The National Association of Realtors reported that 54% of existing home sale purchases were made by repeat home buyers in June 2013 – a 49% increase from June 2012.
First-time buyers (who usually account for 40% of purchases) had only 29% of the share of home purchases for June 2013.
Repeat buyers are fueling the housing market recovery.
What is happening?
- Home owners who have waited on the side lines are now buying homes. With rising home prices, these home owners feel confident to sell their homes and purchase another.
- The stabilized economy has created confidence. People feel more positive about their financial situation and making a home purchase.
Read a Bloomberg News article about home sales by repeat buyers here.