The National Association of Realtors recently released its 2024 Profile of Home Buyers and Sellers. The annual report looks at the past year of transactions and determines who is buying and selling homes and how. This year's report shows the share of first-time home buyers hit a low over the past year, while the typical buyers' age reached an all-time high of 56 years.
Jessica Lautz, NAR's deputy chief economist and vice president of research, says the results are a sign of the times. “The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” Lautz said. “First-time buyers face high home prices, high mortgage interest rates, and limited inventory … Meanwhile, current homeowners can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream houses.”
[Source: NAR]
