High Mortgage Rates and Low Supply Squeeze Housing Market, But Persistent Buyers May Find Opportunities

Mortgage rates are at 20-year highs, causing fewer sellers to list homes and shrinking inventory.

Home prices remain high due to low supply, making homes less affordable when combined with high mortgage rates.

Sellers are reducing asking prices more than usual, possibly signaling a shift toward a more balanced market.

Homes are selling quickly, defying the typical fall slowdown in the housing market.

Persistent buyers may have a slight edge with seasonal trends, reduced prices, and low inventory, but affordability is still a major challenge.