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During the pandemic, the U.S. housing market was red hot. Homebound people looked for new places to live, millennials were looking for their first homes, and low-interest record rates enticed buyers. When the slowdown came, it came quickly—spurred by inflation and the Federal Reserve’s hike of interest rates.

Bidding wars and lines to see open houses have subsided, as have sellers’ expectations of exorbitant sales prices.

So, where do home sellers and buyers stand right now?

Here are the significant factors