US Housing Market Will Likely Continue To Worsen As Long As It Is Faced With These 2 Key Problems, Says Oxford Economics

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Oxford Economics warns the U.S. housing slowdown still has room to run, citing a double bind of "high prices, elevated mortgage rates" and rising construction costs that will keep both buyers and builders on the defensive through year‑end.

What Happened: "The supply of existing homes for sale is approaching pre‑pandemic levels as a combination of high prices, elevated mortgage rates, and concerns over the labor market keep buyers sidelined," economist Matthew Martin wrote in a note accessed by Fortune.