Almost Half-Million First-Time Buyers in First Quarter

Some 455,000 first-time buyers took advantage of low prices and interest rates to close transactions in the first quarter of the year, latest NAR statistical data show. Anecdotal evidence suggests the first-time buyer tax credit played a role in bringing out buyers, too. Other data show that the large number of distressed sales continues to hold down prices, with 134 of 142 markets tracked by NAR showing price declines for the quarter. Total state sales activity for the quarter put sales on a 4.59-million unit sales pace. Read more from the latest issue of Real Estate Insights.