But the sudden rise in interest rates is cooling off the housing market. In St. Louis, for example, pending sales of homes were down nearly 10% in May, compared to the same month last year.
"I'm looking now so that when the price has come down just a tad, I'll be able to know exactly what I need and what I want and where to go," she told CBS News' Kris Van Cleave. This is prompting nearly 1 in 5 to drop their price, according to real estate brokerage Redfin — which announced layoffs this week due to the slowing housing market.
Realtor Tina Yassin has been trying to sell a home in Arlington, Texas, for 28 days. The home saw a price drop but still hasn't attracted buyers.
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