First-time homebuyers delayed purchases due to high mortgage rates and limited inventory, leading to record-low entry-level sales.

First-time homebuyers are delaying purchases due to high mortgage rates and limited housing inventory. The existing-home market has seen sales drop to the lowest level since 2010, with entry-level buyers accounting for just 26% of transactions, matching record lows. Many homeowners are also choosing not to move, having locked in lower mortgage rates during the pandemic.