A few nice Existing Home Sales Report, images I found:

Recent home sales, by the numbers
Existing Home Sales Report,
Image by JAWspeak
Many economists stop short of predicting a wholesale housing bust. The Fed’s policymakers said they believed the "gradual cooling of the housing market" would help slow the economy and allow inflation pressures to moderate.

The Fed’s cease-fire on rate hikes came after various reports showed the housing boom is definitely over. Sales of new homes and existing homes have been falling. Though median prices are still rising, gains have been the smallest in years.

A record level of unsold homes is expected to exert even greater pressure on prices in coming months.

The concern is that the sizable inventory glut could worsen as millions of Americans with adjustable rate mortgages, taken out when interest rates were at four-decade lows, suddenly find they can’t meet new higher monthly payments.
IBD article

Existing Home Sales Report,
Image by artemuestra
Traders work on the floor of New York Stock Exchange October 8, 2008. U.S. stocks stayed near their session peaks in choppy trade on Wednesday after a report by the National Association of Realtors showed a surprise jump in pending sales of existing U.S. homes in August. REUTERS/Brendan McDermid (UNITED STATES) FINANCIAL/MARKETS