Lawrence Yun, chief economist at the National Association of Realtors, said that the highest mortgage interest rates in the past year, combined with a record high median housing price in the country, have led to weak real estate market performance, which is particularly difficult for first-time buyers.

Lawrence Yun, chief economist at the National Association of Realtors, said that the highest mortgage interest rates in the past year, combined with a record high median housing price in the country, have led to weak real estate market performance, which is particularly difficult for first-time buyers.