BrokerageIndustry News

NAR: First-time buyers make up smaller share of market

Demographics shift to older, wealthier buyers

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The share of first-time homebuyers dropped to less than 4 in 10 of all home sales from July 2010 through June 2011, after hitting a record high of 50 percent the year before, according to an annual National Association of Realtors survey of buyers and sellers. The share of first-timer buyers, 37 percent, is the lowest rate since 2006 at the height of the housing boom. The South and Midwest had the smallest share of first-timers, 34 percent, while the Northeast had the biggest share, 43 percent. The West had a share of 42 percent in the 2011 report.Source: National Association of Realtors. The 2011 NAR Profile of Home Buyers and Sellers is based on 5,708 responses to a survey sent to homebuyers and sellers nationwide whose transactions took place between July 2010 and June 2011, according to county records. The period examined matches the time directly following the expiration of a federal homebuyer tax credit program, which fueled sales from first-time homebuyers in the 2010 repo...