RealtyTrac: Average down payment falls to three-year low

down payment

down paymentBy Brena Swanson | Housing Wire

The average down payment for single-family homes, condos and townhomes purchased in the first quarter fell to 14.8% of the purchase price, a slight dip from 15.2% the previous quarter and 15.5% a year ago, RealtyTrac’s first quarter 2015 Home Purchase Down Payment Report said.

This is the lowest level since the first quarter of 2012.

Translated into dollars, the average down payment was $57,710 in the first quarter, up marginally from $57,618 the previous quarter and down from $57,992 the first quarter of 2014.

“Down payment trends in the first quarter indicate that first time homebuyers are finally starting to come out of the woodwork, albeit it gradually,” said Daren Blomquist, vice president at RealtyTrac.

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