Housing Market Faces Uncertainty Amidst Supply Shortage and Mortgage Rates.

Housing inventory is falling in some parts of the US, while surging in others, due to high mortgage rates. Home inventory fell in 21 out of 50 of the largest metropolitan cities last month, with San Jose, California seeing the steepest decline. However, the Southern US has seen a surge in housing activity due to increased affordability, with active listings in the region jumping 54% in May compared to last year. The divide has largely been created by high mortgage rates, which have spurred housing activity in more affordable areas of the US.