While sales of existing homes declined 1.3% in January from a year ago, the percentage of first-time homebuyers increased during that period, according to the National Association of Realtors (NAR). 32% of home sales were among first-time homebuyers as compared to 29% a year ago.
Lawrence Yun, chief economists at the NAR said, “The rise in the homeownership rates among younger adults under 35 and minority households means an increasing number of Americans who can build wealth by owning real estate.”