According to a recent Federal Reserve report, there's still growth in overall economic activity, but reports on real estate in 11 of its 12 districts suggest that things are broadly cooling under the pressure of ongoing price increases and higher interest and mortgage rates.

At the beginning of the month, the Federal Reserve published its Beige Book, in which it "gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources."

The overall news of the economy still sounds good. "All twelve Federal Reserve Districts have reported continued economic growth since the prior Beige Book period, with a majority indicating slight or modest growth; four Districts indicated moderate growth," the report states. "Four Districts explicitly noted that the pace of growth had slowed since the prior period."