Part 5/6:
First-Time Buyers and Market Participation
In this evolving housing landscape, first-time homebuyers are becoming an increasingly rare demographic. Recent statistics indicate that only 30% of buyers were first-time homeowners in May, slightly down from 31% the previous year. This reduced participation level points to a broader market challenge, as higher mortgage rates and elevated home prices make entry more daunting for new buyers.
Additionally, of all transactions, only 27% could be classified as investment purchases, suggesting a cautious approach from investors as they navigate the complexities of the current economic climate.