Higher mortgage rates and home prices have pushed the monthly payment to buy the median-priced home in the U.S. up more than 50% since the start of last year. Many first-time buyers can't afford it.
With a historic shortage of homes for sale, investors making cash offers are pushing first-time homebuyers out of the market.
Sales of existing homes fell 6.6% in February from the month before. Meanwhile, prices are up 16% over the past year, giving homeowners about $2 trillion more in equity and widening the wealth gap.