Single Females remain a force in the market

WASHINGTON (October 29, 2018): National Association of Realtors®’ 2018 Profile of Home Buyers and Sellers

Single female buyers continue to be a powerful force in the market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home.

This is according to the National Association of Realtors®’ 2018 Profile of Home Buyers and Sellers , which also identities numerous current consumer and housing trends.

https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers

Down payments higher for all buyers

Overall, buyers paid a median 13 percent down payment, up from 10 percent last year and the highest since 2005. First-time buyers paid a median 7 percent down payment, up from 5 percent last year and the highest since 1997 (9 percent), while repeat buyers paid a median 16 percent, up from last year’s 14 percent and the highest since 2010.

A majority of buyers ranked their personal savings as the primary source of their down payment (58 percent). Repeat buyers were most likely to use the proceeds from the sale of the previous primary residence (56 percent), while first-time buyers were the most likely to use a gift from a friend or relative (24 percent).

Nearly all buyers choose a single-family home

A majority of buyers continue to choose a detached, single-family home (82 percent) as opposed to a townhouse or row house (8 percent) or a condo/duplex/apartment unit (4 percent).

Median age of repeat home buyers skyrockets; stays flat for first-time buyers

For the third straight year, the median age of first-time home buyers was 32 years old.

A majority of first-time buyers were married couples (54 percent), followed by single females (18 percent). Their median income was the same as last year’s at $75,000. These buyers were more likely to purchase smaller homes than repeat buyers, with a median size of 1600 square feet.

The age of repeat buyers increased to an all-time high of 55 years old (up from 54 last year).

A majority of repeat buyers were also married couples (57 percent), followed by single females (18 percent). Their median income increased from $97,500 last year to $100,000. The median home size remained the same as last year, at 2000 square feet.