The share of first-time home buyers hit a record low of 21% with the typical age of first-time buyers reaching an all-time high of 40 years, according to the National Association of REALTORS®. This trend highlights the housing market’s lack of affordable inventory and the challenges faced by first-time buyers. The report also reveals that repeat buyers had a median age of 62 and made a 23% median down payment. Real estate agents remain crucial in navigating the complex housing market, providing expertise, negotiation skills, and emotional support during the buying and selling process.

The housing market is experiencing a divide between buyers with significant housing equity making larger down payments and all-cash offers, while first-time buyers struggle to enter the market. The delay in homeownership until age 40 instead of 30 can result in a loss of approximately $150,000 in equity on a typical starter home. Policy solutions are needed to address the root cause of the affordability crisis, focusing on unlocking existing inventory, enabling new construction, and streamlining zoning and permitting barriers to make homes more affordable.

Read more at GlobeNewswire: First-Time Home Buyer Share Falls to Historic Low of 21%,