source: NAR 2008 Profile of Home Buyers and Sellers

  • In the years of rising prices and quick sales, first-time home

    buyers made up a smaller share of the market. As affordability improves

    but sales slow, it is more difficult for current homeowners to sell

    their homes.

  • Unencumbered first time buyers are therefore a larger share of purchasers, now 41 percent.
  • First-time buyers in the Midwest (41 percent) are a slightly smaller share of the market than last year.
  • In all other regions, and nationally, first-time buyers became a

    larger segment of the market. As in 2007, the Northeast had the largest

    share of first-time buyers.

  • The West saw the largest gain in first-time home buyers-from 36 percent to 41 percent of the market in 2008.