In case you missed it, the hot housing market is causing the percentage of Black, Asian, and Pacific Islander homebuyers to drop to their lowest levels on record, a report from the National Association of Realtors has found. In contrast, the share of buyers who are White increased to 88%, their highest level since 1997.
As home prices and mortgage rates have been on the rise—with the average rate on a fixed-rate 30-year loan now above 7% according to Freddie Mac—homes have become more unaffordable, putting them out of the reach of many buyers. Hispanic homebuyers have increased their share, jumping to 8% of buyers, still a long way from their White counterparts. Black and Asian homebuyers made up 3% and 2%, respectively.
Interested homebuyers have been forced to wait longer to buy a home in this market. The average age of a first-time buyer increased to 36 years old, up from 33 years old just last year. The age of a typical repeat buyer (someone who has already purchased a house before) increased to 59 years, both record highs.
Many prospective buyers have been hoping for housing prices to crash, but with housing stock in low supply, incomes on the rise, and the job market still going strong, that's unlikely to happen anytime soon.
-Kristin
0 Response to "In Case You Missed It - Share of Black and Asian Homebuyers Dropped to a Record Low"
Post a Comment