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Over the past decade, millennials have emerged as the generational group making the most home purchases in the United States. At least, most of the time. A new report reveals that their parents, the baby boomers, stormed back last year to retake the lead. According to the National Association of Realtors®’ 2025 Home Buyers and Sellers Generational Trends Report, baby boomers accounted for 42 percent of U.S. home sales between July 2023 and July 2024, topping millennials, who accounted for 29 percent. How did millennials lose their rank to baby boomers? One clue is that the percentage of first-time home buyers — primarily millennials, now in their child-rearing years — dropped to a historical low, making up 24 percent of all buyers, down from 32 percent the year before. And that’s no surprise: First-time buyers are "facing limited inventory, housing affordability challenges, and having difficulty saving for a down payment," said Brandi Snowden, director of member and consumer survey research at N.A.R.