At a moment when overall home sales are slowing, the first-time homebuyers market is hot. First-timer demand in the third quarter hit its highest level since the same quarter of 2000, Genworth Mortgage Insurance reported Tuesday.
First-timers bought 601,000 single-family homes during the July-to-September period, compared with 567,000 during the third quarter of 2016, an increase of 6%.
These homebuyers accounted for 40% of all single-family homes sold and 56% of all purchase mortgages financed.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
