[Washington Examiner] The heated real estate market that has seen home prices across the country soar to record highs since the start of the pandemic is showing early signs of cooling, according to experts and recent data.
Sales of existing homes nationwide were down 2.7% between February and March, according to the National Association of Realtors. Sales decreased 4.5%, and home showings fell 19% from the same time last year. According to the group's most recent data, pending home sales slipped by 4.1%, too.
"After two years of super-heated market conditions, home sales are retreating back to pre-Covid days," Dr. Lawrence Yun, chief economist at the National Association of Realtors, told the Washington Examiner magazine by email.
Redfin, an online real estate brokerage, reported declines for March as well, finding that the number of home sales had dropped 3.7% since February and 8.1% since last year.
The early signs of a housing market cooldown follow the central bank’s decision last month to increase interest rates for the first time since 2018 to tamp down 40-year inflation highs across the board on goods and services. The Federal Reserve has signaled further interest rate hikes will come in the months ahead.
As a result, mortgage rates have surpassed 5% for the first time in more than a decade, increasing the financial burden of buying a home and pushing some homebuyers to reconsider their plans, experts said. 
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