“The market will likely endure a minor reduction in sales as mortgage rates continue to edge higher,” NAR Chief Economist Lawrence Yun said in a news release. That slowdown might not last too long, however. Demand for homes remains high in the United States, and the supply of available homes remains low. Freddie Mac estimates that the market is still 3.8 million homes short of meeting current buyer demand.” This will affect the global sawn timber market as well.