First-Time Buyers Drive Home Sales

According to the National Association of Realtors (NAR), sales of existing single-family homes, townhomes, condominiums and co-ops jumped 9.4 percent in September, with first-time buyers driving much of the activity. Existing-home sales have increased during five of the past six months, and sales activity is now at the highest level in more than two years.

The NAR 2009 Profile of Home Buyers and Sellers indicates that first-time homebuyers accounted for more than 45 percent of home sales during the past year. NAR President Charles McMillan said that "potential first-time buyers can take heart in that affordability conditions this year are the highest on record dating back to 1970." Lawrence Yun, NAR chief economist, adds that first-time buyers free up many other sellers looking to trade up into a larger home, which benefits the overall market.

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