In Anchorage, Alaska, the market appears to be cooling. Local real estate expert, Matt Dimmick, reports, that "it is still very busy, although it does look like we are seeing a few more price reductions than we have been seeing and inventory is rising a bit."

Dimmick also reported to Realty Times on pricing, saying, "Based on the numbers, it is still a sellers market, as evidenced by a 5 month inventory of homes. This applies to homes under $350,000."

One can expect to see the average price in the area at $326,000.

Another local expert, Pauline Hofseth, reports that though rates have risen, they are still favorable.

"Inventory is growing and will continue as summer progresses. June, July and August are good buying months. The good news for sellers is that we have fewer homes on the market this year than in 2007," she says.

Which homes are selling first? Well kept homes, reasonably priced, and in good condition -- in the price range of $200,000 to $325,000.