The housing market saw inventory drop 4% last week compared to the week before with housing prices also trending downward.

Home sale prices dipped in Nov. 2022 compared to Nov. 2021. In 2021, people were working from home and the demand for houses shot up dramatically. That led to skyrocketing housing prices.

Caleb Silver, from Investopedia, says housing sales may not pick up while mortgage rates remain high.

"The 30 year is still going to remain above 6% at least through the first half of 2023, which means a continued slowdown of housing sales throughout the state of New Jersey. Home prices may still remain high because supplies are still limited."