The spring homebuying season just got a reality check.
Sales of previously owned homes slipped again last month, according to the latest data from the National Association of Realtors, as stubborn mortgage rates and rising prices kept a lid on activity.
It's the kind of number that sounds abstract until you're the one getting outbid or staring at a monthly payment that barely pencils out.
The average 30-year fixed mortgage has been hovering in the mid-to-high 6% range, and in some weeks it creeps past 7%.
On a $400,000 loan, that's roughly $2,500 a month before taxes and insurance.
Two years ago, the same loan at 3% would have run you about $1,700.
That gap is why so many would-be buyers are staying put.
More homes are trickling onto the market than a year ago, which is genuinely good news.
But a chunk of that supply is either priced too high, needs work, or sits in a location buyers don't want.
Meanwhile, plenty of homeowners with 3% mortgages have zero incentive to sell and take on a 7% loan, so the "good" listings stay scarce.
Sellers are learning the hard way that the pandemic-era frenzy is over.
Homes that would have drawn a dozen offers in 2021 are now sitting for weeks, and price cuts are getting more common.
If you're selling, the old advice still holds: price it right from day one, because overpricing and then chasing the market down usually costs you more in the end.
If you're buying, this is a moment to be patient and picky.
Get pre-approved so you know your real number, not the one you wish you had.
Don't let a lender talk you into a payment that eats more than about 30% of your take-home pay.
And ask about seller credits for closing costs or a rate buydown — in a slower market, that's often easier to negotiate than a lower list price.
For anyone waiting for rates to crash back to 3%, don't hold your breath.
Most forecasts point to modest moves, not a dramatic drop.
The smarter play is to buy what you can genuinely afford, plan to refinance later if rates fall, and keep an emergency fund intact so a surprise repair doesn't wreck you. **Our take:** The housing market isn't crashing, but it is finally tilting a little back toward buyers who do their homework.
Final Thoughts
Patience, a realistic budget, and a willingness to walk away are worth more right now than any hot tip.