Apr 17

Time Buyers Retreat From Spring Market

Time Buyers Retreat From Spring Market

Time Buyers Retreat From Spring Market

Time Buyers Retreat From Spring Market

 

Builders are making efforts to ramp up construction, but a large portion of home starts are in luxury markets, leaving inventory shortages in lower price brackets that are helping to sideline many first-time buyers. In the first two months of 2018, first-timers made up 29 percent of all home buyers, down from 32 percent a year ago, according to the latest REALTORS® Confidence Index Survey. Nearly 44 percent of properties were listed at $250,000 or less in February, the survey shows. That’s a far cry from the 75 percent that were listed in that price point in May 2012, according to realtor.com® housing data.

Higher home prices have had a clear impact on buyers heading into the spring. Consumers’ average monthly mortgage debt-to-income ratio, after factoring in a 3.5 percent down payment, mortgage insurance, taxes, and maintenance costs, rises to 34 percent. That exceeds the 30 percent threshold that most financial analysts consider healthy. A 20 percent down payment would bring the debt-to-income ratios down to 27 percent, but that would cost buyers an extra $48,340 upfront, according to the National Association of REALTORS® Economists’ Outlook blog.

Saving for a down payment could be problematic for first-time buyers, since they have no equity to use. The average savings of non-homeowners was $5,200 in 2016, according to data from the Federal Reserve Board. The chart below uses realtor.com® data to show home prices across the country.

Source: “First-Time Buyers Sidelined by Lack of Supply and Rising Prices,” National Association of REALTORS® Economists’ Outlook blog (April 10, 2018)

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