The real estate market in the United States has been experiencing a robust recovery since the end of the COVID-19 pandemic. According to the National Association of Realtors (NAR), the median existing-home price increased by 14.8% from June 2021 to June 2022, reaching $412,800. This surge in prices can be attributed to several factors, including low inventory levels, high demand, and favorable interest rates. The low inventory is a result of homeowners delaying selling their properties during the pandemic and a decrease in new construction due to supply chain disruptions. Additionally, the Federal Reserve's decision to keep interest rates low has made mortgages more affordable, further driving demand. The strong demand has led to a competitive market, with homes selling quickly and often above the asking price. This dynamic has created challenges for first-time homebuyers, who are facing increased competition and higher prices. However, the market is expected to stabilize as inventory gradually improves and interest rates rise.