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Lost Home Sales
David Crowe / NAHB / September 6, 2013
The long and deep housing recession left many homeowners remaining in place and potential first time home buyers continuing to rent or stay with parents or friends.
In a recent article, NAHB’s Heather Taylor reported the number and distribution of first time and repeat movers in American Housing Survey odd numbered years 2001 through 2011. The AHS reports 10 million purchased in the two years prior to the 2001 survey but home buying declined to 6.8 million households who purchased a home in the two years prior to the 2011 survey. Between 2001 and 2011, the population of individuals who could have potentially purchased a home increased by almost 20 million. Absolute levels for the most recent period and the average of the oldest two periods are summarized below.
Repeat buyers and first time buyers dropped out of the market in droves. In order to normalize the trend, the table below shows the propensity to purchase by dividing the number of purchases by the population of that age group.