First-time buyers have had limited opportunities to purchase affordable housing over the past few years, but the inventory of resale properties has slowly been rising in recent months on a year-over-year basis, reports the National Association of Realtors® (NAR). Continued growth in the job market along with rising salaries will also help first-time buyers qualify for affordable home mortgages.
“Rising interest rates coupled with increasing home prices are keeping first-time buyers out of the market, but consistent job gains could allow more Americans to enter the market with a steady and measurable rise in inventory,” says NAR’s chief economist.
The median age of first-time buyers was 32 years old for the third straight year. Not surprisingly, the majority of these buyers were married couples (54 percent), followed by single females (18 percent). The median income was $75,000 and the median purchase price of the home was $203,700.
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