More Prospective Buyers are First-Timers
The share of prospective buyers who are purchasing a home for the first time increased for a fourth consecutive quarter, up to 65% in the third quarter of 2021, according to results from NAHB’s Housing Trends Report. A year earlier, the share was 56%.
Moreover, more than 60% of prospective buyers in every region of the nation are first-timers. In the third quarter of 2021, a record 69% of buyers in the Midwest are purchasing for the first time, along with 65% of those in the Northeast and South, and 61% in the West.
Rose Quint, NAHB assistant vice president for survey research, provides more insight in this post from Eye on Housing.