Like everything else in the U.S., home prices are on the rise even as mortgage applications have dropped to a nearly 30-year low. In the meantime, the housing 'market' has cooled.
"That's what we're feeling in the industry, things are definitely slowing up a bit" said Mike Weaster, local based realtor with Graham and Company Realty Group, "Values haven't come down enough to make a big difference between the interest rates, and what the payments would be. People can't substantiate it because the values haven't come down yet."
There are exceptions, depending on the home and the area. But overall, don't expect much to change under this economy.
"At the end of the day, I think what we're going to see in the industry is a slow down of sales, and there's going to be less buyers for awhile" Weaster told KTRH, "We're probably going to have to wait to the early part of 2024 to see something change."
The Fed has raised interest rates 11 times since March of 2022, with more on the way.
If you do find a home that you really want to buy, experts say get it, and you can always refinance when the rates eventually come down.