(NEXSTAR) – The median age of a first-time homebuyer in the United States has risen from 35 to 38 over the last year, according to the highlights of an annual report from the National Association of Realtors. When it comes the average U.S. homebuyer overall (i.e., people who purchased first homes, second homes, or had owned homes in the past), the median age rose even more drastically, from 49 in the 2023 report to 56 in 2024, the data suggests. This is the highest median age recorded since 1981, when the National Association of Realtors began keeping track. Both groups are well over the ages of first-time and repeat buyers when the National Association of Realtors (NAR) first released its Profile of Home Buyers and Sellers report: In the early '80s, first-time homebuyers were in their late 20s, while repeat buyers were generally in their mid-to-late-30s. Map: These states have the fewest ‘born-here’ residents Jessica Lautz, NAR deputy chief economist and vice president of research, said the increasing age of homebuyers is likely due to several factors. “The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” Lautz said. “First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers.” As for the second group, of current homeowners, Lautz added that they “can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream homes.” The report, released Monday, is based on data obtained via a questionnaire completed by 5,930 “primary residence buyers” who bought houses between July 2023 and June 2024, according to NAR. In addition to statistics on the age of U.S. homebuyers, NAR’s report also indicated that first-time homebuyers accounted for just under a quarter (24%) of buyers over the last year, marking “the lowest share since NAR began collecting the data.” It’s also less than half of the highest share NAR ever recorded for first-time buyers, which was 50% in 2010. Homebuyers, overall, were also making cash purchases more often than in previous years, reaching an “all-time high” at 26% of purchases. Additional findings concerning homebuyer demographics (race, marital status, child status, etc.) and types of houses purchased (new, existing, multi-family) can be found among the highlights of NAR’s annual report. Zillow Gone Wild crazy for Ohio home’s ‘mowing lines’ NAR’s report comes shortly after the group released data suggesting slowing home sales in September. Home prices also increased for the 15th consecutive month, NAR said in October. “Falling mortgage rates in July and August were expected to bring more buyers into the market, but some home shoppers may be holding out for rates to fall further,” Lisa Sturtevant, chief economist at Bright MLS, told the Associated Press in October. “Others may be taking a wait-and-see approach in the lead up to the presidential election.” Freddie Mac, meanwhile, announced last week that the average rate on a 30-year mortgage in the U.S. had risen to 6.72%, from 6.54% the previous week, the Associated Press reported. Still, the rate was down from last year at this time, when it averaged 7.76%. The Associated Press contributed to this report.