The past several years have seen dramatic home price growth paired with - and largely due to - a low supply of homes for sale...sustained an unwelcoming market for would-be buyers at the beginning of 2024. And among those buyers, first-timers likely felt it the most.
When homes become less affordable across the nation... first-timers who are most affected...first-time buyers made up just 26% of all home buyers in 2023, according to the National Association of Realtors.
Affordability challenges in the cheapest homebuying season...while prices didn't grow in the first quarter, home prices across the country remained very high for potential first-time buyers.
Homes were listed at prices five times the potential first-time buyer income in the first quarter, on average...some metros remained easier targets.
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