7 housing market trends for young homebuyers to watch

Competition over housing low supply, high prices, and high rates are leading to the inability of young, first-time buyers to purchase homes.

For first-timers, mortgage payments reached 25.6% from just 22.4% in the prior year of average household incomes in the fourth quarter, according to the National Association of Realtors.

“The escalating prices took a toll on home shoppers, compelling many to come up with extra cash and forcing others to delay making a purchase altogether,” said Lawrence Yun, National Association of Realtors’ chief economist. “A number of families, especially would-be first-time buyers, are increasingly being forced out of the market, and this is why supply is critical.”