The National Association of Realtors (NAR) has reported that baby boomers are dominating the housing market, accounting for 42% of homebuyers and 55% of sellers. This marks only the third time in the last decade that boomers have dominated the market. NAR Deputy Chief Economist Jessica Lautz said that the housing industry is divided between those with equity and those without. Many boomers pay cash for home purchases and are more likely to use this to offset high mortgage rates. The housing market remains in a prolonged sales slump, with affordability challenges and low inventory. However, NAR noted that the typical homeowner has accumulated nearly $130,000 in housing wealth over the past six years. Older millennials are also becoming move-up buyers, with the highest median household income of any generation at $132,700.