Following this week’s news that national home sales rose 7 percent in September, we’re now getting a look at just who said buyers were, according to the National Association of Realtors.
According to the data, first-time buyers accounted for 28 percent of sales in September, down from 29 percent in August and 31 percent in September 2020.
“First-time buyers are hit particularly hard by the historically high home prices as they largely do not have the savings required to buy a home or equity to offset such a purchase,”said Lawrence Yun, NAR’s chief economist.
NAR’s 2020 Profile of Home Buyers and Sellers found that 31 percent of last year’s total sales were completed by first-time buyers.
Back to last month, individual investors or second-home buyers, who account for many cash sales, purchased 13 percent of homes in September, down from 15 percent in August but up from 12 percent in September 2020. All-cash sales accounted for 23 percent of transactions in September, up from 22 percent in August and 18 percent in September 2020.
Foreclosures and short sales represented less than 1 percent of sales in September, equal to August 2021 and September 2020.