Core Insights - The U.S. real estate market has experienced its worst spring sales season in over a decade, with significant inventory issues and buyer hesitation due to economic uncertainties [1][3] - Traditional spring sales, typically a peak season, have been severely impacted by high mortgage rates and prices, leading to a pessimistic outlook for the upcoming seasons [3][4] - Despite some signs of recovery, such as a slight decrease in mortgage rates, the overall market remains stagnant with sellers withdrawing from the market, limiting supply [3][4] Market Performance - According to Redfin, the national contract signings from April to June reached the lowest level since 2012, indicating a significant downturn in market activity [3] - The economic outlook has worsened, with fears of high rates and prices persisting, leading to a decline in buyer confidence [3][4] - The rental market is showing signs of recovery as potential buyers struggle with affordability, with the purchasing power at its lowest since the 1980s [3][4] Regional Variations - There is a notable increase in active listings in areas like Las Vegas, where active listings surged by over 38% year-on-year, but sales dropped by 15% [4] - In contrast, regions with severe inventory shortages, such as the Northeast and Midwest, continue to see rapid price increases, while markets in Florida and Texas are experiencing declines [3][4] - The coastal town of Narragansett in Rhode Island has seen a significant drop in competitive offers, reflecting a broader trend of increasing price reductions across the state [5]