First-time homebuyers drive September sales

First-time homebuyers drive September sales

Topics: Residential Real Estate

Markets: Mobile Area

First-time homebuyers accounted for a 34 percent share of the total existing home sales nationwide during September.

According to the National Association of Realtors, first-time buyers had a 31 percent share in August, which jumped 3 percent in September, which rounded out the third quarter of 2016.

Home sales were up 0.6 percent from last September, according to NAR, driven by the first-time homebuyer demographic.

In the South, home sales suffered a 0.9 percent decrease overall from last September, but areas like the Midwest (2.3 percent) and the Western States (1.6 percent) saw increases in home sales.

Cash sales accounted for a 21 percent share, NAR said, down from 24 percent last year.

The median sales price for homes sold nationwide was $234,200 during September.

Check out NAR’s full September Existing Home Sales report here.

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