WTF Is Going On In the Housing Market Right Now?

Hopes that the federal reserve would somehow make life easier for first-time homebuyers by making it harder for them to borrow money have run into reality: home prices are still rising, even as real estate transactions are decreasing.

When the federal reserve began raising interest rates nearly monthly over the past year, the intent was to cool inflation and drive down prices, including in the housing market. When it costs more to borrow money, fewer people buy property. And the Federal Reserve hoped that with fewer people buying property, demand...