In 2009 the First-Time Homebuyer tax credit and affordability conditions brought first-time buyers into the market, and they comprised an unprecedented share of the market - 47%. Some variables were unaffected by the increase in the share of first-time buyers. The typical age of buyers was unchanged by the surge in first-time buyers. Racial characteristics, language, and national origin of buyers were changed slightly in 2009. Also, the vast majority of buyers still owned only one home.
Other demographic variables saw shifts that can be explained at lease in part as a result of the increased share of first-time home buyers. Household incomes decreased slightly amoung all home buyers. This was due to a small decrease in household incomes of repeat buyers coupled with the surge in first-time buyers who typically have lower household incomes. Home buyers in 2009 were much more likely to have been renters imnmediatly prior to their home purchase.
Affordabiltiy conditions were the primary reason for purchasing a home for a greater share of all types of home buyers. The first-time home buyer tax credit was cited as the primary reason for the home purchase amount 6% of first-time home buyers. A buyer's readiness is still the primary drive of the timing of the home pruchase, but the affordability of homes for sale and availability of mortgage financed played an increasing roll in 2009.