Not only is the housing market weak, the profile of the average homebuyer is shifting in a dangerous direction.The homebuyers of 2011 are old, married and they’ve bought homes before, according to NAR’s survey from July 2010 through June 2011. This means the next generation is not getting into the market.
Only 37% of home buyers this year were purchasing their first home — a drop from the 50% of buyers in 2010 who nabbed their first pad.
The typical home buyer was 45 years old. In 2010, the typical home buyer was only 39 years old.
NAR also found that 64% of recent home buyers were married couples, the highest share since 2001.
But singles have been waiting to buy their dream home. Single women made up 18% of recent home purchases, the lowest rate since 2004. And single men made up only 8% of recent home buyers.
And in keeping with the market trend, new home sales accounted for only 16% of all recent home purchases. While that’s a 1% increase from 2010, it’s still considerably lower than the 2003 high of 28%.