By ALEX VEIGA, Associated Press Business Writer

LOS ANGELES (AP) — Home ownership is receding further out of reach for most Americans as elevated mortgage rates and rising prices stretch the limits of what buyers can afford.

A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home — the national median listing price in April, according to data released Thursday by Realtor.com

The analysis assumes that a homebuyer will make a 20% down payment, finance the rest of the purchase with a 30-year fixed-rate mortgage, and that the buyer’s housing costs won’t exceed 30% of their gross monthly income — an often-used barometer of housing affordability.

Based off the latest U.S. median home listing price, homebuyers need to earn $47,000 more a year to afford a home than they would have just six years ago. Back then, the median U.S. home listing price was $314,950, and the average rate on a 30-year mortgage hovered around 4.1%. This week, the rate averaged 6.76%.

FILE – A sign announcing a home for sale is posted outside a home, Thursday, Feb. 1, 2024, in Aceworth, Ga., near Atlanta. (AP Photo/Mike Stewart, File)

The annual income required to afford a median-priced U.S. home first crossed into the six figures in May 2022 and hasn’t dropped below that level since. Median household income was about $80,600 annually in 2023, according to the U.S. Census bureau.

In several metro areas, including San Francisco, Los Angeles, New York and Boston, the annual income needed to afford a median-priced home tops $200,000. In San Jose, it’s more than $370,000.

Rock-bottom mortgage rates turbocharged the housing market during the pandemic, fueling bidding wars for homes that pushed up sale prices sometimes hundreds of thousands of dollars above a seller initial asking price. U.S. home prices soared more than 50% between 2019 and 2024.

The U.S. housing market has been in a sales slump since 2022, when mortgage rates began to climb from their pandemic-era lows. Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years. In March, they posted their largest monthly drop since November 2022.

It’s not all bad news for prospective homebuyers.

Home prices are rising much more slowly than during the pandemic housing market frenzy. The national median sales price of a previously occupied U.S. home rose 2.7% in March from a year earlier to $403,700, an all-time high for March, but the smallest annual increase since August.

In April, the median price of a home listed for sale rose only 0.3% from a year earlier, according to Realtor.com.

Buyers who can afford current mortgage rates have a wider selection of properties now than a year ago.

Active listings — a tally that encompasses all homes on the market except those pending a finalized sale — surged 30.6% last month from a year earlier, according to Realtor.com. Home listings jumped between 67.6% and 70.1% in San Diego, San Jose and Washington D.C.

As properties take longer to sell, more sellers are reducing their asking price. Some 18% of listings had their price reduced last month, according to Realtor.com.

“Sellers are becoming more flexible on pricing, underscored by the price reductions we’re seeing, and while higher mortgage rates are certainly weighing on demand, the silver lining is that the market is starting to rebalance,” said Danielle Hale, chief economist at Realtor.com. “This could create opportunities for buyers who are prepared.”

By JIANG JUNZHE and MATT OTT, Associated Press

Wall Street was poised to open with gains Friday after China’s Commerce Ministry said Beijing is evaluating overtures from the U.S. regarding President Donald Trump’s tariffs.

Futures for the S&P 500 gained 0.3% before the bell and were on track for a ninth straight day of gains. Futures for the Dow Jones Industrial Average added 0.4% and Nasdaq futures ticked up 0.2%.

Exxon Mobil’s reported its lowest first-quarter profit in years, stung by weaker crude prices and higher costs. Its shares ticked up less than 1% before markets opened Friday.

Shares in rival Chevron fell more than 2% after it also reported its smallest first quarter profit in years.

A barrel of U.S. benchmark crude fell below $60 this week, a level at which many producers can no longer turn a profit. On Friday, a barrel of U.S. crude fell another 66 cents to $58.58. Brent crude, the European standard, declined 64 cents to $61.49 per barrel.

Energy prices mostly have been in decline since Trump’s inauguration in January, with the cost of a barrel of oil sliding as much as $20. At this time last year, a barrel of U.S. crude cost $78.

Uncertainty about the impact of Trump’s on-again-off-again tariff announcements has consumers and businesses feeling anxious about the future. Rapidly falling oil prices signal pessimism about economic growth and can be a harbinger of a recession as manufacturers cut production, businesses cut travel costs and families rethink vacation plans.

