Market peak may present time to cash out.

The Census Bureau reported Friday that the annumal pace of new homes sales has slipped to 1.25 million in November from the record high of 1.4 million in October. Still, it is relatively high by historic standards.

David Lereah, the National Association of Realtors (NARs)’s cheif economist said, "November’s numbers confirm that housing activity has peaked and is now slowing." Mortgage rates have continued to climb to 6.33% from 5.73% a year ago. Gradual rather than sharp increases have helped to keep the housing slowdown moderate. "This is not a scenario for a hard landing," Lereah said.

Edward Leamer, an economist at UCLA, says now may be a good time to sell. "If you’re choosing between selling now and selling in two or three years, do it now," he says.