Take, for example, the numbers for June, primarily because they're part of the three-month peak spring selling season.
Specifically, let's consider the number of sales agreements signed during the month nationwide, which are known as "pending sales" because they close within 45 to 60 days of the dates contracts are signed.
Those numbers fell 0.4 percent from May, when the index that measures them reached a six-year high.
The National Association of Realtors blamed rising fixed-mortgage interest rates, a welcome break from the usual litany of lousy appraisals, not enough inventory, and tight credit.
In June, fixed interest rates averaged 4.5 percent for a 30-year mortgage, compared with 6.09 percent in June 2004, in the middle of the housing boom.
In June 2004, sales of previously owned homes were an annualized 7.02 million, which meant that if the sales pace stayed at that level for all 12 months, there would have been 7.02 million resales for the year. And that's about what there were.
With 30-year fixed rates at 4.5 percent at the end of June 2013, the annualized rate of home resales was 5.08 million, about 800,000 houses above the same month of 2012, when the rates were 3.91 percent.
If you were a buyer looking for a bargain and saw that prices were climbing and interest rates were up a half-percentage point over 30 days, wouldn't you be eager to sign on the dotted line to lock in a rate?
Of course you would. So there must have been other reasons for the drop in sales agreements.
Trulia's chief economist, Jed Kolko, maintains, and I say correctly so, that the primary effect of rising interest rates has been on refinancing, not on mortgage originations.
The Mortgage Bankers Association confirms that both mortgages for purchases and refinancing have slipped in the last few weeks. Refis are below last year's levels, but purchase applications are up over last year, the lenders' group said.
Inventory of homes for sale is up, Kolko said, and rising rates will begin loosening credit.
Two major variables are jobs and prices, he said.
Too few young people are working, and thus still living with their parents.
In addition, a lot of houses that have been kept off the market could flood it now, which could make it seem as if recent buyers have been paying too much.
Looks like consumer confidence to me.
On the House: Town by Town
In this week's Sunday Business section, Alan J. Heavens takes a look at real estate and life throughout the region.
This week's focus: University City.
Contact Alan J. Heavens at 215-854-2472, email@example.com or @alheavens at Twitter.