T
he US housing market is experiencing a prolonged slowdown, with homes lingering on the market for an average of 54 days - the longest stretch since March 2020. This sluggish pace is largely attributed to the perfect storm of high mortgage rates and escalating home prices.

    Redfin's data reveals a buyer's market in full swing, with a 5.2-month supply of homes - the highest level since February 2019. This surplus is a stark contrast to the frenzied buying frenzy that characterized January 2022, when homes typically sold within just 35 days.

    The numbers paint a bleak picture: pending home sales have plummeted by 9.4% year-over-year, marking the largest decline since September 2023. The culprit behind this downturn is the crippling cost of homeownership, with mortgage rates hovering near 7% and home prices increasing by 4.8% annually.

    The median monthly payment has reached a staggering $2,753 - mere dollars shy of the April record. Extreme weather events, such as winter storms in the Midwest and wildfires in Southern California, have also served as a deterrent for potential buyers.

    Despite these challenges, Redfin agents remain optimistic about a market rebound. As Jordan Hammond, a Raleigh-based agent notes, "Buyers have been waiting for prices to drop or rates to plummet, but it's clear that sellers aren't budging and rates are stabilizing." With mortgage rates expected to ease and new listings on the rise, Hammond believes buyers will finally take action - if they can afford it.