It’s May, but the spring homebuying season has yet to bloom—and it may turn out to be a total dud.

Mortgage rates increased 15 basis points in April, while pending and existing home sales slumped in March. Though the median existing-home sales price edged lower year-over-year for the second consecutive month—a promising sign for home shoppers—substantial, nationwide price declines are likely not in the cards.

Tight inventory issues continue to keep prices high, perpetuating affordability challenges for many, especially first-time homebuyers. For one, the nation’s housing supply remains limited—and probably will remain so for at least the near future—due, in part, to those who purchased homes in recent years at record-low interest rates staying put.

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https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/

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