First time home buyers

The average millennial borrower credit score remained unchanged in May, but values by city painted very different pictures, according to Ellie Mae.

With the supply of housing down and more jobs available in cities, millennials have flocked to urban neighborhoods at a comparable rate to the suburbs for the first time in decades.

The decline in homeownership among young adults can be attributed to a variety of financial headwinds like student loans and societal shifts like marriage rates, but rising housing costs are the core issue, according to research by Freddie Mac economists.

KB Home attributed significant growth in its building and mortgage income to first-time homebuyer activity and new lending technology in its fiscal second quarter.

From lowering expectations about their ideal home to moving faster to close a deal, here's a look at five ways house hunters say they would react to average mortgage rates reaching 5%.

Home prices in 20 U.S. cities continued to advance at a solid, albeit a touch slower, pace in April, reflecting lingering inventory shortages, according to S&P CoreLogic Case-Shiller data.

Purchases of new homes advanced in May to a six-month high as sales in the South increased to the fastest pace since 2007, according to government data.

Sales of previously owned homes unexpectedly fell in May for a second month as a lack of inventory and elevated asking prices weighed on demand, National Association of Realtors data showed.

Resale inventory is at its lowest level in 18 years and new construction supply continues being outpaced by high demand, according to CoreLogic.

Sentiment among homebuilders fell in June to match the lowest level this year, reflecting sharply elevated lumber costs, according to a report from the National Association of Home Builders/Wells Fargo.