The Federal Reserve on Wednesday lowered interest rates for the first time in nine months, but potential home buyers are facing multiple obstacles that could keep the American dream of owning a home out of reach.

New data released Wednesday by the Census Bureau shows a decrease in privately-owned building permits, housing starts, and housing completions last month compared to August 2024.

The typical cost of a home for both new homes and for existing homes is above $400,000 nationwide, said Jessica Lautz, Deputy Chief Economist at the National Association of Realtors. That being said, in some areas of the country, the median cost for an existing property actually tops $2 million.

First time home buyers make up only 24% of all purchases, and they're getting older.

The median age for a f

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