Survey Shows Spike In 1st-time Homebuyers

ALEX VEIGA

SAN DIEGO (AP) — The housing market welcomed a bigger share of first-time buyers and single women this past year, while a majority of sellers resorted to dialing down prices to get their homes sold, a new homebuyer survey shows.

First-time buyers accounted for a record 47 percent of home sales between July 2008 and June this year, up from 41 percent in the prior-year period, according to the survey conducted by the National Association of Realtors.

The annual survey gleans details on everything from how buyers came up with down payments to how long it took sellers to unload their homes. The latest results were derived from more than 9,000 responses, the trade association said.

Home sales and prices have shown some signs of stabilizing this year, and the survey results affirm the market continued to favor buyers, particularly first-timers.

"Tax incentives, record high affordability conditions and a pent-up demand brought a record share of first-time home buyers into the market," said Paul Bishop, the trade association's vice president of research.