The housing market supply for the past month dropped another 5%. Mortgage rates have reached a new high of 6.96% for a 30-year fixed-rate mortgage, making it increasingly difficult for buyers to afford homes. The lack of inventory is identified as the biggest hurdle, driving up prices and limiting choices for home buyers. Despite a slight decrease in home prices over the past few weeks, the decline has been slow, and the median home list price remains high. The ongoing tight inventory situation, caused in part by potential sellers holding onto their homes due to low mortgage rates, further contributes to the challenge of finding affordable homes.
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