Market cooling?
Not if you are looking at statistics.
Pending home sales have risen to a record level, according to the National Association of Realtors®.
The Pending Home Sales Index, based on contracts signed in August, 2005 rose 3.2 percent to a reading of 129.5, and is 4.7 percent higher than August 2004. The previous record was 128.1 in October 2004.
The index is derived from pending sales of existing homes. A sale is described as pending when the contract has been signed but the transaction has not been finalized. In regions where escrow is used, such as in my area, we would say the property is escrow but not yet closed. Escrow typically close within one or two months of signing the contract.