“I don’t think we’re going to see a big deflation like [the housing price crash] again, but we’ve been gaining 4-5 percent annually,” he explained. “In the next couple years I think it will be more like 2-3 percent as a little bit of a leveling force. More people are not going to pay the prices. They’ll wait to see what happens.”

Sales volume, the number of homes sold, has decreased about 5 percent from last year, Wahlberg noted.

That’s caused by "kind of a mix of a couple things,” he said. “In a market with a supply crunch like we have for such a long time, people get weird. People drop back and wait until this market corrects. What also happens is as prices keep going up and up, people keep getting priced out of the market they want to be in or the neighborhoods or school districts they want to be in.”

Wahlberg said interest rates, dictated by the Federal Reserve, have also risen this year. That means it costs more to borrow money than it did last year.

“Interest rates rose (to) over 5 percent last month and dropped back a little bit over the last week, but over the last 18 months rates have gone up,” he said.