One bright spot in this bummer housing market: More listings are shaking loose.

Why it matters: Some homeowners sitting on low mortgage rates are finally selling.

By the numbers: Inventory in 20 of the 50 largest U.S. metros topped pre-pandemic norms in April, up from 18 in March, per Realtor.com.

Yes, but: The mortgage "lock-in effect," as experts call it, isn't going away anytime soon.

• In all 50 states, over half of mortgages have rates below 4%, according to Cotality, an industry data provider.
• In California, Utah and North Dakota, the share hits 71%. Nationally, it's 62%.

Between the lines: Most who took out new mortgages in recent years have rates above 6%.

• The average rate on the 30-year mortgage hasn't dipped below 6% since 2022, according to Freddie Mac.

Zoom in: States with more mortgage originations over the past three years see more loans with rates at 6% or higher, says Molly Boesel, principal economist at Cotality, formerly known as CoreLogic.

What's next: Mortgage rates aren't expected to fall much this year and home prices continue to rise.

• Many buyers — and homeowners looking to refinance — await any chance to lower their monthly payments.

There are now 233 U.S. cities where a typical starter home costs at least $1 million — nearly triple the number from March 2020, according to a Zillow report.

Why it matters: It's a sharp reminder that homeownership is slipping further out of reach, especially for younger people.

• The median age of first-time buyers is pushing 40, the oldest on record, data shows.

The big picture: Half of all states have at least one city with million-dollar starter homes, up from 10 states five years ago, Zillow found.

• Minnesota (Minnetonka Beach) and Rhode Island (New Shoreham) recently joined the list. California cities continue to dominate.

The latest: Home prices are still climbing, though not as quickly as before, and mortgage rates remain stubbornly high.

• The median existing home price rose 2.7% to $403,700 in March, the 21st straight month of year-over-year increases, per the National Association of Realtors.

What they're saying: "While cities with $1 million starter homes still represent a small piece of American real estate, they are a striking symbol of how the pandemic housing boom reshaped affordability," Zillow's Anushna Prakash wrote in the report.

What we're watching: Some may skip starter homes altogether.

• Roughly 2 in 3 Gen Z renters and 3 in 5 millennial renters say buying a starter home and upsizing later "makes no sense anymore," according to new research by BMO bank.

Homebuyers have to earn over $50,000 more a year than renters to afford their monthly housing payments, according to a recent Redfin report.

Why it matters: A "triple whammy" of rising home prices, high mortgage rates and a shortage of houses for sale is making it harder for renters to make the leap to homeownership, per the report.

By the numbers: You need an annual income of around $116,600 to afford a mid-priced home — roughly 82% more than the $64,200 needed to afford a mid-priced apartment, the real estate site found.

• That gap has ballooned over the past few years.
• In comparison, the typical U.S. household earns an estimated $86,400.

Between the lines: Nationally, home-buying costs are climbing faster than rents, which have softened due to an influx of newly built apartments hitting the market.

• The median home price recently rose 4.5% from a year earlier to around $423,900, per Redfin, with mortgage rates hovering near 6.5%.
• And the median monthly rent was up 0.2% to roughly $1,600.

The fine print: Redfin's analysis assumes a homebuyer or renter spends no more than 30% of their income on monthly payments.

The big picture: A separate Bankrate study finds that renting is cheaper than buying a home in all 50 of the largest U.S. metro areas.

• Cost differences are widest in the West and smallest in the Rust Belt.

What's next: President Trump's tariffs are expected to raise construction costs for new houses, another hurdle for aspiring homeowners managing tight finances.

Please don't film that squat — your hot yoga instructor is begging.

Why it matters: In this era of social media, even the most routine moments have become content to share on TikTok or Instagram.

But people are over influencers and others who record themselves in gyms and group fitness studios.

• Some companies have banned filming or phones to curb privacy concerns and distractions.

The big picture: Big chains like Life Time, Equinox and Crunch Fitness prohibit filming clients without their permission.

• Rules elsewhere can vary by location or instructor.

What they're saying: "It's great to see members sharing their workouts, but we also recognize that not everyone wants to be in the background of a viral video," Brookelyn Suddell, a director at Crunch, tells Axios.

