“We're hearing things from our real estate agents that we haven't heard in three years about homebuyers stepping back from high prices,” said Redfin CEO Glenn Kelman on the real estate firm's second quarter earnings call this month. What's eating the housing market, in the midst of what otherwise looks like upbeat growth? In part, it's a victim of the economy's success: The Federal Reserve is seeking to keep inflation in check by raising interest rates, making mortgages more expensive.

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