Millennial buyers are finally making a move into housing

Millennial buyers are finally making a move into housing

Millennials who have been slow to make the move to homeownership are finally starting to edge out older buyers.

Last year, millennials accounted for 36 percent of U.S. home buys — more than any other age group, according to the National Association of Realtors. Baby boomer buyers were a close second with 32 percent of home purchases.

Sales to millennial buyers would be even higher if there were more affordable properties available for first-time buyers, industry analysts say.

“Realtors throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy,” Realtors chief economist Lawrence Yun said about the latest profile of buyers. “Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy.

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