Zoom in: Post-class selfies can be fair game.

• Barry's, known for high-intensity interval training (HIIT) nationwide and beyond, encourages clients "to capture their progress outside of the workout itself," Vicky Land, a senior vice president, tells us.

Meanwhile, phones are a no-go at BOHO Studios in Richmond, Virginia, to promote unplugging and "dedicating time for yourself and what you need that day," owner AnnMarie Grohs tells Axios.

What we're hearing: Many attendees vent online about influencers filming during group classes, calling it rude and urging them to book private sessions.

• Some say they now sit up front to avoid the cameras.
• "Can you just zoom in on yourself and crop everyone out? It's not that hard to do," actress Claire Holt recently said in a TikTok video.

Content creators say they try not to record others mid-workout. (A common fix is to cover people's faces with emojis.)

• "It's our responsibility that others feel comfortable," New York City influencer Liv Schreiber told the Wall Street Journal.

The other side: Social media buzz can be good exposure for a growing business.

• Tripods are available to use at Denver-area Transform Gym and War House Gyms in San Antonio and San Diego.
• Popular companies like solidcore and Alo Yoga have invited influencers and celebrities to dedicated, camera-friendly sessions.

Between the lines: Influencers aren't the only ones with cameras rolling these days.

• While some people post for fun, many aspire to content creation as a full-time job.
• More than half (57%) of Gen Zers say they want to be influencers, according to Morning Consult research.

The bottom line: Those worried about appearing in someone's "day in my life" (#diml) video should ask about fitness clubs' rules before signing up.

Axios Richmond's Karri Peifer contributed reporting.

Getting hitched could soon get even more expensive.

Why it matters: Engaged couples are bracing for price hikes on flowers, dresses, cakes, invitations and more because of President Trump's roller-coaster tariffs.

• Some say they've already stocked up on foreign wine, champagne or decor made overseas.

The big picture: America imports many of its wedding staples.

• Nearly all clothes and shoes sold here arrive from other countries.
• So do roughly 80% of flowers, most chocolate and vanilla and a lot of booze.

Between the lines: Tariffs stand to push up the $33,000 cost of an average U.S. wedding, according to The Knot, a planning and registry website.

• Going over budget on the big day has long been common.
• Alcohol ($2,800), floral arrangements ($2,700) and a dress ($2,100) represent some of the steepest expenses.

What we're hearing: "Potential clients are demonstrating an unprecedented level of cost-awareness," Ahna Han, a New York City florist who works with The Knot, tells Axios.

• She's seeing suppliers of tools, materials and vases charging at least 10% more, with prices for imported flowers fluctuating.

As brides and grooms-to-be commiserate on social media, they urge others to rush certain purchases and book vendors early.

• "Get those bridesmaid dresses ordered," one user posted in a Reddit community for wedding planning.
• Higher costs for event rentals like furniture and table settings may be passed onto consumers, too.

Reality check: Hits to the wedding industry could have been harder before Trump paused his sweeping tariffs, except on China.

• A base tax of 10% remains in place across the world.

What they're saying: Bridal companies previously urged Trump to exclude wedding gowns and other formal attire from tariff increases.

• "Without immediate consideration, Americans will lose their businesses and their jobs — and families across this country will lose access to affordable celebrations of life's most treasured milestones," leaders at several wedding companies wrote in a petition.

Florists are digging into the fine print. "We do have clauses in our contract that we can go up to 10% if we have to, but I've never had to implement that," Ohio flower shop owner Jen Linehan told WTOL 11 News.

• Domestic flower growers in states like California and Pennsylvania "simply cannot meet the high demand, especially during peak wedding seasons," Jennifer Bernal, a New York-based event pro who works with The Knot, tells Axios.

What we're watching: Elopements up, guest lists down.

• Some couples may trim their wedding plans or delay the party altogether as many worry about their jobs and finances.

The bottom line: Love is priceless. Everything else will cost you.

Some Canadians are ditching their winter homes in the U.S. as tensions between the two countries simmer.

Why it matters: President Trump's tariffs and taunts may be the last straw for snowbirds who are already finding it more expensive to live south of the border, real estate agents say.

