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First American Corp. had a second-quarter profit of $102.1 million as the title insurer's pretax margin of 13.7% was its best ever.
Home prices rose 5.6% in May from a year earlier as buyers competed for a scarcity of listings, the Federal Housing Finance Agency said in a report.
Thanks to lower interest rates and higher job growth, the market for existing-home sales is performing very close to its potential, according to First American Financial Corp.
Mortgage rates ticked up slightly across the board as the bond market settled from its post-Brexit volatility, but they remained near their historic lows, according to Freddie Mac.
Sales of previously owned homes unexpectedly climbed in June to the highest level in more than nine years, giving a boost to residential real estate as it approached the end of its busy selling season.
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