Nearly half of those who are planning to buy a home this year are first-time homebuyers, according to the first edition of Housing Trends Report (HTR) from the National Association of HomeBuilders.
The survey found that 17 percent of respondents in the first quarter of 2018 are planning to buy a home within the next 12 months, a sizable drop from 24 percent in the fourth quarter of 2017. Of that 17 percent, 45 percent of those homebuyers are individuals making their first home purchase.
Broken down generationally, millennials are the likeliest candidates (19 percent) to buy a home within the next year, followed closely by Gen X (18 percent). For a large majority (72 percent) of millennials planning a home purchase, this is their first attempt at becoming home owners.
In addition, 42 percent of prospective buyers in the first quarter of 2018 say they are already actively trying to find a home to buy, as opposed to solely planning, and nearly half of those active homebuyers are millennials (49 percent). Of those who are actively looking, about half have been looking for more than three months.