At the end of 2018, fewer Americans were planning to buy a house in the next 12 months than during the year prior—but members of the millennial generation were the most likely to plan a home purchase.
The National Association of Home Builders’ Housing Trends Report for the fourth quarter of 2018 shows that 13 percent of adults in the U.S. planned to buy a house in the coming year, compared to 24 percent of study participants in the fourth quarter of 2017.
According to the data, 22 percent of millennials were planning to buy a house in the next 12 months, as were 14 percent of Generation X members and 7 percent of baby boomers.
More than 60 percent of all active buyers were millennials, the report shows.
Of the millennials who planned to buy homes, 77 percent would be first-time homebuyers, according to the Housing Trends Report.
More than 40 percent of all of the prospective homebuyers in the study—from across generations—planned to buy an existing home. However, most of them weren’t seeing a rising number of houses on the market.
In fact, 64 percent of potential buyers say in the study that they were seeing about the same number or fewer homes for sale than they saw in the past three months.