First-time homebuyer purchase share increased by a smidgen in 2026 but remained near historic lows as housing affordability broadly worsened since the start of the year.

The National Association of Realtors (NAR) published its annual “Profile of Buyers and Sellers” report on Thursday, revealing a first-time purchase share of 22% in data running through June. That metric hit an all-time survey low of 21% a year earlier.

“First-time buyers continue to face limited affordable inventory and difficulty saving for a down payment,” said the report. Prior to the 2008 financial crisis, first-time buyers accounted for around 40% of annual primary residence purchases, the trade group said.

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Nearly half of first-time homebuyers were married, while 25% were single women, 12% were single men and 11% were unmarried couples.

In broad strokes, the U.S. housing market has fared much the same in 2026 as it did in 2025. Affordability barriers have sidelined many prospective first-time and low- to moderate-income buyers, while enduring mortgage rate lock-in effects have kept housing turnover at multidecade lows.

The median ownership tenure among sellers rose to 12 years in 2026, up from 11 in 2025 and around nine in the decade before the COVID-19 pandemic. Six years was the median seller tenure prior to 2008.

Sluggish purchase demand has led sellers to outnumber buyers by a wide margin, increasing the share of homes being sold with price cuts and buyer concessions. Much like last year, home builders have struggled to attract demand for new builds, prompting another year of declining single-family construction.

Amid resurgent inflation, geopolitical volatility, economic growth fueled by AI spending and rising government bond yields, mortgage rates surged in the second and third quarters, climbing from around 6% in February to 7.5% by the first week of October. The ongoing Iran war and Trump administration tariffs have fueled much of the inflationary pressure pushing up rates.

Under difficult financing conditions, NAR says the share of first-time buyers who made all-cash purchases rose to the highest share in its records at 10% this year. The median age of first-time buyers who used mortgage financing was level from last year at 38, up from around 32 before the pandemic.

“These all-cash buyers were more likely than financed buyers to obtain funds from a cash inheritance, an inherited property, or financial assets,” said the report.

But first-time and low- to-moderate income buyers are not the only ones struggling under high home prices and elevated borrowing costs. Typical 30-year mortgage rates since 2023 have remained roughly double typical levels observed over the past decade, locking many current owners into lower-rate loans.

This trend has dragged down new listings growth and transaction volumes overall, while pushing the age of repeat buyers to record highs. The median repeat-buyer age in 2026 was 62 — level with last year and up from 36 in 1981 when NAR started tracking the data.

Repeat buyers who are moving in the current market cited being close to family and friends as their top reason for relocating.

“As the share of the population aged 65 and older grows, it is reasonable to assume more homeowners in this age group will make housing trades,” the report stated. “The lock-in effect of low-rate mortgages may be keeping younger homeowners in place.”