CNBC's Realty Check: Housing sector is cooling

I just finished watching Realty Check on CNBC. The housing sector is cooling, as if you didn't know. Existing home sales are down 5.7%, while new home sales are down 7.7%. The median price of homes is projected to only rise 5.8% this year, versus just over 12% last year. With interest rates projected to rise to at least 7.0 this year, home buyers will have less buying power. Eventually, it seems, this would have to push home prices lower.