"The statistics show ... nationwide, on average, housing prices are still rising, but they are rising at a slower rate," says Dr. Walden, a specialist with the North Carolina Cooperative Extension Service.

"For example, in the second quarter of this year, prices were up actually in every state. And they were up 9 percent on an annualized basis," he adds. "In North Carolina, they were right at that average of 9 percent.

"Of course this doesn't mean everyone's house price is up. These are averages, and of course an average means some have more appreciation, others have less.

"What does seem to have definitely changed for just about everyone is the time that it takes to sell a house," Walden says. "Housing market activity has slowed down so it takes people more time to sell a house. And there's a tradeoff there between how long you are willing to wait to sell and perhaps what you do with the price.

"For example, on the coast where the housing market had been very, very rapid, it's very much slowed down, and the time it takes to sell a house has gone up almost 50 percent."