DURHAM, N.C. — Home prices are starting to drop in markets across the country, including in North Carolina.

What You Need To Know

According to realtor.com, Durham's home prices have gone down 7.5% since June

Realtors say high interest rates are discouraging buyers

While some home prices are decreasing, year-over-year prices are still up more than 2% from last fall

The latest report from realtor.com shows Durham's home prices are down more than 7% from June.

"The market is I guess softening," Durham Nest Realty realtor Mark Farrington said. "We are still up for the year overall. But if you look, it peaked around June."

Farrington is a Durham native who got into the real estate business in 2020. And in the past two years, he has seen a lot of change.

"As soon as I got in the industry, interest rates were super low," Farrington said. "So there was like a feeding frenzy in the market, and now I'm on the opposite end of that two years later."

Now interest rates are so high, some are staying away from buying anything. But Farrington is encouraging folks not to wait.

"You can't time the market," Farrington said. "I think there are a lot of people prognosticating on what interest rates will be and when they will drop. So my advice is, if you are ready to sell, sell. And if you are ready to buy, you should get in the market. Over the the life term of real estate, it generally goes up, so the longer you wait, the more expensive it's going to be."

While some home prices in Durham have decreased, realtor.com shows the median home price is $460,000. And year-over-year prices are still up 2% in comparison with last fall.