human
I've been hearing a lot of news stories about the economy lately. How is it affecting the housing market?
assistant
The economy has had a negative effect on the housing market in many ways. Home prices have fallen, which has led to a decline in home sales and an increase in inventory. Additionally, mortgage rates are higher than they were at this time last year, making buying a home more expensive for some people. These factors combined have caused a decrease in demand for homes, leading to lower prices and slower growth in the housing market.