People under the age of 35 made up the largest share of homebuyers for the second year in a row, according to the National Association of Realtors.

In its most recent "Home Buyer and Seller Generational Trends" survey, the organization found that 32 percent of home purchases between July 2013 and June 2014 were made by Millennials, defined as those ages 34 and younger. They slightly edged out both younger Baby Boomers, defined as ages 50 to 59, and older Baby Boomers, defined as ages 60 to 68. Combined, these two groups made up 31 percent of the purchases in 2014.

Generation X, or those between the ages of 35 and 49, accounted for 27 percent of home purchases. The Silent Generation, defined as those between the ages of 69 and 89, made up 10 percent of home purchases.

Despite the high share of young buyers, the percentage of first time homebuyers was at its lowest point since 1989. The share of first time homebuyers fell 5 percent from 2013 to 33 percent for 2014. In 1989, 30 percent of purchases were made by people buying a home for the first time.

Lawrence Yun, chief economist for the National Association of Realtors, says more than 80 percent of the survey's Millennial and Generation X respondents said they consider a home purchase to be a good investment. He says Millennials are also entering their peak buying period and will likely surpass Baby Boomers in population in the next several years, making them more influential in the housing market.

"Fixed monthly payments and the long-term financial stability homeownership can provide are attractive to young adults despite them witnessing the housing downturn and subsequent slow recovery in the early years of their adulthood," said Yun.

HOME AND BUYER CHARACTERISTICS

Millennials had a median age of 29 and a median income of $76,900, or $3,300 more than the median income in the 2013 survey. The median size and price of a Millennial home purchase was 1,720 square feet and $189,900; the price was $9,900 higher than the median purchase in 2013.

Generation X buyers purchased larger and more expensive homes, with a median size of 2,100 square feet and price of $250,000. Their median age was 41 and median income $104,600, an increase of $6,400 from 2014.

Younger Baby Boomers bought a home for a median price of $215,000 and median size of 1,890 square feet, while older Baby Boomers had a median purchase price of $216,000 and size of 1,800 square feet. The Silent Generation also had a median home size of 1,800 square feet for a median purchase price of $190,100.

Seventy-nine percent of buyers considered their home purchase a good financial investment, and Millennials had the highest share at 84 percent. This was followed by Generation X buyers at 82 percent, Baby Boomer buyers at 77 percent, and Silent Generation buyers at 72 percent.

Compared to other generations, Millennial homebuyers were most likely to purchase a home while in a relationship but not married. Fourteen percent of respondents in this generation fell into this category. Generation X buyers were most likely to be married at 68 percent, while younger Baby Boomers had the highest share of single female buyers at 23 percent.

Thirteen percent of all purchases were made by a multi-generational household, defined as including adult siblings, adult children, parents, or grandparents. Saving money was the primary motivation for establishing such a household, with 24 percent of respondents saying this is why they made the purchase with family. Twenty-three percent said the purchase was a result of adult children moving back into the home.

Younger Baby Boomers were the most likely to purchase a multi-generational home, with 21 percent doing so. Thirty-seven percent said the main reason for the purchase was that their adult children were moving back in with them.

BUYER MOTIVATIONS

Millennials were also the most likely to say a desire to own their own home was the primary reason for the purchase, with 39 percent saying they bought a home for this reason. Generation X buyers were most likely to say the purchase was the result of a change in family situation, such as the birth of a child, with 13 percent saying this had been the primary motivator. Older Baby Boomers were most likely to buy because of retirement (15 percent) while younger Baby Boomers were most likely to buy a home because of a relocation related to their job (16 percent).

Eighty-eight percent of respondents used the Internet in their home search, while 87 percent used a real estate agent. Millennials were the most likely to use Internet applications in their search, with 51 percent saying they found the home they purchased this way. However, they were also the most likely to use a real estate agent, with nine out of 10 Millennial respondents doing so.

