WTOP-FM (Washington, D.C.)

A new report from the National Association of REALTORS® shows baby boomers are the largest generational group of home buyers, making more than 40% of all purchases the past year.

Millennial buyers are dropping, down to 29% from 38% a year ago.

“Housing affordability is really crunching younger buyers today,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “It’s the combination of both the lack of inventory pushing up existing home prices, and mortgage interest rates are higher than what we have seen. That means a higher household income to be able to purchase a home today.”

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