Chicago Title Company is out with its 24th annual statistical abstract of "Who's Buying Homes in America ," a cornucopia of numbers that look at the American home buyer from every conceivable view - a valuable resource for real estate agents who want to know what markets are developing.
For instance, according to CTC the summary of data from 1999 show that for first time in several years, market share for both single and first-time buyers dropped, "showing the impact of rising interest rates and revealing married and repeat buyers as the unequivocal leaders" in the current home buying market.
Comparing married buyers to single, never-married buyers, the breakdown was:
According to the CTC survey, repeat buyers lead the way compared to first-time home buyers.
The survey polled a representative sample of some 1,800 home buyers in Atlanta, Boston, Chicago, Cleveland, Dallas/Fort Worth, Denver, Detroit, Houston, Los Angeles, Memphis, Miami, Minneapolis/St. Paul, New York, Orange County California, Orlando and Philadelphia.
In those markets, the CTC report goes into even more detail, showing, for instance, that in San Francisco first-time buyers were paying the highest prices in the country, about $325,000; while first-time buyers in Houston were paying $88,900.
Repeat buyers in San Francisco paid an average of $416,700, again the highest in the country; while repeat buyers in Orlando paid the lowest average, about $127,300. The report also breaks out home buying by race.
It found that among African American home buyers, 59.4 percent were buying for the first time and 40.6 percent were repeat buyers.