Half of all buyers purchased a home in the suburbs, followed by 20 percent in a small town, 16 percent in an urban area, 11 percent in a rural area, and 3 percent in a resort or recreational area. Millennials were most likely to buy in an urban area at 21 percent, up 2 percent from the 2013 survey. Generation X buyers had the highest share of suburban purchases at 60 percent. The Silent Generation had the highest share of both small town and resort purchases at 23 percent and 6 percent, respectively. Older Baby Boomers and the Silent Generation had the highest share of rural homes, with this type of home accounting for 18 percent of the purchases in each generation.

The median distance from the buyers' previous residence was 12 miles. Older Baby Boomers had the farthest move, with a median distance from their former home of 30 miles.

Seventy-nine percent of all buyers purchased a detached single family home. Generation X buyers had the highest share of these home purchases at 85 percent, while the Silent Generation was most likely to purchase a townhouse or row house with 10 percent choosing this option.

In choosing a neighborhood, 75 percent of Millennials said the quality of the neighborhood was an important consideration while 74 percent said convenience to their job was important. Generation X buyers were more likely to be influenced by convenience to schools, with 41 percent saying this was an important consideration. The Silent Generation was most likely to consider the proximity of health care facilities at 37 percent.

Millennials gave a median period of 10 years when asked how long they planned to stay in the home they had purchased. Baby Boomers expected to stay in the home for the longest period of time, giving a median time of 18 years.

FINANCING

Millennials were the most likely to finance their purchase, with 97 percent using this option, but Generation X buyers were close behind at 96 percent. Financing was less common in older generations, with 85 percent of younger Baby Boomers, 72 percent of older Baby Boomers, and 61 percent of the Silent Generation using this purchase.

Older buyers were also more likely to put down a higher down payment. The median percentage covered by the down payment ranged from 7 percent for Millennials to 22 percent for the Silent Generation.

Millennials were more likely to rely on savings and gifts for their down payment. Eighty-three percent used savings, while 25 percent said they had received a gift from family or friends. Older buyers were more likely to use the proceeds from a previous home sale for a down payment, with half of Silent Generation buyers saying they did so.

Twelve percent of all buyers and 22 percent of Millennials said they had delayed their home purchase due to debt. Fifty-four percent of Millennials who delayed their purchase said the debt stemmed from student loans. Credit card debt was more of an issue for older buyers, with 41 percent of Generation X buyers and 37 percent of younger Baby Boomers who delayed their purchase saying this debt was the reason.

Most buyers used a conventional loan, with 61 percent taking this path to get a mortgage. Millennials were most likely to use a Federal Housing Administration-backed mortgage at 28 percent, while the Silent Generation had the highest share of Veterans Affairs loans at 21 percent.

SELLER CHARACTERISTICS

Generation X homeowners had the largest share of sellers at 27 percent. The Baby Boomer generation was the next most likely to sell, with older Baby Boomers making up 23 percent and younger Baby Boomers 20 percent.

Generation X sellers were also most likely to say they were moving because their current home was too small, with 29 percent saying this was the key factor. Millennials were most likely to move for work, with one in four saying this was the reason for selling their home. The Silent Generation and older Baby Boomers were most likely to sell because their current house was too big, retirement, or wanting to get closer to family or friends.

Younger sellers were more likely to upsize, while older sellers downsized slightly. Compared to their previous home, Millennial sellers bought a home with a median size that was 590 square feet larger while Generation X sellers increased their median home size by 450 square feet. Baby Boomer sellers as a whole got a home with a median size 100 square feet smaller, while Silent Generation sellers brought their median home size down by 150 square feet.

Generation X sellers were most likely to say their home sale had been stalled because their home was worth less than their mortgage. Twenty-three percent of the generation's sellers said they encountered this problem, compared to 16 percent of all sellers.

Sellers moved a median distance of 20 miles from their old home, with Generation X sellers moving the shortest median distance at 12 miles. Older Baby Boomers and the Silent Generation had the farthest move from their old home with a median distance of 35 miles.

The National Association of Realtors mailed the 127-question survey to primary residence buyers in July of last year and received 6,572 completed forms, a response rate of 9.4 percent. Homebuyers had to have purchased a home between July 2013 and June 2014 to be included. The National Association of Realtors says all data is characteristic of the 12-month period ending in June 2014, with the exception of income data derived from 2013.