Homebuilder confidence falls to seven-month low

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1. First-time buyers fall to record low

The share of first-time buyers entering the housing market dropped to just 21% last year, down 3 percentage points year over year and marking the lowest level since at least 1981, according to new data from the NAR.

By generation, the share of buyers who were first-time purchasers was:

• Younger Millennials: 60% (down from 71% last year)

• Older Millennials: 33% (down from 36%)

• Gen X: 21% (up from 20%)

• Younger Boomers: 8% (down from 9%)

• Older Boomers: 4% (unchanged)

• Silent Generation: 3% (down from 5%)

Older Millennials had the highest median household income of any generation at $132,700. They also purchased the largest homes, with a median size of 2,100 sq-ft.

2. Homebuilder confidence falls to seven-month low

Builder sentiment weakened in April, with the National Association of Home Builders (NAHB) Housing Market Index falling to 34, down four points from March and the lowest level since September.

About 36% of builders reported cutting prices in April, slightly down from 37% in March, with the average price reduction narrowing to 5% from 6% the previous month.

Regionally, the West saw the sharpest decline, dropping three points to 29. The Northeast and Midwest each fell two points to 42 and 41, respectively, while the South held steady at 35.

3. Catch up quick

⚠️ Federal borrowing may limit rate relief and keep housing expensive. (Relator.com)

📈 Home insurance increases drive delinquencies. (DallasFed)

🏘️ Study: Homes marketed off MLS get better prices. (TRD)

🚨 FBI raids Texas home connected to suspect in arson attack at OpenAI CEO's house. (ABC)

🤔 1 in 13 homeshoppers are also browsing rentals. (Zillow)

4. Two Texas associations plan to merge

The San Antonio Board of Realtors (SABOR) and the Four Rivers Association of Realtors (FRAR) announced plans this week to merge, a move that would bring more than 10,000 members across Central and South Texas under one umbrella.

The boards of directors for both associations have formally approved the deal. The merger still requires member approval and ratification by the NAR before it can be finalized.

According to SABOR, the merger would provide members with expanded education and professional development opportunities, along with enhanced networking and regional support.

5. Existing-home sales hit a 9-month low

According to data released Monday by the NAR, existing-home sales fell in March to their lowest level in nine months, dropping 3.6% to a seasonally adjusted annual rate of 3.98 million.

The NAR also lowered its forecast for existing-home sales growth in 2026 to 4%, down sharply from its previous projection of 14%.

Month-over-month activity declined across all four regions. On a year-over-year basis, sales rose in the South and West but fell in the Northeast and Midwest. Meanwhile, the median existing-home price increased 1.4% from a year earlier to $408,800 in March.

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