The number of first time home buyers has increased as the environment has made homes more affordable like low home prices, low interest rates and there are many available in the inventory.

According to a study released last Saturday where a survey was conducted at 2008 Realtors Conference & Expo, the number of first-time buyers increased to 41 percent from 39 percent in 2007.

"First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," National Association of Realtors Chief Economist Lawrence Yun said in a statement.

Yun recognized the fact that the low home prices, "plentiful" supply and attractive and more affordable interest rates. Looking forward, further increase of first time homebuyers is expected, Yun added, as  there is a first-time buyer tax credit and the improvements to the FHA loan program.

"It's been an optimal time for entry-level buyers with a long-term view," Yun said.

The median age for first-time buyers was 30, down from 31 in 2007.

The median income for a first-time buyer was $60,600 and typical first-time buyers bought homes costing $165,000.

Of the buyers, sources of down payment are 69 percent from savings and 26 percent used money from a friend or relative, 7 percent received a loan from a relative or friend, while 16 percent came from their investments. 92 percent of those surveyed got fixed-rate mortgages.