First-Timers Begin Looking to Buy Homes Again
High home prices have helped drive many first-time buyers out of the housing market. Now, with prices falling in many areas, there are some signs that buyers are beginning to drift back. The share of first-time home buyers dropped earlier this year to its lowest level since 1987, according to the National Association of Realtors. First-time home buyers now account for 36% of home purchases, according to a study released last month by the Realtors group, down from 40% in the three previous years.
This is good news for a hurting real estate market. Home prices had been going up at a steep rate, shoving out many of the lower-end buyers. This does not signal a complete turnaround but may help the market come to a soft landing.
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