First Time Home Buyers Dominate Sales

Washington, DC, Nov. 8, 2010 -- Twenty-seven percent of first-time buyers who purchased a home between July 2009 and June 2010 received a gift from family or friends to help with the down payment, according to the National Association of Realtors’ annual Profile of Home Buyers and Sellers survey.

That’s up from 22% a year earlier, and is the highest percentage in the more than 20 years the survey has been conducted, said NAR spokesman Walter Molony.

Also, 9% of first-time buyers received a loan from a relative or friend, compared with 6% who said the same in last year's results.

First-time home buyers made up a record 50% of all buyers during the period, up from 47% in last year’s figures, according to the report.