Did you know that 34 percent of all homebuyers in 2017 were first timers? Or that the number of single women buying homes increased for the third consecutive year while married couples saw their third–straight year of decline?
If you read the National Association of REALTORS® report, this would be old news. For everyone else, let's take a closer look.
The NAR annual report has been around for almost four decades — and while the number of questions have changed (59 in 1981, versus 131 last year), the purpose of the report remains the same: to understand the demographic characteristics of home buyers and sellers. According the NAR, "the survey covers information on demographics, housing characteristics, and the experience of consumers in the housing market. Buyers and sellers also provide valuable information on the role that real estate professionals play in home sales transactions."
The longevity of NAR's report allows for greater context when analyzing historical trends related to the housing market. For example, the average amount of time that a home was on the market last year dropped to three weeks, which is the lowest duration ever recorded by NAR. On the flip side tenure remained at an all–time high of 10 years in 2017. The survey also saw that sellers' use of a real estate agent remained at an all–time high of 89 percent.
Check out the infographic below for the highlights, or click here to read more of NAR's findings, including data on down payments, buyer age, and the impact of supply scarcity.