One of every 16 Americans is buying a home this year

Written by Don Wixom

There was some great research released by the National Association of Realtors in October, with more data to be released in November. According to the latest studies, the mortgage market is improving, and one out of every 16 American households is buying a home this year.

Contrary to reports in the national press, speculation is not the motivation; people just want to own a home of their own. In fact, 70% of first time buyers express this as t heir prime motivator.

Bigger and younger homes in demand

As far as trends, NAR reports that buyers are looking for bigger and younger homes. For 2007 purchases, the median size home is now 1,840 s.f. vs. 1,730 in 2004.

Other facts:

Buyers are looking for few bedrooms in exchange for larger living spaces.
The median age of homes purchased is now twelve years vs. fifteen years.
2007 will be the fifth highest year on record for existing home sales
Job opportunities and a desire to be closer to family rank high on the list of reasons for moving