Inflation and high-interest rates are taking a toll on the housing market.  Chris Galler is CEO of Minnesota Realtors:

“We’re seeing a significant drop in home-buying activities. We’ve still got buyers out in the marketplace but a lot of them are going through shock with the interest rate being more than double what it was last year at this time.”

The average rate on a 30-year fixed mortgage currently sits around 7.13%