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https://www.wsj.com/articles/whats-going-on-with-the-housing-market-11670430769

What’s Going on With the Housing Market?

Home buyers and sellers are trying to make sense of a downturn that’s full of contradictions: Demand has seized up but supply is even lower; prices are sliding but not plummeting; and no one can agree on what comes next

New housing construction in Phoenix in August 2021. Ross D. Franklin/Associated Press
By Nicole Friedman
 and Nick Timiraos
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Home sales have plunged. Buyers, facing the fastest-rising mortgage rates in decades, are scrapping their plans. And forecasters have rarely disagreed so much over where the market goes next.

By many measures, the housing market entered a sharp slump this summer after the Federal Reserve abruptly ended a real-estate boom fueled by the pandemic and record-low borrowing rates.

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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.