The U.S. housing market has entered a period of stagnation, with minimal improvements expected in the near future. The latest data reveals that properties remained on the market for an average of 70 days, marking the slowest festive season in five years. Also notable is the drop in inventory, which fell 8.6% from the previous month, highlighting a contraction in available homes. Mortgage rates have surged to their highest level in six months, averaging 6.91% for a 30-year fixed loan. Additionally, the Federal Reserve’s plan for fewer-than-anticipated rate cuts further contributes to the market’s persistent challenges.

– **Market Stagnation**: Housing market activity has significantly slowed, with homes taking longer to sell.
– **Low Inventory**: A notable drop in available housing stock exacerbates market conditions.
– **Rising Mortgage Rates**: Current average mortgage rates are the highest in six months, discouraging buyers and sellers alike.
– **Lock-in Effect**: Many homeowners with lower-than-current mortgage rates are reluctant to sell, stymieing new listings.
– **Future Projections**: Although limited relief is anticipated, increased inventory is expected in spring, driven by the natural dynamics of the housing market.

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