The US housing market is facing its third straight year of decline, with the spring season proving to be especially disappointing for both buyers and sellers. Rising mortgage rates, record-high home prices, and historically low inventory levels are causing many potential buyers to put their home search on hold. Despite forecasts of a modest rate decrease by the end of the year, the average 30-year mortgage rate remains around 7%. The limited housing supply is further exacerbating the situation, with home prices reaching all-time highs in May. While some experts predict a slowdown in price growth, concerns remain about the impact of declining rates on market dynamics. Buyers who are financially ready to purchase a home now may benefit from the increased housing options available, as waiting for rate decreases may not necessarily lead to lower prices.