Existing-home sales have risen for three consecutive months, the NAR reports. The report also revealed that Americans are more likely to buy a home if they already have one.
“Current homeowners are using their increasing housing equity toward the down payment on their next purchase,” Lawrence Yun, NAR chief economist, told Realtor.com. But for first-time homebuyers without this equity, there are many roadblocks to homeownership, such as low inventory and soaring prices.
Share of first-time buyers dropped from 30 percent in June to 28 percent in July, in line with the year’s low point in January.