According to Greg Cooper of COMPASS REAL ESTATE, "The market dynamics we're seeing are unprecedented. While low listings typically stimulate a seller's market, the high mortgage rates are acting as a counterbalance. It's crucial for both buyers and sellers to be well-informed and to work with real estate professionals who understand the intricacies of the current scenario."

High mortgage rates further complicate the issue. Buyers who might have been comfortable with the price of a home now have to reconsider due to the increased cost of borrowing. This means that even if they find a suitable property, the financing might prove to be a hurdle.