I have been looking for homes in a specific area in the Northeast for about six months. In that time the inventory has tripled. Nothing that I’ve been watching has sold, they’ve only been taken off the market.

It feels like prices should be dropping, but no one wants to take out a mortgage at a higher interest-rate (nor do they want to give up the low interest mortgage they already have.)

The market is in gridlock - and as a result, there is no price discovery.

Maybe, with the exception of cash buyers who are less price sensitive.

On top of that, banks have quietly ceased giving out HELOC loans - which will eventually force people with lots of equity in their home to cash out refi.

This is in America, and only anecdotal, but I fully expect this to be the case here as well. nostr:note12q2tyrkzym09pgm5z7s2aramfck3j9yadgc5rfyqc4tclwwd49zsxp2dp8