|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
- 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.