First time buyer numbers fall
November 2006
A recent survey from the National Association of Realtors found that the number of first time buyers fell to "36 percent of respondents, compared with 40 percent in the previous three annual surveys."
The median income of first time buyers in the survey was $58,300 and they had a median age of 32. The fall in first time buyer numbers could be worrying - "I hope that it's not a trend. I hope that as affordability starts to improve we see more first time home buyers" said the Chief Economist for NAR. He also acknowledge that first time buyer numbers were critical to the health of the real estate market.
The survey also revealed that there was a rise in the time sellers had their homes on the market. This has risen to a median of six weeks, up from the four weeks found a year ago and further indication of a weakening market. However it was also found that 12 percent of homes sold for greater than their asking price.
Technorati tags: housing bubble | Real Estate | economics | first time buyer