What we're hearing: "My Canadian sellers are worried. They feel like they have to take a break from the U.S. for now and see where it goes," Alexandra DuPont, a broker who helps snowbirds buy and sell condos in Florida, tells Axios.

• She's working with about 35 Canadian sellers — more than three times the usual for this time of year — and no buyers.

The big picture: America's northern neighbors make up 11% of foreign homebuyers on average over the past decade, according to National Association of Realtors data shared with Axios.

• Florida attracts the most Canadian buyers, followed by Arizona and California.

Between the lines: The recent friction with Canada, including Trump's trade drama and talk of annexation, comes as the Canadian dollar weakens against the U.S. dollar.

• Meanwhile, homeowners association fees and insurance costs have surged, especially in Florida.

Snowbirds are also rattled by the Trump administration's move to require Canadians staying in the U.S. for longer than 30 days to register with immigration authorities, says DuPont, who has dual citizenship.

What they're saying: "We are done for a while," Martin Buck, a Canadian who sold his family's Arizona vacation home just before Trump was sworn in, told the Vancouver Sun.

What to watch: Florida real estate agent Catherine Spino told CBS12 News that some of her Canadian clients are looking to spend their winters elsewhere, like Mexico.

Reality check: Not all Canadians are abandoning the U.S. real estate market.

• A lack of available inventory, not economic uncertainty, is more likely to hold them back, says Matt Christopherson, a research director at the National Association of Realtors.

Still, word of departure spreads fast, potentially nudging more Canadians to follow suit, DuPont says.

• "They start to wonder, who's going to be here next season when I'm back?"

The bottom line: If you've been eyeing a vacation home, now might be the time to snag a deal.

U.S. homes listed late last May sold for 1.6% more — typically $5,600 — than any other time of year, according to a new Zillow report.

Why it matters: Mortgage rates remain elevated this spring.

• Some shoppers have adjusted to higher rates, though many still feel priced out or find few options available.

The big picture: The "best time to sell," per Zillow researchers, depends on where you live.

• Last year, it was as early as March in metro areas including San Diego (+2%) and Austin, Texas (+2.3%), and as late as November in Phoenix (+1.4%).

The intrigue: A national analysis by Realtor.com found the ideal week to list is coming up between April 13 and 19.

The latest: The average rate on the 30-year mortgage has stayed just under 7% for nine straight weeks, Freddie Mac data shows.

What we're watching: Mortgage rates continue to dictate the sluggish housing market.

• "When rates fall, more buyers rush in, putting upward pressure on prices, which could happen at any time of year," Zillow senior economist Orphe Divounguy said in the report.

More Gen Zers are looking to break into the home market, new data shows.

Why it matters: High housing costs and a supply crunch have made it harder, especially for younger people, to become homeowners.

The big picture: Gen Z represented 13% of U.S. home mortgage applications in 2024, up from 10% in 2023, according to an analysis by CoreLogic, an industry data provider.

• Relatively affordable parts of the Midwest and South saw the highest Gen Z shares, while pricey coastal metros lagged behind.

Between the lines: Gen Zers, those roughly ages 12–28 today, are expected to make up a bigger piece of the homebuying pie as they get older.

• CoreLogic researchers analyzed 2024 mortgage applications, accepted or not, and they excluded investors, second-home buyers and cash buyers.

Reality check: Many who take the plunge get help from Mom and Dad.

• Younger generations are increasingly banking on family money for down payments, Redfin research shows.
• And house hunters commonly ask loved ones for cash instead of traditional wedding or baby gifts.

What to watch: Some aspiring homeowners are getting creative — splitting a mortgage with friends or buying rental properties in cheaper cities.

The pandemic upended America's housing market, delivering wins for homeowners and roadblocks for those still dreaming.

Why it matters: Sky-high home prices, elevated mortgage rates and a shortage of houses for sale are pushing homeownership out of reach for many.

In the past five years, here are five ways the market transformed and what could come next.

1. Home prices skyrocketed

Cheap borrowing costs and remote work unleashed a homebuying frenzy early in the pandemic — and sent prices soaring.

By the numbers: The median U.S. home price in January was $418,000, up around 45% from $289,000 five years ago, according to Redfin.

