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Just about everyone knows the housing market is blisteringly hot right now. One look on® will confirm there aren’t many homes for sale—and what is on the market has a supersized price attached to it.

However, even in such a challenging market, first-time homebuyers were able to beat back competition from swarms of millennials, cash-rich investors, and baby boomers looking to downsize, and purchase about a third of all of the homes for sale, according to the National Association of Realtors® annual Home Buyers and Sellers Generational Trends Report. They represented about 34% of buyers, up from 31% in the previous year.

“Given everything with the [COVID-19] pandemic and the shortage in inventory, it’s encouraging seeing younger buyers entering homeownership,” says Brandi Snowden, director of member and consumer survey research at NAR.