First-time buyers have been increasingly active in the current market, according to the NAR. In May, they accounted for 35% of all purchases – an increase from 33% a month before and 30% in May 2025.
Inventory edges up but supply remains constrained
The NAR data also pointed to a modest improvement in inventory levels, with available supply edging up 3.3% from April to 1.55 million units – equivalent to 4.5 months of supply. That figure is marginally below the 4.6 months recorded a year earlier, illustrating how slowly the supply picture has shifted.
A normalized market is typically characterized by five to six months of supply, meaning available homes remain well short of that threshold. For mortgage professionals, the persistent inventory constraint continues to shape buyer conversations around timing, competition, and rate-lock strategy, even as demand shows signs of cautious recovery.
Life events keep buyers active despite higher rates
While many in the industry believe that the market won’t truly begin to stir until rates slip below the 6% mark, the latest figures show that there’s still a solid cohort of homebuyers who are ready to move even with average rates in the sixes.
Shraybman said many are pushing ahead because it makes no sense to sit on the sidelines and wait for the perfect moment to enter the market.