Many first-time buyers continue to struggle to move into homeownership amid sustained price growth and competition from all-cash buyers. The share of first-time buyers fell to 26% in November, according to the November REALTORS Confidence Index Survey.
This is the lowest level since January 2014, which was also 26%, and since NAR started tracking the share of first-time buyers on a monthly basis in October 2008.
NAR also found that nearly 1 million renter households got priced out of the market due to the price increase in 2021. During January-November 2021, the median existing-home sales price averaged $345,442, a 16.4% year-over-year increase from the median sales price of $296,700 in 2020.
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