• Those who own their houses sit on a mountain of wealth.

The big picture: A stubborn housing shortfall is keeping prices high, even as buyers have retreated, with 2024 sales hitting a nearly 30-year low.

2. Rates surged, buyers stalled

Mortgage rates surged after falling to the lowest levels on record in 2021.

• Higher monthly payments are sidelining many home shoppers, especially first-timers.

What we're hearing: "It's very sad to be priced out of our communities," says Kylie Carpenter, a Seattle teacher who tells Axios it feels almost impossible to buy a house nearby.

Between the lines: Rates are now hovering near 7% and are unlikely to drop much soon, experts say.

In pricey Portland, Oregon, aspiring homebuyer Jake Turner tells Axios this year actually feels like a good time to jump in since there's less competition.

• "My wife and I will just buy less of a home with 20% down and work responsibly with the expensive housing payment."

3. Inventory dried up

Those who scored ultra-low mortgage rates during the pandemic are hesitant to sell, locking up supply.

Yes, but: That's starting to change as homebuyers adjust to higher rates.

• Roughly 83% of U.S. homeowners with mortgages have a rate below 6%, down from around 88% a year ago, according to a recent Redfin analysis.
• And in 15 of the 50 largest metro areas, including Denver, San Antonio and Dallas, inventory in February topped pre-pandemic norms, per Realtor.com.

What they're saying: "This is my forever home," says Ben Kolb, one of many homeowners who refinanced when rates dropped.

• A retired veteran with a disability, Kolb tells Axios he "would never be able to afford" the mortgage on his Columbia, Missouri, house if he bought it now.
• In suburban Minneapolis, Mark and Joann Shockey say they're glad they sold when the market was hot, downsizing to a townhouse and nabbing "a very small 10-year mortgage at a low rate."

Others feel stuck. The benefit "of having an affordable mortgage has locked us out of even considering selling and moving closer to where we both work" in Seattle, says Sean Bucknam, who moved to Tacoma with his wife as remote setups took off.

• Now, she's being called back into the office.

4. Builders ramped up, then pulled back

Buyers flocked to newly built homes, searching for options and deals, too.

• Construction boomed in parts of the South and Sunbelt, helping to cool competition and runaway prices.

Reality check: Homebuilding has slowed since then, partly due to elevated interest rates and steep construction costs.

What we're watching: Builders have warned that President Trump's pledged tariffs (some that have since been paused) on imports could make construction more expensive and drive up home prices.

Meanwhile, mayors across the country are sounding the alarm about the housing crunch.

• Several have pushed to loosen construction restrictions, despite some proposals sparking local backlash.

What we're hearing: "The big concern in the housing market today is cooling new construction," Zillow senior economist Orphe Divounguy tells Axios.

5. Cash-rich people jumped in

Cash buyers, many of them investors, snapped up homes at record speeds during the pandemic.

The latest: They've taken a step back, though the share of purchases made in cash remains historically high.

• It fell to just under one-third in 2024, the lowest since 2021, Redfin research shows.

The bottom line: Wealthier people are those most likely to buy homes in this expensive housing market.

More from Axios:

• Why food prices are still high, five years after COVID
• The auto industry changed forever after COVID
• The pandemic upended politics — twice

Packing for your honeymoon? Don't forget your fake diamond ring.

Why it matters: More people are buying "stunt doubles" or "travel rings" to wear on vacation.

• The faux engagement rings offer a worry-free alternative to the real thing.

The big picture: Many have snagged such decoys — often featuring a synthetic stone, like cubic zirconia, set in a sterling silver band — from Amazon or Etsy, where some options are cheaper than $50.

• But others are turning to jewelers for custom-made duplicates.

How it works: Those who purchase a bespoke ring from Lancaster, Pennsylvania-based Wove get to keep a replica of it.

• Frank Darling, which has locations in cities including New York, Chicago and Los Angeles, sells custom dupes and $300 lookalikes of rings in its collection.
• Both companies ship nationwide.

Backup bling is booming as engagement rings get bigger and bolder.

• In particular, lab-grown diamonds have made it cheaper for jewelry lovers to score looks they've always wanted.

Between the lines: Lab-grown gems are not as commonplace abroad, where people, including thieves, might think they are more valuable than they are.

