But the vibe is shifting. I count at least three signs that the national housing market is about to experience a significant slowdown.

First, as the Federal Reserve raises interest rates to combat inflation, mortgage rates are soaring. In April, the 30-year fixed rate surpassed 5 percent for the first time in more than a decade. As borrowing becomes more expensive, so does buying…

Second, the number of homes for sale—a.k.a. housing inventory—is finally perking up after plunging to all-time lows during the pandemic…

Finally, we can already see these technical statistics—rates, percents, inventory—playing out in the real world. Google searches for homes for sale are falling in major cities, including Boston and Los Angeles. Redfin agents in California say that showings and offers are down double digits since last year. In Minneapolis, showings have fallen rapidly in just the past month.