DMV resident Keith Powell has been attending open houses since peak pandemic days.

• The house with the socially distant real estate agent wasn't a fit — and neither were the dozen-plus homes he's seen since.

Why it matters: House hunters are giving up.

Zoom in: Powell lives mortgage-free in Brightwood and can't stomach mortgage rates coupled with sky-high home prices. He's pausing his real estate search for a home around 16th Street Heights "indefinitely."

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.

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

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Roughly 15% of U.S. home sales failed to close in June — a number that's held steady since this time last year, according to data Redfin shared with Axios.

The big picture: Deals fall apart for a number of reasons, from inspection issues to buyer's remorse. But in many instances, it's because the buyer failed to secure a mortgage, per the National Association of Exclusive Buyer Agents.

The bottom line: Buyers are still feeling jittery.

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