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New residential construction in the U.S. declined in June, according to U.S. Census Bureau data. Here are four other things to know about the housing market, according to The Hill:

Home prices are up: Housing prices are rising again after falling in the second half of last year, largely due to limited supply.

• One source “said there are roughly half as many homes for sale as there were in 2019, and even fewer listed for $300,000 or lower. Owners who purchased homes when interest rates were near record lows are not eager to sell.”

Mortgage rates remain high: Mortgage rates skyrocketed as the Federal Reserve raised interest rates to combat inflation, but “demand [has] rebounded as rates trended downward from their peak above 7 percent last fall…”

• Last week, the average 30-year fixed-rate mortgage hit its highest level—6.97%—since November 2022.

Home prices are increasing inflation: The consumer price index data from last week showed the slowest annual rise in inflation since 2021—at 3%. However, housing prices “fuel[ed] more than 70 percent of price growth in June.”

The Federal Reserve could soon raise rates again: Though the central bank paused its interest-rate hikes in June following 10 consecutive rate increases, officials have indicated they are likely to raise rates again this month.