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.

The typical first-time buyer was 36 years old this year, rising from 33 last year, while the typical repeat buyer age climbed to 59 years. Both are all-time highs.

Detached single-family homes continued to be the most common home type for recent buyers at 79%, followed by mobile or manufactured houses at 8%.

Senior-related housing held steady this year at 7% (for buyers over the age of 60), with 17% of buyers typically purchasing condos and 8% purchasing a townhouse or row house.

The median distance between the home that recent buyers purchased and the home they moved from was 50 miles. This is a significant increase in distance moved, as the distance between 2018 and 2021 was a median of 15 miles.

For buyers, 49% cited quality of the neighborhood as the most important factor determining the location. Convenience to friends and family and overall affordability of homes were both cited at 37%.

The typical home that was recently purchased was 1,800 square feet, had three bedrooms and two bathrooms, and was built in 1986.

Overall, buyers expected to live in their homes for a median of 15 years, while 28% said that they were never moving.

Nearly all buyers used online tools in the search process at 96%.

Source: https://www.nar.realtor/.../highlights-from-the-profile...