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For disgruntled prospective homeowners in the D.C. metro area, certain fundamentals—namely, a notable growth in the number of properties currently on the market—are beginning to improve; but, prices are still rising and sales are declining.

According to listing service Bright MLS, the average price of a house that sold in the D.C. metro in May was $640,000, matching the record high set in April and rising 6.7% from the previous year. Even when more sellers enter the market, prices are still rising. By the end of May, there were about 7,400 active postings in the D.C. region, which was 32% more than a year earlier.

There were roughly 5,100 closed sales last month, which is 2.2% fewer than the same period previous year, and there were 6.4% fewer new pending purchases than there were a year ago. The housing market in the Washington, D.C., area may be entering a cooling phase this summer, as indicated by the decline in pending sales. A statement from Bright MLS accompanied its monthly market report, stating that the primary obstacle facing the market at the moment is affordability.

Some purchasers may choose to wait for rates to drop later this year, especially those who are first-time or have modest incomes. Anticipate a slowdown in the region’s price increase. The number of showings by real estate agents was 12.4% fewer than in May of last year, which may indicate a decrease in buyer interest. Competition is still fierce for purchasers who can afford the D.C. area market. In May, half of the houses that were sold had only been listed for six days or fewer.