Fewer home buyers are first-timers

Marketwatch reports:

Despite low interest rates, low prices and slowly rising sales, first-time homeowners accounted for just 34% of all buyers in July, according to data released Wednesday by the National Association of Realtors. While that figure has inched up slightly from the month and year prior, the association says first-time home buyers account for 40% of purchasers under normal conditions.

The reluctance of newcomers to enter the market may be further adding to housing’s woes.

Just a reminder to those who think a housing market recovery is coming.