Home prices have surged to record highs, making it a challenging time to buy a home. Elevated mortgage rates have deterred many potential buyers and sellers, leading to fewer homes being sold. The lack of inventory has caused prices to rise, with the median price hitting an all-time high of $419,300 in May. While interest rates have slightly decreased recently, they are still significantly higher than pre-pandemic levels, making homeownership more costly. However, there is a glimmer of hope as the number of homes for sale has increased by 18.5% from a year ago, although new home construction is slowing down. Overall, the housing market remains competitive, with affordability concerns impacting lower-priced homes and builders struggling to meet demand. For prospective buyers and sellers, navigating this challenging market requires careful consideration and expert guidance.