The housing market remains in a slump, with high mortgage rates and record-high home prices deterring buyers. The disappointing spring season has set a gloomy tone for the summer and fall, with few signs of improvement on the horizon. Economists expect only a modest decline in rates by year-end, which may not be enough to entice buyers or encourage sellers. The tight inventory of homes for sale, coupled with high mortgage rates, is causing affordability challenges for many buyers. Home prices, although still rising, are showing signs of slowing growth. Despite the current market conditions, homebuyers who can afford to buy now may benefit from a wider selection of homes on the market. For those able to pay in cash, there may be no reason to wait, as prices are unlikely to come down.