How Stable Home Values Persist Despite High Mortgage Rates

The U.S. housing market faces a slowdown due to elevated mortgage rates surpassing 6.5%, causing a 2.6% drop in pending listings and reduced buyer activity. Inventory slightly increased to 1.41 million active listings, but new listings fell 7.9%. Monthly mortgage payments rose 2% annually. Home values are stabilizing with modest gains amid limited distressed sales. Sales declined 0.6% annually and 10.7% monthly. High borrowing costs continue to limit purchasing power and delay relocation plans.