A lack of homes for sale is limiting the first-time homebuyer share of home purchases, according to the National Association of Realtors. NAR’s latest annual profile of homebuyers found 34 percent of respondents were first-time homebuyers, down from 35 percent in the 2016 report and the fourth lowest share for first-time homebuyers since 1981. The historical norm for first-time homebuyer share is 40 percent, according to NAR. Lawrence Yun, NAR’s chief economist, said a “severe drought” ...