"Childless and Wealthy Buyers Flock to Competitive Housing Market"

Despite high prices and interest rates, some home buyers are still finding ways to enter the tough housing market. First-time buyers accounted for nearly a third of home sales, with a record 70% of buyers not having children under 18. Rising interest rates have deterred potential sellers from giving up their cheaper loans, leading to a shortage of available homes. Buyers are making tradeoffs, such as moving farther from the city or giving up certain features, to secure a home. The average income of buyers is at a record high, but the biggest challenge remains coming up with a down payment.