Can the housing market withstand the war? Latest data is here. Video link follows. Home sales are still running ahead of last year. Pending home sales this week came in at 86,000, up 3.8% from 83,000 a year ago. But that data predates Friday's move, when mortgage rates pushed back over 6.5%. At 6.5%, mortgage rates are still at the low end of the range they've been in for nearly four years, and within the Compass forecast range around 6.4% for the year. Inventory is tightening. There are only 5.3% more homes on the market than a year ago, down from much wider gaps earlier in the cycle. New listings are running about 3% below last year. Florida inventory is now 9% below last year. Even Austin, which had been a standout for supply growth, is down to just 5% above last year. List price per square foot nationally is $213, which is 2.1% below last year. Sales price measures are still 1-2% above last year, but the active market data is mostly negative. Prices are essentially flat and the trajectory suggests this summer's peak will come in below 2024. Price reductions are at 33.4% of active listings, still slightly better than last year. That number is the one to watch next week!