ROCHESTER, N.Y. (WROC) — The housing market in Rochester is red-hot, but as long as interest rates are up, people may not be willing to let go of their hard-earned cash. Mark Siwiec, broker-owner at Elysian Homes, says the economy is showing signs of a slowdown, which could mean mortgage rates will drop. Mortgage rates have already decreased over half a percentage point in the last couple of months, which is great news for buyers looking for a home. However, according to Siwiec, the market in our region is tough right now. Homes in Rochester are selling in just 13 days — the fastest in the country. Not only that, according to Siwiec, nearly 65% of homes are selling above asking price. So, even if 30-year mortgage rates go down over the next few months, there's still a downside for homebuyers. "There's nothing for people to purchase. You go back to January 2018, and there were 1,350 single-family homes on the market for sale in Monroe County. January of this year, there were 334," he said. "We're short 1,000 single-family homes in this community." Siwiec says part of the reason there's such limited supply is because homeowners with a locked-in mortgage, say 3.5%, don't want to buy a new home with a higher rate. But as families grow and shift, (for example, parents whose kids went off to college) that may not hold for very long. ...read more read less