The share of first-time buyers declined for the third consecutive year according to an annual survey by the National Association of REALTORS. First-time sales remained at their lowest point in nearly 3 decades, and was the 2nd lowest since inception of the study. The home sales over the past year were driven by repeat buyers, but those transactions are also less than they used to be. According to Fannie Mae, the percentage of repeat home buyers fell 40% between 2002 and 2014.

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