Mortgage rates recently dipped to a four‑week low, and spring has brought what real estate agents call a “Goldilocks” selling week — a time when listings get more views and sellers return to the market. But that doesn’t mean it’s easier for people buying their first home.
In Los Angeles, Realtor Paola Acuna is still trying to sell a three‑bedroom condo after 60 days on the market, betting that mid‑April open houses will finally attract a buyer. Data from Realtor.com show listing views rising about 17% above average during this period, as pent‑up demand from winter builds.
For many first‑time buyers, though, the market has become inhospitable. First‑time purchasers now account for just 21% of sales — the lowest share on record. They face multiple headwinds: historically high home prices in many markets, mortgage rates that remain elevated compared with the ultra‑low levels of recent years, and fierce competition from older buyers. Baby Boomers, who often have accumulated equity and savings, make up roughly 42% of buyers and can outbid younger households.
Danielle and Gary Sabara, who have been saving for years, represent the kind of buyers who want to get into the market but worry about stretching their budgets. Some are racing to buy now with the hope that, if rates fall later, they can refinance. Realtors report a mix of urgency and caution: buyers want to lock in a property, but many say it’s unwise to buy if doing so would compromise other financial goals like retirement savings or childcare costs.
Homebuilders are also treading carefully. Although summer is traditionally peak construction season, builder confidence has hit a several‑month low. Rising materials costs, driven in part by higher fuel prices, are squeezing margins and slowing new starts. That affects supply over the coming months — and with limited inventory, competition and prices can remain high.
Housing experts stress that homeownership is a powerful wealth‑building tool for many, but they also urge flexibility in how people pursue financial security. Buying a home makes sense for some households; for others, renting or pursuing different investments may be the better choice until prices, rates or personal finances align more favorably.
Reporter Carter Evans contributed reporting from Los Angeles.