The U.S. housing market is slowing down from its previously frantic pace, characterized by escalating rates that have led to homes staying longer on the market, according to real estate expert Steven Thomas. As the average market time has stretched due to mortgage rates rising above 7%, home affordability is being squeezed simultaneously. On top of that, increased everyday expenses, reflected in heightened prices for gas and groceries, are forcing many people to reconsider their spending habits, including purchasing homes at these escalated rates.