The American real-estate market is frozen. Mortgage rates have just fallen below 6 percent for the first time since 2022. Still, few families are putting their homes up for sale, few families are buying, and little new stock is being created. High prices and high interest costs are holding working-class households out of the market, and wealthy individuals are making up a larger share of transactions. Young people are facing a future as perpetual renters. With less time to accrue home equity, many will end up poorer in retirement than their parents were.