First-time home buyers could spend more in 2020

Housing experts say first-time homebuyers are facing costlier prices than ever.

The amount of available entry-level homes is approaching historic lows, according to realtor.com. These changes are occurring as home prices increase.

The National Association of Realtors expects the annual median real estate price to jump by almost four percent. An October article says the nation's existing home sales declined by 2.2 percent in September.

SEE ALSO | House shopping: Here's what $250,000 can get you in two different Raleigh neighborhoods

The National Association of Homebuilders says new construction, like the kind seen in the Triangle, could help with the limited amount of homes. The amount is poised to increase in 2020.

Most of those homes are expected to be out of reach for first-time buyers.

Still, new construction will let families upgrade and may actually place more entry-level homes for sale.
Copyright © 2020 WTVD-TV. All Rights Reserved.