The nation’s housing industry has entered a new normal in which the dynamics of the market appear perplexing — marked by high interest rates and high home prices, along with shrinking mortgage originations.

The perplexing part: Why are home prices not declining in this environment? It boils down to two factors, according to housing-industry experts: a lack of housing inventory, or supply; and high demand for that limited housing stock — which also is fueling a jump in new-home sales.

Fannie Mae recently projected originations for 2023 at $1.59 trillion, a revision downward from its January estimate of $1.65 details ⇒

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