First-time home buyers are an ever-shrinking segment of the real estate market. In December, The percentage of first-time buyers tied the lowest level ever recorded in the National Assocition of Realtors’ Realtors Confidence Index this year at 31 percent of the market.
In June, first-timers also accounted for 31 percent. The lowest level ever recorded in the three and a half year old survey of Realtoers was below 30 percent in March 2010.
Realtors participating in the survey blamed stringent credit requirements by lenders who have still not recovered from the Great Recession.
Nearlhy half of December sales went to repeat buyers, 21 percent went to investors, 13 percent to second home buyers, 24 percent were relocation sales and 2 percent went to foreign buyers.
NAR also released projections of 2012 existing home sales at 4.62 million, a 6.3 percent increase over 2011 and median prices at $167,300, a .7 percent rise over 2011.