WASHINGTON—Two segments of the home-buying and mortgage markets are rebounding in small numbers: first-time buyers and single women.
According to the National Association of Realtors' annual Profile of Home Buyers and Sellers, single-women increased their share in the market, hitting levels not seen since 2011, according to the survey.
While married couples make up the largest share of homebuyers at 66%, and had the highest income at $99,200, single women are increasing their role, the NAR said. In 2015, the share of single women fell to its lowest point since 2002’s 15%, but in 2016 single women seem to be making a return as home-buyers. Single women represented 17% of the market this year, the highest point since 2011, the NAR said.
Meanwhile, after slipping for three straight years, the share of sales to first-time home-buyers in the 2016 survey ticked up to 35%, the highest since 2013 (38%). That’s up from the near 30-year low of 32% in 2015. In the 35-year history of NAR's survey, the long-term average of first-time buyer transactions is 40%, the association said.
In a released statement, the NAR’s chief economist, Lawrence Yun, said more new homeowners were able to break through what continues to be a tough market to break into.
"Young adults are settling down and deciding to buy a home after what was likely a turbulent beginning to their adult life and career following the Great Recession," he said in the statement. "Demand increased over the past year because of a robust job market for those with a college degree and renter fatigue at a time when homeowners continue to see their equity rise. These factors were why more first-time buyers (67%) said a desire to own a home of their own was the primary reason for their purchase (64% in 2015; 53% in 2014).”