Both the buyer and the seller have unrealistic expectations right now, while prices and mortgage rates are high.
The Case-Shiller National Home Price Index rose half a percent in April — a third-straight monthly increase.
September data shows they were still higher than a year earlier, though.
It’s not the most timely home price indicator, but it does have advantages, including mapping prices over long periods.
The latest survey data shows that homebuilders have a positive outlook despite inflation and supply chain woes.
Home prices are now up 41% since 2006, before the housing market crash that zapped the economy.
Prices are soaring, but economists expect market conditions to change.
Lower mortgage rates change the buying equation.
Prices are still going up, but slower than they have in almost two years, leaving realtors managing seller expectations.
"The slowdown is a good thing for homebuyers,” one economist says.