Home Prices Soar While Sales Plunge as Mortgage Rates Hit 23-Year High

Mortgage rates have hit 23-year highs, making housing unaffordable for many buyers.

Sellers are reluctant to sell their low-rate mortgaged homes, constraining supply.

The "lock-in effect" of low rates is leading to low existing home sales.

Home prices continue rising, with the average home price nearly double what it was a decade ago.

2023 is projected to have the lowest number of home sales since the 2008 housing crisis.