For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This is part of the annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers.
First-time buyers made up 26%, down from last year's 34%. This is the lowest share of first-time buyers since the data collection began.