'Homeowners are quiet quitting' as low inventory and high mortgage rates keep a key group out of the housing market

• New home listings are down more than 20% from a year ago amid tight inventory and high mortgage rates. 
• Homeowners don't want to give up their lower rate and buy a new home at today's elevated mortgage rates near 7%. 
• "Homeowners are quiet quitting the housing market," Redfin's chief economist said.

New home listings in April were down more than 20% from a year ago and homeowners are increasingly staying put with low mortgage rates locked in, rather than trying to secure a new home at a higher rates.