11/13/2023
Released today! National Association of Realtor Research Profile of Home Buyers and Sellers is out. A few highlights from the flagship report on who today's buyers and sellers are..
1. Home buyers who could purchase a home in the last year, even with the rise in home prices and interest rates, had to have higher incomes. For first-time buyers, household incomes rose nearly $25,000 from the previous year.
2. The downpayment for successful home buyers is the highest in two decades with 8% or more for down payment for first time buyer 😱
3. Despite a multitude of headwinds for first-time buyers: limited inventory, erosion of housing affordability, and difficulty saving for a downpayment (with high rent, student debt, car loans, and childcare costs), the share increased.
4. The share of married couples in the housing market continues to ease while singles, especially single women, rose. 🙋♀️
5. Eighty-nine percent of home buyers used a real estate agent or broker to purchase their home and sell their home.
Follow the link below for full report!
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
