Although sales of existing homes rose slightly in May, sales held near historically low levels. A sign that buyers are staying away because of high home prices. (WSJ.com)

Above 6.5% interest rates coupled with high home prices are keeping buyers away. (WSJ.com)

The number of homes for sale is rising, but affordability remains a challenge compared with six years prior. (WSJ.com)

According to Zillow, “As buyers are gaining negotiating power, price growth is slowing. About one in four listings on Zillow got a price cut in May, the highest proportion for any May since at least 2018.”

Lawrence Yun, National Association of Realtor’s Chief Economist, states, “Consumers are not getting into the market. I would attribute that to the affordability challenge.”

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