Older home buyers, more cash, and fewer first-timers: A national survey sheds light on the state of the housing market
“The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” Jessica Lautz, deputy chief economist and vice president of research at theThe National Association of Realtors has been publishing its report since 1981. Its latest survey of buyers and sellers covers transactions that happened between July 2023 and June 2024.Just under one in four homebuyers purchased for the first time.
“First-time buyers face high home prices, high mortgage interest rates, and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers,” Lautz said.Thanks to rising home values, Lautz said current homeowners are using built-up home equity to make cash purchases or “large down payments on dream homes.”