The tumultuous U.S. housing market hasn't been a turnoff for first-time buyers. Sales to first-time homebuyers are at the highest point in seven years, according to a new nationwide survey.
Homebuyers are taking longer to find a house than they did in previous years and are making larger down payments, the study by the National Association of Realtors found. And high energy costs are affecting their choice of home and commuting distance.
More than 40 percent of homes sold went to first-time buyers, the survey of 10,000 recent buyers found.
"That increase certainly makes sense, because first-time buyers are least encumbered with the sale of an existing home and can take advantage of the housing market," said Paul Bishop, a top researcher with the National Association of Realtors. The group held its annual meeting in Florida over the weekend. read more
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