/why-americans-who-planned-to-buy-a-home-last-year-didnt.html