Housing Market Challenges due to High Mortgage Rates and Low Supply

The US housing market is facing challenges due to high mortgage rates and low supply. The high mortgage rates are making homes less affordable for buyers, as home prices are already high. Existing homeowners are also hesitant to sell and lose their low mortgage rates. This has led to a slowdown in sales volumes and a decrease in new listings. While some areas, like Austin and New Orleans, are experiencing home price declines, other places, like Boise and Seattle, are stabilizing due to low inventory. Overall, the housing market is facing a transition period with a potential impact on prices.