For the bulk of 2019, affordability issues and an overall lack of inventory have made purchasing a home challenging—particularly for first-time buyers.
But it looks like the market is starting to shift.
According to Genworth Mortgage Insurance’s recent First-Time Homebuyer Market Report, first-time buyers made up 39 percent of all buyers in the single-family market, with 591,000 homes being sold to first-time buyers in Q3 2019. While that represents a modest year-over-year increase (1 percent), it’s a much larger (and more promising) increase when compared to Q1 2019, when only 401,000 homes were sold to first-time buyers.
What does this mean for you? If you’ve been struggling to purchase your first home, you should definitely consider this good news. Due to a variety of improving factors, more first-time buyers are successfully finding and buying homes—so get out there and find the home that’s right for you!