D.C. house-hunters hibernate this summer

The saying typically goes "when the fireworks go off, the sales go down" but that's not the case this busy season, DMV agent Russell Brazil tells Axios.

Why it matters: DMV housing market activity dried up early this year, with mortgage rates primarily to blame.

State of play: As of May, new listings were up 7.4% in the DMV, while pending home sales and closed sales were down 20% and 10.5% respectively, data show .

• Inventory stats are slightly misleading, Brazil says. There's a surplus of condos on the market, and very few single-family homes or townhouses.

What they're saying: Sellers and buyers need to see mortgage rates fall before they make a move. That magic number seems to be somewhere in the high 5s or low 6s, Brazil says.

Yes, but: There are plenty of deep pockets in Washington , unimpacted by high mortgage rates. Nearly 1 in 4 home sales is made in all-cash in Montgomery County, Brazil says. In a more balanced market, that share is closer to 15%, he says.

• Pro tip: Buyers who need to secure financing should be pre-underwritten— not just pre-approved —to help compete with the cash buyers, he says.

What's next: Elevated mortgage rates , which are dampening the appeal and affordability of home buying, could remain higher for longer.

• The Fed signaled in June that only one interest rate cut is coming this year.