Summer homebuying has been a challenge this year. Elevated mortgage rates, which crossed the 6.5% mark in May, coupled with soaring home prices and inventory shortages, have put a dent in market activity. Existing home sales are down 16.6% compared to last year, according to NAR.

In the Twin Cities, the scenario is similar. New listings dropped 2.8% to 6,077, while pending sales were down 10.5% to 4,468. Inventory levels decreased by 11.8% to 8,111 units. Despite these figures, median sales pric...