Housing markets

Major homeownership expenses now account for 35% of the average American's wages as housing market challenges continue, according to Attom.

Despite a slow return of housing inventory, purchase application numbers dipped in a week where interest rates finished higher, the Mortgage Bankers Association said.

Year-over-year home price growth was at its slowest pace since October, Corelogic's Home Price Index report said.

Buyers can expect a quiet market moving into July. Despite an uptick in new listings, a report on data from June said contract volume is still behind historical norms.

Lennar's ratings were cut by analysts at both Citigroup and Raymond James, while the former also dropped their views on D.R. Horton.

Home sales with mortgages rose from a year ago by a larger percentage, 15.1%, than those conducted in cash, which increased 10.6%.

Nearly one-quarter of borrowers now have a rate above 5% as households in this category grow and the number with rock-bottom financing costs slowly recedes.

However, a significant minority, more than one-in-10, stated although they want to buy, they will never be able to afford to do so, Insurify found.

Even with rising premiums, the disincentive is not enough to drive homeowners away from risky areas, said the chairman of Swiss Re.

The core personal consumption expenditures price index, which strips out food and energy, increased 0.1% from the prior month, the smallest in six months.

Part of the proceeds will be used to pay down a credit facility, which is then being refinanced and the principal reduced.

May's falling interest rates as well as ongoing wage growth helped improve home affordability across borrowing segments and racial groups, the Mortgage Bankers Association said.

A gauge of contract signings from the National Association of Realtors decreased 2.1% to 70.8 last month, the lowest reading in data going back to 2001, the group said Thursday.

The pace of growth is more than double the recent historical average, adding further affordability hurdles for some homeowners.

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.