Homebuying is booming among baby boomers. In a generational shift, people between the ages of 60 and 78 overtook millennials to make up the largest percentage of U.S. homebuyers, according to a recent report from the National Association of Realtors (NAR).

From July 2023 to June 2024, baby boomers accounted for 42% of home purchases, according to NAR, while millennials, aged 26 to 44, comprised 29% of purchases. It is a marked change from the period spanning July 2022 to June 2023, when 31% of homebuyers were baby boomers and 38% were millennials.

Among other demographic groups, Generation X — defined by NAR as people who were 45 to 59 last year — comprised 24% of homebuyers during the most recent period examined by NAR. Gen Z (ages 18 to 25) made up just 3% of homebuyers.

“In a plot twist, baby boomers have overtaken millennials — the largest U.S. population — to become the top generation of homebuyers,” said Jessica Lautz, NAR’s deputy chief economist and vice president of research, in a press release. “What’s striking is that half of older boomers and two out of five younger boomers are purchasing homes entirely with cash, bypassing financing altogether.”

NAR found that all-cash purchases among younger generations are much rarer, with more than 90% of people 44 or younger using financing for their home purchase.

The association also observed an 8% dip in first-time homebuyers in its most recent report compared to the prior 12-month period. However, older millennials between the ages of 35 and 44 are now more likely to be repeat buyers.

“Older millennials are buying bigger and newer homes with larger down payments than their younger counterparts,” Lautz stated. “This shift reflects the increasing role of equity in enabling repeat purchases, especially among older generations, while younger buyers continue to face affordability challenges.”