Here is a chart illustrating a " compare and contrast" between prices paid by first-time buyers and house prices in general.
It points to a rather disturbing characteristic. The bubble hit first time buyers harder, with price appreciation for those starter homes being significantly higher than for the market as a whole.
More recently, prices for first-time buyers has stabilised, while for the market as a whole, prices continue to fall. Obviously, first-time buyers have lost their nerve, and decided to jump back in.
It could be a big mistake.