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First-time homebuyers made up 30 percent of existing home sales in March 2015, at par with past months’ levels (29 percent in February 2015; 30 percent in March 2014) according to the March 2015 REALTORS® Confidence Index Survey. [1]
Recent measures to make mortgages more affordable and credit more available for first-time buyers (e.g., lower FHA mortgage insurance, 3 percent down payment GSE-backed loans, and relaxation and clarity regarding lender buyback of loans they originate) were reported to be helping homebuyers get back into the market.
[1] First time buyers accounted for about 33 percent of all homebuyers based on data from NAR’s 2014 Profile of Home Buyers and Sellers (HBS). The HBS is a survey of primary residence homebuyers and does not capture investor purchases but does cover both existing and new home sales. The RCI Survey is a survey of REALTORS® about their transactions and captures purchases for investment purposes and second homes for existing homes.
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