Existing-home sales may be down slightly per March 2022 reports, but for those who did purchase, an increasing number were first-time buyers.
According to the National Association of Realtors, first-time buyers were responsible for 30 percent of sales last month, up from 29 percent in February. On the annual basis, the share of first-time buyers was down from 32 percent in March 2021.
“It appears first-time homebuyers are still looking to lock in at current mortgage rates before they inevitably increase,” said Lawrence Yun, NAR’s chief economist.
Individual investors and second-home buyers, who make up many cash sales, purchased 18 percent of homes in March, according to NAR. That’s down from 19 percent in February but up from 15 percent in March 2021.
All-cash sales accounted for 28 percent of transactions in March, up from both the 25 percent the month prior—and the largest share since 2014.
Distressed sales including foreclosures and short sales represented less than 1 percent of sales in March, on par with both February 2022 and March 2021.