If you're a real estate agent, odds are you haven't been closing as many deals lately.
A slowdown in new construction and a short supply of existing homes for sale have pushed housing prices so high that would-be buyers are either finding themselves in bidding wars or sitting on the sidelines.
"We're hearing things from our real estate agents that we haven't heard in three years about homebuyers stepping back from high prices," said Redfin CEO Glenn Kelman on the real estate firm's second quarter earnings call this month.
What's eating the housing market, in the midst of what otherwise looks like upbeat growth? In part, it's a victim of the economy's success: The Federal Reserve is seeking to keep inflation in check by raising interest rates, making mortgages more expensive.
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