The spring real estate market has been tough for first-time buyers. With rising mortgage rates, a dearth of affordable homes and home prices that continue to increase, lots of price-sensitive buyers have been shut out of the market.
According to a CNBC report, the number of first-time buyers is declining as a portion of the overall sales of homes. In 2017, first-time buyers made up 32% of all home sales, reported CNBC, citing the National Association of Relators. This is under 40%, which had previously been the long-term average.
That is prompting states around the country to introduce or mull legislation to help first-time buyers save for their home purchase.
