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

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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.

Suggested Citation

  • Donghoon Lee & Joseph Tracy, 2022. "First-Time Buyers Were Undeterred by Rapid Home Price Appreciation in 2021," Liberty Street Economics 20220512, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:94196
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    File URL: https://libertystreeteconomics.newyorkfed.org/2022/05/first-time-buyers-were-undeterred-by-rapid-home-price-appreciation-in-2021/
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    Keywords

    first-time home buyers; home price;

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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