If you're thinking of selling your house, the sooner you list, the better, and if you're thinking of buying, you might see prices come down, but your long-term costs are going up.
"The interest rates have certainly made a big dent," said local real estate analyst Arthur Sterbcow. "The first time home buyers, those are the ones that are having the biggest problem trying to move into a home. They're just very sensitive for cash flow."
Sterbcow says not only have sales dropped, home showings in the New Orleans area are down around 25 percent in the area compared to last year .
"Of course, last year, we had some incredible interest rates, and now we're close to that six percent range," he explained.
Sterbcow says the market's not bottoming out, but with interest rates on the rise, it is slowing demand. He thinks it's not quite a buyer's market, but it will be in about two to three months.
