More Homes Are Hitting the Market—but Can Buyers Afford Them?

Existing-home sales are expected to rise modestly by 0.3% in May but remain 0.2% below last year's pace. The increase is driven by a resilient economy despite rising mortgage rates reducing buying power. The housing market operates below pre-pandemic levels, with sales and new listings about 18% lower nationally. Markets with recovered listings and affordable prices, like Provo and Nashville, see sales closer to normal, while high-cost areas face weaker sales despite supply.