According to a new report by Trulia evaluating national real estate statistics, the number of homes for the average first-time homebuyer dropped by 12.1% from this time last year. This represents the largest year-over-year drop in three years. Likewise, first-time homebuyers are paying 1.9% more of their income to purchase homes in a year-over-year comparison. First-time homebuyers will need to spend nearly 39% of their monthly household income to purchase a starter home.
This trend is not limited to starter-homes, the report also finds that the overall national housing inventory faced a 9.1% drop since the same time last year, representing the sixth consecutive quarter to face a decrease.
Click here to read more.