The housing market just crossed an important threshold—one that’s especially good news for anyone who might be planning on buying a home any time soon.

The massive wave of COVID-19-era mortgages with ultra-low rates were a huge boon for many homebuyers, but the housing market hasn’t been the same since. A huge swath of homeowners in the U.S. suddenly had mortgage interest rates well below 4%—and very little incentive to sell their homes for less affordable options with today’s higher rates.

That dilemma has created a nightmarish scenario for the U.S. housing market. Many potential buyers and aspiring first-time homeowners remain priced out due to........

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