The housing market remains sluggish, with high mortgage rates and low inventory causing challenges for both buyers and sellers. The spring homebuying season was disappointing, reflecting affordability issues due to rising rates and record high prices. Mortgage rates have more than doubled since 2021, hovering near 7%, and are expected to stay above 6% despite possible rate cuts. Low inventory levels persist, although there has been a slight increase in homes for sale. Home prices hit an all-time high in May but are starting to cool slightly. Economists warn that a drop in rates without increased supply could lead to further price hikes. However, buyers willing to purchase now could benefit from a wider selection of homes. Overall, the current housing market presents challenges and opportunities for those looking to buy or sell.