Millions of Americans secured ultra-low mortgage rates before the Federal Reserve began raising interest rates in 2022. Now, many homeowners would rather stay put than sell at a lower price and take on a much higher monthly payment, Frederic J. Brown/AFP/Getty Images

Yasmin Asberry thought selling her home in a Dallas suburb would be simple. Instead, after months of little interest, she dropped the price twice and was on the verge of pulling the listing when she finally got an offer she liked.

“When we first listed it, we were under the impression that people were still excited to buy homes and that they were getting snapped up pretty quickly,” she said. “But we didn’t get very many hits.”

Asberry’s experience reflects a housing market caught in a stalemate.

Just a few years out from

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