30-year mortgage rates are near 8% with excellent credit. Interest rates have climbed for the past three months straight. The Fed is considering another interest rate increase for November and December, possibly pushing rates up to 8.5% or even 9%. The reasoning is that higher interest rates will "slow down inflation".
Home sales are at a 13-year low. Factor in the higher cost of insurance and the fact that property taxes are going up to unaffordable levels and the very high cost of labor and materials for home construction... and you have a real estate market that's going to crater.
I personally know several homeowners that had their homes listed for sale, but have removed them from the market in the past 2 months. They will wait and hold on to what they have for now. One real estate agent mentioned to a couple that they should keep their house off the market until at least middle of next year and then decide based on market conditions.
I'm suggesting that the U.S. economy is a three legged stool... and one of those legs is housing and private & commercial real estate. If it fails, the economy goes into a deep recession at best.
Licensed real estate agent here (licensed in 2 states) and both areas where I’ve practiced my business has not seen a decline in prices at all. In fact, my aunt just sold her home for over asking price, and she listed it high in the first place. I will say, there was a lull in the market about a year ago, but came back strong earlier this year. Homes were sitting on the market a little more than average, but not much, like 30 ish days. But it’s probably different in other parts of the country.