The housing market is facing challenges as low inventory, high interest rates, and soaring home prices are impacting sales of existing homes. The trade group has reported that these factors are making it difficult for buyers to find affordable options in the current market.

– Low inventory levels: There is a lack of available homes for sale, creating competition among buyers and driving up prices.
– High interest rates: The cost of borrowing is increasing, making it less attractive for potential buyers to enter the market.
– Sky-high home prices: The continued rise in home prices is pushing affordability out of reach for many prospective buyers.
– Trade group report: The trade group has highlighted these issues as major factors contributing to the slow pace of existing home sales.

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