Four things to know about the rapidly changing housing market

Home prices are ticking up amid a sustained housing shortage, making it even more difficult for people to enter the market.  

Mortgage rates remain well above recent historic lows, and even with new homes coming on the market soon, according to recent data, experts don’t expect first-time buyers to see lower prices right away.

Home prices are moving up largely due to inventory constraints, especially at the lower end of the market, where fierce demand leads to bidding wars. The intense competition drives home prices higher — and often above what many would-be homeowners can afford.