A tale of two markets is unfolding for homebuyers in the United States: The share of first-timers is at a new low, while the number of buyers paying in cash is sitting at an all-time high.
Between July 2024 and June 2025, the share of first-time homebuyers declined to 21%, according to the National Association of Realtors' 2025 Profile of Home Buyers and Sellers released on Tuesday. That's the lowest share recorded by the survey that started in 1981.
At the same time, the median age for first-time homebuyers rose to 40, another all-time high, and a stark contrast from the 1980s when the typical first-time buyer was in their late 20s.
On the other hand, 26% of surveyed buyers said they paid for their home in cash. That's the same as last year's survey, and it's still the highest share on record for the report.
Moreover, of those surveyed who were repeat buyers, 30% paid in cash and did not finance their home purchase.
All told, it's a continuation of an underlying shift that has manifested in the housing market over the last several years: While homeowners have watched their wealth grow, first-time buyers are more frequently facing insurmountable barriers to homeownership.
Homeowners are staying in their homes for longer — and building more equity
This year's survey also revealed that homeowners are staying in their homes for longer: The median number of years sellers owned their home was 11 years, an all-time high.
It comes as homeowner equity has grown due to rising home prices, giving repeat buyers greater power in the market.
While the median down payment size for all buyer types rose in this year's survey, repeat buyers led the way with a median 23% down payment, the same as last year, and the highest since 2003.
The majority of repeat buyers, 54%, said they used the proceeds from selling their primary residence to finance their down payment. Meanwhile, the majority of first-time buyers, 59%, pulled from their savings.
It's important to note, though, that the NAR survey uses data from between July 2024 and June 2025. Since then, trends in the broader housing market have already changed.
For one, home price appreciation has slowed. As of September, prices were up just 2% compared to a year earlier, according to data from Homes.com. At the same time, the number of for-sale listings surpassed pre-pandemic levels. Mortgage rates, too, have come down from their early-2025 highs, settling in the low- to mid-6% range.
It remains to be seen how these changes will affect the buying and selling experience. Still, new signs are emerging of a rise in homebuying activity — including new demand for loans.