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In recognition of American Housing Month, the American Bankers Association Foundation today released an infographic outlining five tips for how home buyers can overcome challenging market conditions and make their dream of homeownership a reality.
The infographic acknowledges that limited housing inventory, supply chain disruptions that have delayed new home construction, rising interest rates and the increased presence of institutional investors in the market have presented challenges for those looking to purchase a home.
In addition, the median sales price for a single-family home in the first quarter of 2022 was $428,700, up 16% from the first quarter of 2021, according to data from the St. Louis Federal Reserve.
“With high demand and low supply, many prospective home buyers are finding themselves priced out of their desired neighborhoods,” said Sam Kunjukunju, senior director, ABA Foundation. “Though market conditions may be challenging, consumers can take important steps today to ensure they are ready to buy a home in the future. With preparation and a little resilience, homeownership remains an important and achievable goal.”
The ABA Foundation infographic offers the following tips for prospective home buyers:
To view the full infographic, click here.
About the American Bankers Association
The American Bankers Association is the voice of the nation’s $24 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.9 trillion in deposits and extend $11.4 trillion in loans.
About the ABA Foundation
Through its leadership, partnerships, and national programs, ABA’s Community Engagement Foundation (dba ABA Foundation), a 501(c)3, helps bankers provide financial education to individuals at every age, elevate issues around affordable housing and community development, and achieve corporate social responsibility objectives to improve the well-being of their customers and their communities.
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