"Buyer Restraint as Mortgage Rates Surge: Impact on Housing Market"

The U.S. housing market sees a significant increase in new listings, marking the largest uptick in nearly three years, while total inventory remains steady for the first time in nine months. However, high mortgage rates and soaring home prices continue to dampen buyer demand, leading to an 8% decline in pending sales and a fourth consecutive week of decreasing mortgage-purchase applications. Despite this, there is a surge in homebuyer activity as more house hunters take advantage of the increased inventory, with the potential for pending sales to improve in the coming months if mortgage rates stabilize and new listings continue to rise.