There are a number of significant factors that are impacting the housing market right now. For example, interest rates have gone up significantly, meaning that people have to pay more if they want to take out a mortgage. The biggest reason why interest rates have gone up is that inflation has gone up as well. Raising interest rates is one of the tools that the government uses to control inflation.
Furthermore, there is still a lot of pent-up demand for houses right now. A lot of people were unable to move during the pandemic, and many people are trying to move at the same time. This has led to an increase in demand for housing all while interest rates have gone up. As a result, the price of a house continues to go up significantly, even as people have to pay more money for a mortgage.