Housing market

The housing market is cooling a little. But there still aren't that many homes for sale, just more than last year.

In some markets, sellers can no longer bet on multiple offers and quick deals, and buyers can afford to be pickier.

Home prices are at record levels, and mortgage rates are much higher now than they were six months ago.

Rising interest rates and inflationary pressures make it more difficult for buyers, and builders are dealing with soaring construction costs.

The National Association of Home Builders' latest survey also shows that 13% of builders reported cutting prices.

People "desperately want to purchase," but are stepping out of the difficult market, says Ali Wolf, chief economist at Zonda.

Potential buyers are again asking for home inspections and contract clauses that let them back out of a home purchase without penalty if they're unable to get a mortgage.

But profit margins are shrinking, and the flipping boom may be coming to an end.

As home sales decline, the field is becoming more competitive.

Real estate experts say buying in a desirable district benefits non-parents too.