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First-time Buyers Steer Existing-Home Sales Higher in September

November 10, 2016

Existing-home sales rebounded strongly in September and were propelled by sales from first-time buyers reaching a 34 percent share, which is a high not seen in over four years, according to the National Association of Realtors®.

"There's hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring," said NAR's chief economist Lawrence Yun. "The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate."

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