Like first-time buyers, the typical repeat buyer has gotten older, with their median age increasing to 61 years from 58 last year.
Repeat buyers’ median household income rose to $114,300 from $111,700 in the last year, as well, according to the NAR.
First-time homebuyers may have trouble competing with repeat buyers, who could possibly have sold an existing home to purchase a new one.
Repeat buyers were able to enter the housing market with much larger down payments (median 23%) than first-time homebuyers (median 9%).
Thirty-one percent of repeat buyers paid all cash for their homes.
Persons:
homebuyers, homebuyer, ”, Jessica Lautz, ” Lautz
Organizations:
CNN, National Association of Realtors, NAR
Locations:
America