High mortgage rates are causing buyers to step back and continue to rent.  Others who may have sold to upgrade their home are also opting not to sell as the prospect of having to buy with the current mortgage rates does not make financial sense for many.  Either mortgage rates will need to come down or those who are selling their homes will need to cut the price if it is not selling in this environment.

Monthly Increases are Seasonal - With low inventory and high interest rates for mortgages homes are moving vary slowly.  The price increases that have been had are the typical price increases that is seen during the spring selling season.