CHICOPEE, Mass. (WWLP) – Since the start of the pandemic the housing market has shifted up and down drastically with low inventory and high rates being a top concern.

However, now the housing market seems to be slowing down, but home prices are still high. Experts say the rate at which prices are growing dropped by almost two percentage points in June, which is the biggest single month slowdown since the 1970s.

Experts believe the big issue at the moment is that while demand may soften, supply isn’t improving fast enough to make a big difference. 22News spoke with realtor Jason Hosey of Keller Williams Realty about what this means for those looking to buy or sell a home.

“So all we can do is what we can do right now. That means smart spending and smart utilization of credit. That means if you are in a position financially to buy or you think you’re there, consult a lender and see about getting preapproval,” Hosey said.

Hosey encourages those looking to buy and sell to be prepared and manage spending and seek pre approval so that when the time comes to purchase or sell, they have all of their tools ready to ensure a smooth process regardless of the current inventory.