Late Thursday, technology behemoths Amazon and Apple reported their latest results. Shares of Apple fell about 3% overnight after the iPhone company beat Wall Street expectations but forecast an additional $900 million to its costs in the current quarter as a result of the tariffs, if they remain in place as announced.

Amazon shares fell close to 1% after the online retailer reported better-than-expected results but also said that tariffs were clouding its near-term forecast.

Friday the government released its April jobs report showing that American employers added a better-than-expected 177,000 jobs.

Economists expected the U.S. Labor Department to report that employers added 135,000 jobs last month. That’s a healthy number, but it would be down sharply from the surprisingly strong 228,000 jobs added in March.

Many economists worry the job market could deteriorate with Trump’s massive taxes on imports to the U.S. likely to raise costs for Americans and American businesses, which could result in slower economic growth.

However, hopes that Trump may eventually roll back some of his tariffs after reaching trade deals with other countries has helped to support markets this week. On Thursday, the S&P 500 rose 0.6% for an eighth straight gain, its longest winning streak since August.

In Europe at midday, Germany’s DAX advanced 1.5%, the CAC 40 in Paris climbed 1.3% and Britain’s FTSE 100 was 0.7%.

In Asian trading, Hong Kong’s Hang Seng surged 1.7% to 22,504.68 while markets in Shanghai were closed for a public holiday. Taiwan’s benchmark jumped 2.7%.

An unnamed Chinese Commerce Ministry spokesperson was cited as saying that Beijing had taken note of various statements by senior U.S. officials indicating a willingness to negotiate over tariffs.

“At the same time, the U.S. has recently taken the initiative to convey information to the Chinese side on a number of occasions through relevant parties, hoping to talk with the Chinese side. In this regard, the Chinese side is making an assessment,” it said.

Tokyo’s Nikkei 225 picked up 1% to 36,830.69.

Japanese Finance Minister Katsunobu Kato drew attention by mentioning that the country’s more than $1.1 trillion in U.S. Treasury bonds could potentially be a “card on the table” in negotiations with Washington over Trump’s steep tariffs on autos and other imports.

Elsewhere in Asia, South Korea’s Kospi rose 0.1% to 2,558.84 and Australia’s S&P/ASX 200 added 1.1%, closing at 8,238.00.

By KELVIN CHAN, Associated Press Business Writer

LONDON (AP) — A European Union privacy watchdog fined TikTok $600 million on Friday after a four-year investigation found that the video sharing app’s data transfers to China put users at risk of spying, in breach of strict EU data privacy rules.

Ireland’s Data Protection Commission also sanctioned TikTok for not being transparent with users about where their personal data was being sent and ordered the company to comply with the rules within six months.

The Irish national watchdog serves as TikTok’s lead data privacy regulator in the 27-nation EU because the company’s European headquarters is based in Dublin.

“TikTok failed to verify, guarantee and demonstrate that the personal data of (European) users, remotely accessed by staff in China, was afforded a level of protection essentially equivalent to that guaranteed within the EU,” Deputy Commissioner Graham Doyle said in a statement.

TikTok said it disagreed with the decision and plans to appeal.

The company said in a blog post that the decision focuses on a “select period” ending in May 2023, before it embarked on a data localization project called Project Clover that involved building three data centers in Europe.

“The facts are that Project Clover has some of the most stringent data protections anywhere in the industry, including unprecedented independent oversight by NCC Group, a leading European cybersecurity firm,” said Christine Grahn, TikTok’s European head of public policy and government relations. “The decision fails to fully consider these considerable data security measures.”

TikTok, whose parent company ByteDance is based in China, has been under scrutiny in Europe over how it handles personal information of its users amid concerns from Western officials that it poses a security risk over user data sent to China. In 2023, the Irish watchdog also fined the company hundreds of millions of euros in a separate child privacy investigation.

The Irish watchdog said its investigation found that TikTok failed to address “potential access by Chinese authorities” to European users’ personal data under Chinese laws on anti-terrorism, counterespionage, cybersecurity and national intelligence that were identified as “materially diverging” from EU standards.

Grahn said TikTok has “has never received a request for European user data from the Chinese authorities, and has never provided European user data to them.”

Under the EU rules, known as the General Data Protection Regulation, European user data can only be transferred outside of the bloc if there are safeguards in place to ensure the same level of protection.

