Why U.S. homebuyers are giving up

Zoom in: Rosemary Costello and her husband have been on the hunt for two years. They are pre-approved for a mortgage and have "a big cash deposit." Even so, they haven't been able to find what they're looking for in Chester County, Pennsylvania.

• They're empty-nesters who want a house with a first-floor primary suite and low-maintenance yard below $800,000.
• People are clamoring to buy their current home, but there's nowhere for the Costellos to go.

The big picture: We've been talking about it for years — home prices, mortgage rates and a lack of inventory are posing serious challenges for buyers. And recent data show people are growing weary.

• Pending home sales fell to the lowest level in four years in April — the worst reading since the height of the pandemic lockdown, Axios' Courtenay Brown reports.

By the numbers: Just 21% of Americans say now is a good time to buy, according to the latest survey from Gallup.

• For 16 years (2005-2021), the majority of people surveyed said it was a good time to buy. Since 2022, that share has been below 30%, Gallup found.
• Younger people feel especially pessimistic: 75% of those under 50 think home prices will continue to rise, compared to 60% of older adults.

The other side: With less competition, some buyers are able to find deals right now, especially all-cash buyers who don't have to worry about mortgage rates.

The intrigue: Fence-sitters might be looking online, but they're not out making offers, longtime agent Kelly Moye tells Axios.

• In Denver, people have either decided to wait for rates to drop, or they're seriously "ready to rock," she says.
• The ability to look for houses online has eliminated those "1-3 year buyers," Moye says.

What's next: Consumers are cautiously optimistic a rate cut will help them get back in the homebuying game.

Go deeper: How to know if you're ready to buy a home