T
his year's spring homebuying season has been a disappointment, with the weakest performance since 2012. Pending home sales from April to June hit a 13-year low, according to Redfin, as high borrowing costs and lingering affordability issues kept buyers at bay.

    Even in a season typically driven by pent-up demand, agents reported slow traffic and tough sells. In Atlanta, agent Glennda Baker is struggling with 21 listings, cutting prices to get attention. "Price doesn't solve uncertainty," she said.

    Despite early signs of a rebound, the market was derailed by economic uncertainty and affordability issues. Falling rates and cooling price growth had sparked optimism earlier in the year, but it proved short-lived. "We thought we hit rock bottom, but we keep discovering there's more rock bottom to be had," said Chen Zhao, head of economics research at Redfin.

    Sellers are not yet slashing prices en masse, but many are pulling listings altogether, reducing inventory and stalling a potential buyer-friendly market reset. Economists warn that any delayed spring activity won't fully carry over into summer, despite a buoyant stock market and slight gains in consumer confidence.

    Regional disparities are widening, with severe inventory shortages driving up prices in the Northeast and Midwest. However, in Sun Belt states like Florida, Texas, and Nevada, listings are piling up and sales are sinking. Buyer paralysis is widespread, and analysts warn that a major summer turnaround is unlikely.