Note: this is the first part of a three-part article on consumers’ views towards home buying and home ownership over a nine-year period.
NAR has produced the Market Pulse survey from 2003 through 2011. The survey was uniquely positioned to measure changes in consumers’ views towards home buying and home ownership during a period of dramatic change. The housing market reached a peak of sales in 2005 and prices in 2006 before the median home price fell nearly 30%. Since then, the market has gone through pains dealing with a backlog of foreclosed and distressed homes as well as changes to the structure of the mortgage finance system. With the housing market now inching upward from its bottom it is time to take stock of trends in the survey over the last nine years.