Overview
- First-time buyers accounted for about 21% of purchases in the 12 months through June, the lowest share on record, according to the National Association of Realtors.
- The median age of first-time buyers climbed to 40 from 33 in 2021, reflecting delayed entry linked to high prices, elevated mortgage rates and scarce entry-level inventory.
- Repeat buyers with substantial equity dominated activity, with all-cash transactions averaging 26% and homeowner tenure reaching a record 11 years, contributing to market gridlock.
- A Harris Poll for Coldwell Banker finds 71% of aspiring owners are postponing major life milestones, including 84% of Gen Z respondents.
- Policy ideas under discussion include zoning reforms, manufactured-housing changes, longer mortgage terms and targeted down-payment aid, while recent federal tariffs on building inputs could raise construction costs.