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There are a whole lot of "real estate clichés" being posted in this thread that have not been valid for decades. Interest rates may have gone up a tick, but mortgage rates are still the lowest they've been in 40 years! There is no good or bad time of the year to be buying or selling a house. The real estate business hasn't been "seasonal" since the 60s - at least not in the areas of the country considered "desirable."
And after stating those two generalizations, I would caution all to be wary of broad generalizations like "buyers are backing out because of the increase in interest rates" or "market momentum and sentiment is going down." Remember - on the internet everyone is an expert.
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