The results of this research are as follows. 1) Home buyers are divided into the following three types:(1) people who consider only existing housing and buy it because they cannot afford to purchase new housing; (2) people who consider both existing and new housing and have the financial flexibility to choose between both types; (3) people who have the financial means to consider only new housing 2) Obstructive factors of the circulation of existing housing are:the peculiarity of housing as a good, the asymmetric information in the housing market, and cleanliness-oriented values of Japanese. 3) Although they only account for a small share of the housing market, there also exist people who think of existing housing positively and purchase it with the intention of remodeling.