Genworth Reports Strong Activity in the First-Time Homebuyer Market – NMP
Industry News

Genworth Reports Strong Activity in the First-Time Homebuyer Market

Mar 25, 2020
Photo credit: Getty Images/artisteer

Genworth Mortgage Insurance, has released the 12th edition of the First-Time Homebuyer Market Report, authored by Chief Economist Tian Liu, covering the fourth quarter of 2019.
 
The report found that first-time homebuyer market activity was strong in Q4, as 517,000 single-family homes were purchased––up six percent from a year ago. First-time homebuyers reached 2.18 million seasonally-adjusted annual rate in the fourth quarter, their fastest pace since 2006. In 2019, 38 percent of all homebuyers and 56 percent of purchase borrowers were first-time homebuyers.
 
The aging of the Millennial population implies that the increase in first-time homebuyers over the age of 30 will likely lead to an overall increase in the number of first-time homebuyers in the 25-44 age group in the order of 580,000 first-time homebuyers over five years.
 
“The housing market is in the middle of a multi-year boom in the first-time homebuyer market. The market has exceeded two million first-time homebuyers each year for the past three years, which is unprecedented in the past 26 years,” said Liu. “In part, this represents a long overdue rebound from the trough earlier in the decade.”
 
The pool of potential second-time homebuyers increased for the first-time since 2008 to 8.3 million in 2019 and will grow by more than three million in five years. States with fast job growth reported first-time homebuyer growth rates of 44 percent between 2014 and 2019, compared to the 37 percent growth rate for states with slow job growth.
 
“The first-time homebuyer market offers important insights into the housing market,” said Liu. “With 38 percent of home sales and 56 percent of purchase loans in 2019, it is a market too big to ignore. I see the trend toward more affordable homes by homebuilders and a historically large PMI market as two results of the boom in the first-time homebuyer market.”
 
About the author
NationalMortgageProfessional.com
Link copied
Published
Mar 25, 2020
Get the NMP Daily
Regulation and Compliance
Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Fannie Mae’s artificial intelligence and machine-learning governance requirements take effect Thursday, Aug. 6, giving approved seller/servicers a final deadline to formalize how the technology is used across mortgage origination and servicing.The requirements apply when a s...

Continue reading
Analysis and Data
Higher Mortgage Rates Shrink Purchase Demand, Expand Buyer Leverage

Pending sales fell to their lowest level since early April, but lower asking prices and reduced competition give originators more options to structure deals for qualified borrowers

Higher mortgage rates are thinning the purchase pipeline, even as lower asking prices and reduced competition give borrowers still in the market more leverage.Seasonally adjusted U.S. pending home sales totaled 322,739 during the four weeks ending July 26, their lowest level...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026