What we're hearing: People buy replicas for travel even if their diamond rings are insured, Frank Darling CEO Kegan Fisher tells Axios.

• The allure of a replica is that it "feels and looks the same, but also still has your story in it," Wove CEO Simone Kendle tells us.

By the numbers: Posts tagged #TravelRing surged by over 480% between 2023 and 2024, according to TikTok data shared with Axios.

The other side: Skeptics say insurance exists for a reason. It's "silly to spend a good chunk of money on a nice ring then [be] too worried to wear it," one Reddit user writes.

• 78% of U.S. adults who recently bought or received an engagement ring say theirs is insured, according to research by insurance company Jewelers Mutual.

The bottom line: Travel rings help some vacationers stress less about their prized possession getting lost or damaged, insurance or not.

The pipeline for new apartments in old offices is growing.

Why it matters: Converting offices is easier said than done, but cities and developers see it as one of the best ways to reduce vacancies while adding housing.

Between the lines: Such flips take time, money, and, often, government help.

• Developers completed less than 7% of office-to-apartment units underway in 2024, pushing most into 2025, according to a recent RentCafe report.
• Meanwhile, thousands of new conversions have been proposed.

What's next: The New York, Washington, D.C., and Los Angeles metros are set to see the most office-to-apartment conversions in the coming years, per the report.

Go deeper: How old schools are turning into homes

Don't want to wait for that trendy bagel or fashion pop-up? You can hire someone.

Why it matters: More people are paying for line-standing services.

• Bookings for such jobs rose 18% at the end of 2024 compared to 2023, according to Taskrabbit data shared with Axios.

How it works: Users hire a line stander online — Taskrabbit rates average $27 per hour — and discuss details, like when to swap places in the queue.

Demand is especially hot in New York City, where Taskrabbit requests for someone to wait for reservations at Lucali, a star-studded Brooklyn pizzeria, surged 30% from September to October of last year.

The big picture: Gig workers aren't the only people in the waiting game, much to the frustration of some customers.

• Businesses in cities including New York, Washington, D.C., and Los Angeles offer similar services.

What they're saying: Savvy designer shoppers often recruit line sitters for sample sales.

• "When I reached out to my usual guy, he told me that he had 50 requests already for line sitters," NYC TikTok user Saheedat Abdul posted last fall.
• (She'd tried to hire someone to wait from 4 a.m. to 9 a.m. for The Row's luxury sample sale.)

And it's not just about exclusive items. Line sitters can wait at the DMV or city hall.

• Some even held spots at President Trump's hush money trial.

The other side: You can pay to skip the line nearly everywhere. But there might be mental health benefits to waiting it out, according to psychologist Maggie Mulqueen.

• "When we denigrate the act of waiting, we risk losing an important part of our shared humanity," she wrote for CNN in 2023.

Open houses could get busier.

Why it matters: A new real estate rule requires homebuyers to sign contracts with brokers to tour houses privately.

• And that's making open houses, which don't require such contracts, a smart option for shoppers who aren't ready to commit to an agent.

The big picture: Private showings traditionally represented an "opportunity for the agent to audition for the job," Stephen Brobeck, senior fellow at the Consumer Federation of America, tells Axios.

What they're saying: "Imagine walking into a store to browse and before you are let in the front door you have to sign a contract just to look," wrote a Reddit user on a discussion board for first-time homebuyers.

Catch up quick: The shift is part of a legal settlement the National Association of Realtors (NAR) reached last year that shakes up how agents get paid.

Reality check: Some agents say they're not sweating the change — buyers are already adjusting.

• Home sales have jumped recently but remain historically low, according to NAR data.

The latest: Many brokers are open to signing short-term agreements, like showing one particular home, so buyers don't feel "stuck with us indefinitely," says Nate Johnson, NAR's 2024 vice president of advocacy.

Between the lines: The U.S. Department of Justice has said the new contract rule could hamper broker competition for clients.

• Others say the agreements can be confusing for buyers to understand.

What we're watching: The Justice Department's concerns didn't stop a judge from approving the NAR settlement, though federal prosecutors could still step in.

