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Early Signs Indicate That Entry Level Buyers Are Back

Could Decline in Median New-Home Size Herald Return of Entry-Level Buyers? Newly built, single-family homes in the U.S. finally are getting smaller, a sign that a long-awaited shift of builders to slightly smaller, more affordable homes likely has started. Commerce Department data released Wednesday shows the median size of a single-family home built in the third quarter was 2,414 square feet, down 2.3% from the second quarter measure of 2,472. The third-quarter figure is the Read More

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There’s Fewer First-Time Homebuyers as Housing Prices Continue to Rise

With average salaries remaining stagnant and stringent mortgage requirements still in place, rising home prices are making it difficult for first-time homebuyers to make a purchase, says Joe Moshé, the owner and Broker of Charles Rutenberg Realty, Inc. In New York State, 69% of loans administered by Freddie Mac, Fannie Mae and the Federal Housing Administration went to first-time buyers in 2009 — the peak of borrowing for first-time buyers in the state and above Read More