Stagnant Housing Market

A stagnant housing market hampered by surging mortgage rates, years of soaring home prices and an economy undercut by rising inflation has many sellers stuck in limbo as homes go months without an offer. Many have put their life on hold, unable to relocate for a new job, buy their next home or follow through with other major plans. Sellers are lowering their asking price and offering other incentives to entice buyers. But data showing there are many more sellers than buyers in the market suggests many aspiring homebuyers may not be able to afford to buy with mortgage rates climbing — or that sellers may need to cut prices further to win over buyers.