downward-drifting participation of first-time homebuyers over the last few
years has brought their share of the home buying market to its lowest point in
nearly three decades the National Association of Realtors® (NAR) said
today. The absence of this critical
market force, NAR said, is preventing a healthier housing market from reaching
its full potential.
survey of which evaluates the demographics, preferences, motivations, plans,
and experiences of recent home buyers and sellers, has been conducted since
1981. Over the long term of the survey four
of ten primary owner-occupied home purchases have been made by first-timers. The 2014 Profile of Home Buyers and
Sellers growing out of that survey puts the first time
buyer share this year at 33 percent, down 5 percentage points from last year
and the lowest share since 1987 where first time buyers bought only 30 percent
of the homes sold.