Key takeaways Low levels of inventory mean that sellers continue to have the upper hand in the housing market. Mortgage rates have come down from their peak but are still high, and steep home prices are dissuading would-be buyers. If rates were to drop further, that would spur the market for both buyers and sellers. With home prices historically high, inventory still very tight and big commission changes coming this summer, many prospective sellers and hopeful buyers are feeling nervous about today’s housing market.The median sale price for an existing home in the U.S. was $393,500 as of March 2024, the the highest March median on record with the National Association of Realtors (NAR). And after rising above 8 percent in October, the average 30-year mortgage rate as of early May 2024 was 7.23 percent — a welcome decrease but still much higher than most homeowners’ locked-in rates.Home prices, mortgage rates, inventory levels and commission structures will all shape housing affordabilit...
