Home prices have risen for 14 straight months and existing-home sales hit their highest level in more than three years in May, but many potential first-time homebuyers haven’t been able to join in the rebounding housing market.

First-time homebuyers made up 28 percent of existing-home purchases in May, down from 34 percent in May 2012 and 36 percent in May 2011, USA Today reported, citing data from the National Association of Realtors.

First-time buyers are critical to the housing recovery because they allow current owners to move up, the paper said, but they face stiff competition from all-cash buyers, many of them investors; tight credit requirements; and higher costs due to rising home prices and surging mortgage interest rates.

Source: USA Today

Back to top
Inman Connect Las Vegas Memorial Day sale starts now – exclusively for Select subscribers!Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription