Morning Minute: First-time buyers returning to summer housing market

The number of first-time homebuyers picked up in May and helped drive U.S. home sales higher for the month, the National Association of REALTORS® (NAR) reports. In fact, first-time buyers rose to 32 percent in May, marking the highest market share since September 2012, according to NAR.

Read the latest news release from NAR.

“The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low downpayment programs. More first-time buyers are expected to enter the market in coming months, but the overall share climbing higher will depend on how fast rates and prices rise.” — NAR Chief Economist Lawrence Yun

In other headlines:

CFPB lists 10 compliance violation trends – HousingWire

Freddie agrees with Fannie: The economy is improving – HousingWire

Developer mulls 200 homes for Cabrini-Green redevelopment – Crain’s Chicago Business

Leave a Reply

Your email address will not be published. Required fields are marked *