Housing Market Outlook: Unusual inventory decline props up prices

The housing market is facing an unusual lack of inventory that's keeping prices from falling further, according to real estate trackerNew listings of homes for sale dropped 22.

"High mortgage rates have caused some homebuyers to bow out of the market," Redfin deputy chief economist Taylor Marr said."But there are still more people looking for a home than there are homes for sale." The US median sale price is down 2.8% year-over-year, per Redfin, though it's a split market, with prices falling in some cities while they rise in others.

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