Repeat buyers accounted for 78% of home purchases in 2026, while first-time buyers made up just 22%, according to the National Association of REALTORS®‘ 2026 Profile of Home Buyers and Sellers. 

The share of first-time buyers rose slightly from 21% in last year’s report, which was a record low, but remains well below the historical norm of 40% before 2008. Their median age remained 40, the highest on record. Repeat buyers had a median age of 62, tying the previous record.

That gap was also clear in how buyers paid for their homes. Thirty percent of repeat buyers purchased with cash, while their median down payment was 19%. First-time buyers made a median down payment of 9%, and 10% purchased with cash, the highest share recorded for that group. 

Among first-time buyers who paid all cash, 28% used an inheritance. That compares with 9% of first-time buyers who financed their purchases. The median age of first-time all-cash buyers was 54, compared with 38 for those who financed. 

Repeat buyers also had a median household income of $127,000, up from $111,700 in the previous report. Fifty-seven percent used proceeds from the sale of their previous home for a down payment. 

First-time buyers relied most heavily on personal savings, with 62% using that source. Thirty percent used financial assets such as retirement accounts, stocks or cryptocurrency, while 25% used gifts or loans from family and friends. Ten percent used an inheritance for a down payment, the highest share recorded. Financial assets have now accounted for a larger share of first-time buyer down payment sources than gifts or loans for two consecutive years. 

Saving for a down payment remained a major obstacle. Twenty-eight percent of first-time buyers identified it as the most difficult step in the buying process, compared with 6% of repeat buyers. Among buyers who had difficulty saving, 50% cited high rent or an existing mortgage payment. Credit card debt was cited by 35%, student loans by 32% and car loans by 31%. 

The financial sacrifices made to buy a home also differed between the two groups. Sixty-two percent of first-time buyers said they made sacrifices to save for a down payment, compared with 31% of repeat buyers. Buyers said they cut back on nonessential purchases, entertainment and clothing, and some canceled vacation plans.

The report also found that 29% of first-time buyers carried student loan debt, compared with 10% of repeat buyers. The median student loan debt among buyers with those loans was $35,000. 

How buyers are approaching homeownership 

The profile of buyers is changing in other ways, too. Four percent of buyers purchased with unromantic roommates, an all-time high. Among first-time buyers, that share was 5%. Fourteen percent bought multigenerational homes, often to care for aging parents (30%) or save money (23%). 

The desire to own a home remained the leading reason for first-time buyers (60%) to make a purchase. Among repeat buyers, 18% said they wanted to be closer to family and friends, while 13% wanted a larger home. 

Finding the right property remained a challenge for buyers. Fifty-six percent identified it as the most difficult step in the homebuying process. For first-time buyers (39%), understanding the steps involved in purchasing a home was the biggest challenge.

Buyers spent a median of 10 weeks searching for a home. Forty-six percent began the process by looking online for properties, while 19% contacted a real estate agent first. Overall, 53% found the home they purchased on the internet, 28% through an agent and 8% through a friend, relative or neighbor. 

The role of real estate agents 

Despite the challenges facing buyers, real estate professionals continued to play a central role in transactions. Ninety percent of buyers used an agent or broker, the highest share recorded. That figure rose to 93% among buyers of previously owned homes. 

Finding the right home was the service buyers most wanted from their agents (51%). Another 15% prioritized help negotiating the terms of a sale, while 12% wanted help with price negotiations. 

Agents also helped buyers navigate the process and evaluate properties. Fifty-five percent said their agent pointed out features or faults they had not noticed, and 54% said their agent helped them understand the homebuying process. This was especially important for first-time buyers, with 78% saying their agent helped them understand the process, compared with 47% of repeat buyers. 

Most buyers still found their agent through personal connections. Forty percent found their agent through a friend, neighbor or relative, while 23% worked with an agent they had previously used. Among first-time buyers, 52% found their agent through a personal referral. Just 1% of buyers found their agent through an AI search. 

Sellers also continued to rely on real estate professionals. Ninety-two percent used an agent or broker, a record high, while for-sale-by-owner transactions accounted for 5% of sales, matching the all-time low. 

Homeowners stayed in their properties for a median of 12 years before selling, the longest period recorded in the report. That was twice the six-year median recorded between 2000 and 2008. Moving closer to friends and family was the leading reason for selling, cited by 22% of sellers. 

When choosing a listing agent, sellers (31%) placed the greatest importance on the agent’s reputation. Another 24% identified honesty and trustworthiness as the most important factor. Sellers most often wanted help marketing their homes and setting a competitive price (20%). Seventeen percent said selling within a specific timeframe was their top priority. 

Eighty-seven percent of sellers said their agents provided a broad range of services during the sale. The findings also showed that 63% of sellers worked with an agent who was referred to them or whom they had used previously.