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.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders