Craig Strong

The decrease portrayed a real estate market that is becoming increasingly difficult for first-time home buyers, who have been discouraged from entering the market due to rising home prices. According to the most recent real estate estimates, the national average home price for all housing types increased by 7.7 percent year on a year ago but barely down from a $428,700 average in July. According to the S&P CoreLogic Case-Shiller Index, nationwide, home prices have increased by 43% in the last two years. As a result, house prices have dropped, preventing prospective buyers from pulling the trigger. Mortgage rates, in comparison, are forecast to reach 7 percent this week, more than double what it was a year ago - as consistent Fed rate hikes continue to place downward pressure on the real estate market, mortgage rates are expected to rise this week. The rocket-raising rates have also cooled some of the country's most popular housing markets, as cash-trapped buyers tend to avoid buying homes.