The number of first-time homebuyers picked up in May and helped drive U.S. home sales higher for the month, the National Association of REALTORS® (NAR) reports. In fact, first-time buyers rose to 32 percent in May, marking the highest market share since September 2012, according to NAR.
“The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low downpayment programs. More first-time buyers are expected to enter the market in coming months, but the overall share climbing higher will depend on how fast rates and prices rise.” — NAR Chief Economist Lawrence Yun
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