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Share of first-time buyers highest in 10 years...
% First-Time Home Buyers Long Run Average 50%
Record low interest rates have been fueling the market and many first-time buyers took advantage of cheaper costs of borrowing during this year’s home buying season. The share of first-time buyers reached the highest level in ten years this past summer, with nearly two of five homes being sold to buyers who purchased for the first time. This year’s spike could also be attributed to the fact that fewer homeowners (i.e. repeat buyers) have been putting their house up on the market and moving during the pandemic.
40% 30% 20% 10%
0%
Q. Was the buyer a first-time buyer?
Long Run Average = 37.2%
%
38.4
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2019 2020