The MLS is in the news a lot. But what is it?

This week, Wayfair reported a $42 million loss and its CEO compared the drop in demand to the one seen in the last financial crisis.

Some sellers who have delayed putting their homes on the market are now doing so, but inventory is still lower than normal.

But not because it’s easier to buy.

When you take mortgage rates, housing prices and incomes into account, homes are 44% less affordable than they were two years ago.

Millennials have faced challenges to homeownership for years. Now, a slim majority of millennials own a home.

Sales at furniture stores have been sliding amid a cooling housing market and weakening consumer sentiment about making big purchases.

People motivated to buy or sell homes in this market are often hitting significant milestones, from babies and back-to-office mandates to downsizing and retirement.

Builders find there’s high demand for new developments, but they’re also finding it harder to convince banks to loan them money.

Last month, 20% fewer existing homes were sold than in May 2022. People are staying put — and staying together — to avoid higher costs.