According to NAR, the combined share of younger boomers (ages 60–69) and older boomers (ages 70–78) rose to 42% of all home buyers in the past year. Millennials dropped to 29% of all buyers – down notably from 38% a year ago. Generation X buyers (ages 45–59) held steady at 24%.

Older buyers are more likely to pay cash, while younger buyers often rely on financing and help from family. Over 90% of buyers aged 44 and under financed their home purchase. Among younger millennials (ages 26–34), 27% used gifts from relatives or friends for their down payment, compared to 13% of older millennials (ages 35–44). First-time buyers now make up just 24% of the market, down from 32% last year-a record low. First-time buying is most common among younger millennials (71%), while older millennials are increasingly repeat buyers.

Generation X home buyers continued to lead all generations with a median household income of $130,000, followed by older millennials at $127,500. Seventeen percent of all home buyers purchased a multigenerational home – up from 14% last year. Generation X led the way, with 21% choosing multigenerational living, followed by younger boomers at 15%.

Nearly 90% of buyers used a real estate agent, with younger millennials (90%) leading the way. Most found their agent through referrals, especially younger millennials (54%) and older millennials (42%). Older generations were more likely to return to an agent they'd worked with before. Overall, 88% of buyers would use their agent again or recommend them, with even higher satisfaction among Gen X (91%) and the Silent Generation (93%).

Baby boomers made up 53% of home sellers, the largest share among all generations. Sellers typically stayed in their homes for a median of 10 years; younger millennials sold after about five years, while older boomers stayed for 16 years. Most sellers (90%) used a real estate agent, and homes usually sold for 100% of the list price. Younger millennials were most likely to use an agent (94%) and often saw the best returns, with 27% selling for 101–110% of the list price and 13% selling for more than 110%.

Read full article here.