Housing markets

Across the country over the past two years, the share of homes affordable to a first-time home buyer has fallen to 29% from 34% in 1Q23 and 45% in 1Q22, First American Financial said.

Almost two-thirds of those aged 55 or over said they are sentimental about the house they have occupied long-term.

The sales pace is now at the low end of the range seen over the past year, suggesting limited momentum amid a lack of affordability.

Borrowers in the government-purchase market returned to the table in greater numbers, as rates declined, the Mortgage Bankers Association said.

A national measure of prices rose 6.3% from a year earlier, less than the 6.5% gain in March, according to data from S&P CoreLogic Case-Shiller.

The Department of Justice filed an amicus brief in a case that also involves the National Association of Realtors and its rules around multiple listing services.

The income needed to afford a typical apartment is the highest since 2022.

The nation's leading brokerages have agreed to rule changes and settlements with consumers totalling over $900 million.

Sales of existing homes in the U.S. fell for a third straight month in May while prices set another record, underscoring persistent affordability challenges that hobbled the important spring selling season.

The appeals court battle is unrelated to the association's settlement regarding buyers' brokers commissions, scheduled for final approval in November.