LOS ANGELES — First-time home buyers aren’t buying homes like they used to. The share of houses bought by first-time owners is at its lowest level in nearly three decades and down sharply from 2013, according to a new survey out Monday from the National Association of Realtors.
Just 33 percent of home purchases this year have been by first-time buyers, the trade group said, down from 38 percent last year and well below the long-term average of 40 percent, the trade group said.
Would-be buyers are struggling with higher prices, tight lending procedures and a still-unsteady job market, said NAR chief economist Lawrence Yun.
So while the historical pattern is impressive, keep in mind that it’s based on a relatively small sample size. That means it’s a risky leap from saying that midterm elections have typically preceded rising stock prices to declaring that they cause the gains.
