Low Supply and Price Growth Keep First-time Buyers on the Sidelines

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And that continues down the line until an investor or first-time homebuyer buys. s a bubble at all because growth in the market is being driven by economic fundamentals: Strong job growth and low.

Mortgage rates are low as of this writing, really low, but can they go lower?. the first time annual home price growth has fallen below its 25-year average of 3.9% since 2012.. 2016 – 5 min.

Louisville, KY (November 28, 2017) – The National Association of realtors 2017 profile of Home Buyers and Sellers shows that a continued drought in housing supply has led to price growth, keeping many first-time home buyers out of the market even when the economy has experienced steady job gains and mortgage rates are at record lows.

Buyers shouldn’t expect major price drops as home prices are still increasing in many cities, although at a slower rate. First-time home buyers may continue to struggle with affordability. While more first-time home buyers are entering the market, rising home prices and mortgage rates won’t make it easy.

Homebuyers sitting on the sidelines waiting for home prices to backslide might be waiting longer than expected, according to experts. Homebuyers sitting on the sidelines waiting for home prices to backslide might be waiting longer than expected, according to experts.

June 26, 2019 in First Time Buyers franckreporter/Getty Images We’re still in a seller’s market, but slowing home price growth could signal relief is on the way for homebuyers.

Sustained employment growth. The share of first-time buyers has been on a modest uptrend since 2014 amid sustained job growth and a low interest rate environment. Since February 2010, the economy has generated 16.2 million non-farm jobs, which has now offset the 8.7 million jobs lost during the Great Recession of 2008-2009. Over the past 12 months, 2 million jobs were created. Low interest rates. Interest rates remain at an all-time low, amid a supportive monetary policy stance.

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Growth in new home sales has concentrated in the price range above $250,000, which is less affordable to most first-time homebuyers. We believe that the lack of supply of new homes to first-time homebuyers will keep inventory low and home price growth high this year.