More buyers today are trading down, both in terms of size and price.
The Profile of Home Buyers and Sellers from the National Association of Realtors found that 15 percent less buyers traded up in 2015 compared to 2004. Repeat buyers bought bigger houses 42 percent of the time last year. In 2004, that share was at its peak of 57 percent.
Instead, more buyers are trading down. Just less than one-third (31 percent) of repeat home buyers opted for a smaller house in 2015, compared to 21 percent in 2004. More people also traded down in price. In 2015, 30 percent of repeat buyers purchased cheaper homes; in 2008, the rate was 22 percent.
The Profile of Home Buyers and Sellers has tracked housing data since 2003.