Spring housing market faces challenges as rising oil prices due to the Iran war drive inflation and mortgage rates up, with 30-year fixed rates reaching around 6.57%. Rates may stay in the low-6% range or rise to 6.7%-7% depending on oil prices. Higher rates and living costs deter buyers, causing homes to linger on the market and sellers to lower prices by about 2% year-over-year. Buyers and sellers should consider long-term finances over short-term market shifts.