In some respects, the real estate market in the US has been on a roll in recent years, with housing prices rising by around 15% over the past three years, according to Redfin data. Yet at the same time, many prospective buyers are frustrated by high mortgage rates and high listing prices, causing some to hold off on purchasing. Meanwhile, some sellers have been reluctant to sell, due to not wanting to give up their low mortgage rates obtained during the pandemic. That, combined with sluggish housing construction, has contributed to low housing inventory.