Flush with record-high home equity, baby boomers are continuing their reign as the most dominant force in the U.S. real estate market, leaving affordability-squeezed first-time buyers struggling to keep pace.

Adults ages 61 to 79 accounted for 42% of all homebuyers and 55% of all sellers over the past year, according to newly released data from the National Association of Realtors (NAR).

This generation overtook millennials last year and maintains a firm grip on the market, relying on massive housing wealth accrued over decades to bypass the high prices challenging younger cohorts, NAR reported.

“The housing market remains sharply divided between homeowners with equity and first-time buyers trying to break in,” Jessica Lautz, NAR’s deputy chief economist, said in the report. She noted that affordability and limited inventory continue to make homeownership difficult for younger households.

The financial divide is stark. According to NAR, the median existing-home sales price hit a record high of $408,800 in March, helping the typical U.S. homeowner accumulate $128,100 in housing wealth over the last six years.

Older baby boomers, who stay in their homes for a median of 15 years before selling, have capitalized on this long-term equity appreciation, giving them the flexibility to downsize, retire or move closer to family, NAR observed.

As a result of these market dynamics, the share of first-time buyers among all homebuyers plummeted to 21% over the last year, the lowest level since NAR began tracking the metric in 1981.

Millennials (ages 27 to 45), who historically make up the bulk of first-time buyers, saw their overall buyer share drop from 29% to 26% this year, according to the NAR report.

However, older millennials (ages 36 to 45) are finding success as “move-up buyers.” NAR data shows this specific cohort boasts the highest median household income of any generation at $132,700 and tends to purchase the largest properties, with a median size of 2,100 square feet.

To achieve homeownership, younger millennials are frequently seeking outside help, according to NAR, with 26% relying on downpayment gifts or loans from friends and relatives.