Repeat buyers accounted for 78% of U.S. home purchases in 2026, while first-time buyers made up just 22%, according to the National Association of REALTORS®’ annual buyer and seller profile. Although the first-time share ticked up from last year’s record low, it remains far below the pre-2008 norm, as savings and housing costs continue to challenge new entrants.
Key takeaways
The NAR report points to a market in which existing homeowners have a major financial advantage over buyers entering the market for the first time.
- Repeat buyers represented 78% of purchases; first-time buyers accounted for 22%.
- First-time buyers had a median age of 40, while repeat buyers’ median age was 62.
- Saving for a down payment was the toughest step for 28% of first-time buyers.
- Nine in 10 buyers used a real estate agent or broker, a record-high share.
A widening divide in buying power
Repeat buyers reported a median household income of $127,000, up from $111,700 in the prior report. More than half—57%—used proceeds from selling a previous home toward their down payment. Thirty percent paid cash, and the median down payment was 19%.
First-time buyers put down a median 9%, while 10% bought with cash, the highest recorded share for that group. Their median age of 40 also matched a record. Among first-time buyers who paid cash, 28% used an inheritance; the median age of these cash buyers was 54, compared with 38 among those who financed.
Saving remains a major hurdle
Personal savings were the most common source of first-time buyers’ down payments, used by 62%. Thirty percent drew on financial assets, while a quarter received gifts or loans from family and friends. Ten percent used an inheritance, also a record share.
Down-payment saving was the most difficult part of buying for 28% of first-timers, compared with 6% of repeat buyers. Among those who struggled to save, half cited high rent or mortgage payments. Student loans, credit card debt and car loans were also common obstacles. First-time buyers were more likely to make financial sacrifices: 62% said they cut spending or gave up plans to save, versus 31% of repeat buyers.
Buyers adapt, and agents remain central
Some buyers are finding ways to share costs or meet family needs. Four percent purchased with roommates who were not romantic partners, an all-time high, while 14% bought multigenerational homes. Saving money and caring for aging parents were among the reasons for those purchases.
Finding a suitable property was the most difficult step for 56% of buyers. Buyers searched for a median of 10 weeks, and 53% found their eventual home online. Still, 90% used an agent or broker—the highest share recorded. Agents helped 54% of buyers understand the process; that rose to 78% among first-time buyers.
Sellers also relied heavily on professionals: 92% used an agent or broker, while for-sale-by-owner transactions accounted for 5% of sales. Homeowners stayed in their properties for a median of 12 years before selling, the longest period in the report.