The article highlights that existing home sales are stagnant at a 30-year low, with prices hitting a new record and mortgage rates remaining high. According to the National Association of Realtors, sales in May were essentially flat, down 0.7% from the previous month and 2.8% from last year. The slow pace of sales is attributed to a sharp increase in mortgage rates in April, with the average rate hovering around 7%. Chief economist Lawrence Yun expressed disappointment in the lack of a spring recovery in the housing market. However, there is hope for improvement as the inventory of homes for sale saw a significant increase in May, up 18.5% from the previous year. This surge in inventory may lead to a boost in sales and help stabilize home prices in the future, offering more options for potential buyers.