Grahn said TikTok strongly disagreed with the Irish regulator’s argument that it didn’t carry out “necessary assessments” for data transfers, saying it sought advice from law firms and experts. She said TikTok was being “singled out” even though it uses the “same legal mechanisms” that thousands of other companies in Europe does and its approach is “in line” with EU rules.

The investigation, which opened in September 2021, also found that TikTok’s privacy policy at the time did not name third countries, including China, where user data was transferred. The watchdog said the policy, which has since been updated, failed to explain that data processing involved “remote access to personal data stored in Singapore and the United States by personnel based in China.”

TikTok faces further scrutiny from the Irish regulator, which said that the company had provided inaccurate information throughout the inquiry by saying that it didn’t store European user data on Chinese servers. It wasn’t until April that it informed the regulator that it discovered in February that some data had in fact been stored on Chinese servers.

Doyle said that the watchdog is taking the recent developments “very seriously” and “considering what further regulatory action may be warranted.”

By PAUL WISEMAN, Associated Press Economics Writer

WASHINGTON (AP) — American employers added a better-than-expected 177,000 jobs in April as the job market showed resilience in the face of President Donald Trump’s trade wars.

Hiring was down slightly from a revised 185,000 in March and came in above economists’ expectations for a modest 135,000. The unemployment rate remained at a low 4.2%, the Labor Department reported Friday.

President Donald Trump’s aggressive and unpredictable policies – including massive import taxes – have clouded the outlook for the economy and the job market and raised fears that the American economy is headed toward recession.

Transportation and warehousing companies added 29,000 jobs last month, suggesting that companies have been stocking up before essential, imported goods are hit with a wave of new tariffs, driving prices higher. Healthcare companies added nearly 51,000 jobs and bars, restaurants almost 17,000 and construction firms 11,000. Factories lost 1,000 jobs.

Labor Department revisions shaved 58,000 jobs from February and March payrolls.

Average hourly earnings ticked up 0.2% from March and 3.8% from a year ago, nearing the 3.5% that economists view as consistent with the 2% inflation the Federal Reserve wants to see.

The report showed that 518,000 people entered the labor force, and the percentage of those working or looking for work ticked up slightly.

“We are not seeing right now any really adverse effects on the employment market,’’ Boston College economist Brian Bethune said before the report came out.

Yet many economists fear that the U.S. job market will deteriorate if economic growth takes a hit from trade wars.

Trump’s massive taxes on imports to the U.S. are likely to raise costs for Americans and American businesses that depend on supplies from overseas. They also threaten to slow economic growth. His immigration crackdown threatens to make it more difficult for hotels, restaurants and construction firms to fill job openings. By purging federal workers and cancelling federal contracts, Elon Musk’s Department of Government Efficiency risks wiping out jobs inside the government and out.

“Looking ahead, we expect the steep tariff increases and the surge in uncertainty and financial market volatility will result in a more pronounced labor market downshift than previously anticipated,” Lydia Boussour, senior economist at the accounting and consulting giant EY, wrote this week. “Large cuts to the federal workforce and the cancellations of many government contracts will also be a drag on payroll growth in coming months.’’

A slowdown in immigration “will weigh on labor supply dynamics, further constraining job growth. We foresee the unemployment rate rising toward 5% in 2025.’’

Trump’s policies have shaken financial markets and frightened consumers. The Conference Board, a business group, reported Tuesday that Americans’ confidence in the economy fell for the fifth straight month to the lowest level since the onset of the COVID-19 pandemic.

American workers have at least one thing going for them. Despite the uncertainty about fallout from Trump’s policies, many employers don’t want to risk letting employees go – not after seeing how hard it was to bring people back from the massive but short-lived layoffs of the 2020 COVID-19 recession.

“They laid millions of these people off, and they had a hell of a time getting them back to work,’’ Boston College’s Bethune said. “So for now, the unemployment rate and the number of people filing claims for jobless benefits every week remain low by historical standards.

Bethune does not expect Musk’s cuts to the federal workforce to show up much in the April jobs numbers. For one thing, job cuts orders by the billionaire’s DOGE are still being challenged in court. For another, some of those leaving federal agencies were forced into early retirement – and don’t show up in the Labor Department’s count of the unemployed.