The National Association of REALTORS® has just announced the results of its latest home buying an selling survey "The Home Buying and Selling Process:1997" which indicates a healthy balance of available properties for first-time homebuyers and move-up buyers.

First-time home buyers are a critical aspect of the market, accounting for 42 percent of the nation's housing market during the second half of 1997. This strong entry level activity fosters a domino effect which pushes the market, allowing existing homeowners the opportunity to sell their homes and trade up to larger properties. The result is a strong overall market that has been boosted to unprecedented levels.

The survey also showed that four out of five buyers (82 percent) purchased an existing rather than new home, reflecting consistent ratios over time between new and existing homes.

According to the results, the typical home buyer searched a median of eight weeks to find the home ultimately purchased, and examined a median number of 10 homes. The typical seller's home was on the market for a median of seven weeks. Only 15 percent sold their home without using a real estate agent, which is similar to the results of previous surveys. Of those who used an agent, 71 percent said they would use the same real estate agent in the future.

Of special interest was the increase in non-traditional buyers. Although married couples accounted for 64% of sales, single women were next with 18% of home transactions. Single men made 11% of home purchases and the remaining 7 percent were unmarried couples among others.

For the first time, race and ethnic information was included in the bi-yearly survey. Whites made up 90 percent of the market, blacks accounted for five percent of buyers, Asian or Pacific Islanders four percent and American Indian, Eskimo or Aleut made up one percent of buyers. As for ethnicity, 8 percent said they were Latino, Spanish or Hispanic. English was the primary language for all but 4 percent of buyers.

The reasons for buying a home varied, with 37 percent saying they wanted to make a transition from renting. Sixteen percent needed more space because of marriage or a growing family, while 15 percent were moving for a job change.

The results were obtained through questionnaires mailed to a nationwide sampling of 9,800 homebuyers who purchased homes in the second half of 1997. The studies are conducted every two years by NAR.