High levels of inventory have put power in the hands of buyers, but economic uncertainties are making them reluctant to close the deal.

Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels

Home Sales Fall as Prices Hit Record High. Mortgage Rates Are Keeping the Market Stuck. Existing-home sales fell to the lowest level since September while sale prices climbed to a record high. Mortgage rates need to drop for sales to meaningfully pick back up, one economist says.