Tag Archives: First-Time Buyers

While the average U.S. state experienced more than a 3% increase in home prices last year, a new study from the New Jersey Real Estate Network revealed the states where prices rose the highest in 2023 and how it affected prospective homebuyers.

A new report from NAR has found that the typical home buyer's annual household income has climbed to a new record high in the wake of rising home prices and mortgage rates.

“In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments. But that’s not what’s happening now,” said Redfin Economics Research Lead Chen Zhao.

"Home sales have been stable for several months, neither rising nor falling in any meaningful way," said NAR Chief Economist Lawrence Yun.

While total housing inventory continues to inch forward, existing-home sales retreated in July in the face of mortgage rates sitting at 7.09%.

All of the top-10 ranked cities for first-time buyers had ample inventory, short commutes, and more restaurants than average.

Freddie Mac reports the fixed-rate mortgage sliding for the sixth straight week, with the downward trend in rates resulting in a rise in refis, offsetting a week-over-week decrease in purchase activity.

According to a new survey analysis from the National Association of Realtors, while the share of first-time homebuyers has dropped to record lows, the share of homes purchased in small towns and rural areas reached record highs.

The most recent outlook from the Mortgage Bankers Association expects total origination volume to decline nearly 10% next year. Click through to find what else the MBA is forecasting.

"First-time buyers now appear to be making relative gains as high mortgage interest rates disproportionately encourage current homeowners to stay put," said Manny Garcia, Zillow Population Scientist.