Home prices are mostly too high to appeal to buyers, who are facing skyrocketing mortgage rates. But sellers are loathe to lower asking prices. Sales are cratering — some folks are just walking away from deals.
Why it matters: People expecting a big housing crash might not see it happen so fast. Home sellers don't have to sell right away, especially because the vast majority have mortgages with low rates that they couldn't get now (aka "Golden handcuffs.")
