There has been quite a supply of new homes that have been put on the market, and these have been priced high and sold, as many new home buyers and second home buyers are not interested in existing homes.. An increase in loan rates do price a lot of new home buyers out of the market...
Never fear if you can't afford a new single family home, you can buy a condo for 70% the value of a single family home so we can get you into your home ( i.e. condo ).
Yes there are many homes up for sale.. Outside of rates, Taxes are going up, and rent going down in many areas, this puts more homes on the market since homeowners of rental property are not making money, they sell...
In my area it is not bad... Texas does not have a excess number of homes for sale... College Station however, has been way overbuilt, but Austin although not as tight home values are still increasing...