The spring homebuying season has been slow, with the median existing-home price rising to $408,800 in March, a 1.4% increase from the previous year, and a record high for the month. Meanwhile, inflation has remained high at 3.3% year over the year, putting pressure on household budgets and making it difficult to save for a home. The average 30-year fixed mortgage rate is 6.32%, which has remained above 6% for nearly four years. Existing-home sales fell 3.6% in March to a seasonally adjusted annual rate of 3.98 million, the lowest level since June 2025.