by Bill McBride on 9/29/2009 11:20:00 PM
Tuesday, September 29, 2009
Here is some national data on the types of homebuyers in August. This is from a survey by Campbell Communications (excerpted with permission).
Source: Tracking Real Estate Market Conditions, a whitepaper regarding the Campbell/Inside Mortgage Finance Monthly Survey on Real Estate Market Conditions.
Click on graph for larger image in new window.
The Campbell survey breaks out sales by buyer type.
According to the Campbell survey about 64% of sales in August were to first-time buyers and investors.
Survey results show that first-time homebuyers, motivated by first-time homebuyer tax credit, made up the largest component of demand in August 2009. In the summer months, current homeowners also make up a significant component of demand. (Note: rounding on graph figures precludes totaling to 100%.)For comparison, here is the same breakdown for Q2.
According to the Campbell survey over 70% of sales in Q2 were to first-time buyers and investors.
Whenever the tax credit expires (whether or not is extended), the percent of first time buyers will decline.