source: NAR 2008 Profile of Home Buyers and Sellers
In the years of rising prices and quick sales, first-time home buyers made up a smaller share of the market. As affordability improves but sales slow, it is more difficult for current homeowners to sell their homes.
Unencumbered first time buyers are therefore a larger share of purchasers, now 46% in the Northeast.
Makes sense - the prices have come down so new buyers can finally afford a house!
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