Friday, August 21, 2015
Are First-time Buyers Slacking Off?
The percentage of first-time home buyers has fallen to its lowest share since January, according to the National Association of REALTORS®' latest existing-home sales report. NAR's report says that rising home prices and persistent low inventories of homes for-sale are likely to blame.
The share of first-time home buyers fell for the second consecutive month in July, reaching 28 percent, and down from 30 percent in June, NAR reports. A year ago, first-time home buyers represented 29 percent of all buyers.
We don't have Tucson market stats specific to first time buyers, but overall sales in July remained steady and the inventory of homes was down just short of 4% from June.