Higher mortgage rates keep the market subdued even as more sellers list their homes

Mortgage rates have risen sharply, cooling the momentum of lenders and buyers who had begun to embrace lower borrowing costs earlier this year.

Despite higher mortgage rates, home inventory has increased 33% year-over-year, and new pending sales have risen by 9% compared to last year.

Mike Simonsen noted, 'We’re just very slowly adjusting to this new normal of higher mortgage rates,' indicating a gradual adaptation to market shifts.

Logan Mohtashami stated, 'Anyone who thinks we are on the verge of a housing construction boom is kidding themselves,' emphasizing ongoing challenges for builders.

Read at www.housingwire.com