Wednesday, November 30, 2022 | The Latest Buzz for the Appraisal Industry

NAR: Share of First-Time Home Buyers Drops to Record Low

Housing affordability and inventory challenges significantly impacted when, where and how consumers purchased homes, according to the National Association of Realtors‘ 2022 Profile of Home Buyers and Sellers.

When compared to a year ago, the share of first-time home buyers dropped to a record low, while the age of a typical first-time buyer increased to an all-time high. The median distance buyers moved from their previous homes more than tripled from the distance registered