'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'

Aerial view of a neighborhood in Thousand Oaks, Calif. (Credit: Kevin Carter—Getty Images)

• Painfully high home prices and mortgage rates have scared off some potential homebuyers, according to Redfin. Despite an easing of China tariffs, mortgage rates are being pushed higher. High prices have created a lopsided housing market, with  homes for sale at a five-year-high, but few buyers.

As elevated home prices and mortgage rates continue to weigh on the housing market, would-be home buyers are pulling out, according to a Redfin report.