• The DOJ has scrutinized the real estate industry for decades, including during President Trump's first term.

People are saying "I do" later in life — and now, more say they'll never tie the knot.

The big picture: The median age of those getting married for the first time was nearly 30 in 2023, up two years from 2010, according to census data.

• Compare that to 1950, when the median age was around 22, per the U.S. Census Bureau's Current Population Survey.

State of play: D.C., New York and California residents are the oldest at their first marriage, at around 31, while Utah, Idaho and West Virginia residents are the youngest, at around 27, recent data shows.

Congratulations on your engagement — but is that a "real" diamond?

Why it matters: Flashy, lab-grown gems are dividing jewelry lovers.

The big picture: Rings have grown bigger as lab-grown diamonds catch on, mainly because they cost a fraction of natural stones.

What they're saying: Many young couples choose lab-grown diamond rings to save money for a home or other priorities, jewelers and experts say.

• Others want to score their dream bling for less or see the gems as more ethical.

Reality check: Lab-grown diamonds are just as real as mined ones.

But not everyone is sold on the trend. Naysayers have compared sporting lab-grown jewels to carrying a knockoff designer bag.

• "Buy what you can afford and be happy with it. Don't be fake," one TikTok user wrote on custom jeweler Erica Sett's page, which captures the debate.

The latest: Some critics press ring owners to share if their stones are lab-grown.

• "It's the people who have a 4-carat lab [diamond] and lie or aren't upfront about it that make it annoying for the natural girlies," another TikTok user commented on the page.

By the numbers: Posts tagged #LabGrownDiamond and #LabGrownDiamonds each more than doubled in the first 10 months of 2024 compared with the same period in 2023, according to TikTok.

"It used to be such a flex to have a 3-carat diamond or a certain color or clarity" grade, says Sett, who's based in New York City and works with natural and lab-grown stones.

• "People feel like their natural diamonds become less special to them when everyone else has what they have, and only they know it's natural," she tells Axios.

Follow the money: In 2020, the average lab-grown diamond was 1.2 carats and cost $3,887, Axios' Felix Salmon reports from industry data.

• By 2024, the average size had swelled 60% to 1.9 carats, while the average price had dropped by 30% to $2,657.

What we're watching: "Giant diamond" fatigue could push shoppers toward smaller or colorful stones, Sett says.

Meanwhile, natural diamond jewelers are courting millennials and Gen Z.

• A new marketing campaign from two major companies promotes their diamonds as "worth the wait."

The bottom line: Sharp opinions aside, your rock is between you and your partner.

Parents tell Axios they're still helping their kids pay for new houses.

Why it matters: As housing costs soar, 26% of younger people who recently bought homes say they used family cash for down payments, up from 23% last year, according to Redfin research.

How it works: Parents have maxed out annual gift tax limits or lent their children money to win bidding wars.

• Deb Sen says she's giving her married son money each year to help him and his partner purchase a property in Chicago.
• Even so, she expects it will take the couple around three years to afford a down payment.

In Minneapolis, parents recently paid cash for their child's $1.2 million home, real estate agent Joey Oslund says.

Between the lines: More house hunters are asking loved ones for cash instead of traditional wedding or baby gifts.

• Others are boomeranging back to their family homes to save money.
• Near-record shares of men and women ages 25-34 lived with their parents last year, four decades of census data shows.

Reality check: Those "who don't have family money are often shut out of homeownership," Redfin chief economist Daryl Fairweather said in a research report.

• In time, this could widen the homeownership gap between Black and white families, an Urban Institute analysis suggests.

The intrigue: Some parents have struck deals they say are mutually beneficial.

• Colette Martin-Wilde's son purchased a three-bedroom house in New Orleans with her support.
• Martin-Wilde, who lives in Chicago, invested $15,000 in the home and co-signed the loan, with the condition that she'd get her money back plus a cut of the proceeds when he sold it.
• "While we don't want to be the 'Bank of Mom and Dad,' there are opportunities to help our kids learn and grow financially that are mutually beneficial," Martin-Wilde says.

What's next: President-elect Trump's proposals to blunt the high cost of housing include easing construction regulations and making more federal land available for development.

• But experts say there's no quick fix for the challenges plaguing the home market.