First-Time Buyers Inch Up to 22%, NAR Says
A new Realtors survey puts newcomers at 22% of home purchases, and the typical one is 40 years old.
By Erick Tarray · · 2 min read
Buying a first home is turning into a midlife milestone.
NAR's annual survey of buyers and sellers, released Nov. 5, found that people buying their first home made 22% of purchases from July 2025 through June 2026, edging up from 21% [1]. Their typical age held at 40, a record [1]. At NAR's NXT event in New Orleans on Friday, chief economist Lawrence Yun argued that high rates are bottling up demand [2].
Who is buying now
- Owners trading up made 78% of purchases, and their typical household earned $127,000, versus $111,700 a year before [1].
- A record one in 10 newcomers skipped the mortgage, and 28% of those cash payers used money they inherited [1].
- People who sold had stayed put a typical 12 years, the longest the survey has seen [1][3].
- Before 2008, newcomers were about 40% of buyers, so today's share is roughly half that norm [1][3].
| Measure | First-time buyers | Repeat buyers |
|---|---|---|
| Median age | 40 | 62 |
| Median down payment | 9% | 19% |
| Paid all cash | 10% | 30% |
But the cash tends to arrive late. Newcomers paying cash had a typical age of 54, compared with 38 for those taking a loan [1]. NAR's Jessica Lautz blamed owners who won't give up cheap mortgages, calling it "golden handcuffs" [2]. Yun said sales of existing homes are on pace for about 4 million this year, short of the 5.2 million of 2000 [2].
What it means for you
By our math, a 9% down payment on the typical U.S. home, which Zillow values at $366,157, is about $32,950 [4]. Borrowing the rest at Freddie Mac's 7.18% average 30-year rate costs roughly $2,257 a month in principal and interest [4]. A repeat buyer putting 19% down would pay about $2,009 a month, by our math.
Zoom out
NAR says inventory measured in months is the deepest since 2015, and a typical home went under contract in 33 days in September [2]. More homes are listed, but Yun's hoped-for buyers still need cheaper loans and more confidence to show up [2].
This is market commentary, not investment advice.
Sources
- [1]National Association of REALTORS, First-Time Home Buyer Share Inches Up to 22%, Median Age Remains at Record High of 40, Nov 5, 2026.
- [2]HousingWire, NAR sees pent-up demand waiting on lower mortgage rates, better sentiment, Nov 8, 2026.
- [3]HousingWire, Buyers are aging and sellers are holding longer, what NAR 2026 found, Nov 5, 2026.
- [4]Zillow Research and Freddie Mac via The Portal, The Portal market data: typical home value and 30-year fixed rate, Nov 5, 2026.
