The National Association of Realtors said more first-time home buyers signed for first mortgages in August 2015 compared to one year ago, citing a stronger job market and continuously low interest rates.
"Sustained net job creation, a low interest rate environment with 30-year fixed rates at below 4% for most of 2015, and better pricing of FHA-insured mortgages appear to be helping first-time home buyers," the association said in a survey of consumer confidence conducted during the month and published in October.
NAR reported buyers ages 34 and under accounted for 29% of sales reported by the survey respondents, while nearly half of buyers were 35 to 55 years old. Renters, meanwhile, accounted for 38% of sales, the association reported.
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The survey also stated that tight inventories, increasingly unaffordable prices and weak credit profiles that failed to meet tighter underwriting standards continued to work against first-time home buyers.
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