First-Time Buyers Were Undeterred by Rapid Home Price Appreciation in 2021

Donghoon Lee and Joseph Tracy

No 20220512, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Tight inventories of homes for sale combined with strong demand pushed up national house prices by an eye-popping 19 percent, year over year, in January 2022. This surge in house prices created concerns that first-time buyers would increasingly be priced out of owning a home. However, using our Consumer Credit Panel, which is based on anonymized Equifax credit report data, we find that the share of purchase mortgages going to first-time buyers actually increased slightly from 2020 to 2021.

Keywords: first-time home buyers; home price (search for similar items in EconPapers)
JEL-codes: D14 R31 (search for similar items in EconPapers)
Date: 2022-05-12
New Economics Papers: this item is included in nep-ure
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