(NewsNation) — The U.S. housing market is finally starting to cool down, according to data released Tuesday by Realtor.com.

The report reveals that for the first time since the pandemic, the median home remained on the market one day longer than it did on the same week the previous year.

That one-day wait marks the most the weekly metric has increased since June 2020. This suggests a slowdown in spending, with a record low supply of housing and homeowners who had $1 trillion in additional home equity to play with.

“We finally hit the turning point,” Danielle Hale, Realtor.com’s chief economist, said in a statement to the website Barron’s.

To answer whether or not the U.S. is in a housing recession, NewsNation’s “Rush Hour” brought on Jim Luorio — a trader, broker and macroeconomics analyst — to give his reaction.

“Oh sure,” he answered. “I think it’s a big deal and what’s really interesting to me is rent is just now rising to catch up with the huge home price increase over the last year in a half and now we’re seeing the whole thing turn around.”

Check the rest of his insight from the interview above.