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The National Association of REALTORS (NAR) has released the 2016 installment of their Profile of Home Buyers and Sellers detailing the latest trends in home buying activity. This report is a valuable resource to the housing ecosystem as it depicts the true effects of market conditions on American homebuyers.
2016 Report Highlights:
- The typical buyer in 2016 was 44 years old; in 1981, the typical buyer was in the 25-34 age range
- 66 percent of recent buyers were married couples, 8 percent were unmarried couples
- Buyers of new homes comprised 14 percent while buyers of previously owned homes made up 86 percent
- 83 percent of recently purchased homes were detached single-family homes
- The typical home seller was 54 years old
- Sold homes were on the market for an average of 4 weeks
- 88 percent of buyers worked with an agent or broker, and 89 percent of sellers worked with an agent
Single women and first-time buyers are two groups whose buying activity notably increased in the past year. Single women comprised 17 percent of recent home purchases—up from 15 percent last year—while single men bought 7 percent of homes.
“Despite having a much lower income ($55,300) than single male buyers ($69,600), female buyers made up over double the amount of men (7 percent),” stated Lawrence Yun, NAR chief economist. “Single women for years have indicated a strong desire to own a home of their own, as well as an inclination to live closer to friends and family. With job growth holding steady and credit conditions becoming somewhat less stringent than in past years, the willingness and opportunity to buy is becoming more feasible for many single women.”
First-time buyers represented 35 percent of home purchases, up from 32 percent in 2015 and the highest since 2013 when they accounted for 38 percent. The average age of these homebuyers was 32, and with an increased income from last year ($72,00 vs. $69,400) they purchased slightly larger and pricier homes.
For more information in recent homebuyers and sellers, please visit NAR’s website.