News Corporation-backed Realtor.com reported that four years of higher mortgage rates have reshaped the U.S. housing market into a new normal of elevated borrowing costs, uneven supply and persistently high prices. The analysis found that while active inventory has rebounded sharply since early 2022, prices have remained resilient, with affordability squeezed further by higher financing costs. Realtor.com said the “lock-in effect” is limiting seller activity, and warned that falling rates could bring more listings but also revive demand, potentially muting any broad price relief.

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