Home prices declined for the third straight month on an annual basis, with April’s 4.1% drop marking the largest year-over-year decrease in two years.

Despite the pullback, affordability remains constrained — average prices are still 35% higher than five years ago regardless of ongoing buyer hesitancy and elevated supply.With inventory at a 30-year high, some downward price pressure may continue. But without major changes to interest rates or employment, affordability improvements are unlikely.

Opportunities are certainly out there and if you're interested in entering the market, pairing with a knowledgeable and trusted agent is the best way to take advantage of what's available.