Right about now is supposed to be peak homebuying season — an important time for agents, lenders, and the many people whose industries depend on people fixing up and furnishing new pads.A lot of new data this week will tell us how the housing market is actually doing, including pending home sales, building starts for new construction, and the NAHB/Wells Fargo Housing Market Index for May, which came out Monday.Builders’ expectations — which include “current sales conditions,” “sales expectations,” and “potential buyer traffic”— ticked up a few points in May after dropping in April, according to the index.In Bellevue, just across Lake Washington from Seattle, Michael Orbino with Team Foster at Compass said he follows national numbers like these, but it’s been a tough market for the builders he works with. There isn’t a lot of land to expand into, and material and labor costs are high.“All at the same time the buyers are, I think finally saying, and they have been saying for a couple of years, that these prices are just getting too high combined with the high property taxes, high insurance costs, and high interest rates,” he said.Orbino said builders are squeezed and are rethinking what they can afford to build — if they can build at all. Which may mean smaller projects. “Anything that's not out of the ground yet at this moment, it's likely we're going to be redrawing it … for a future economy that maybe is, you know, the prices are lower than where they have been,” he said.Over in Miami, Joanna Jimenez of The Opes Group at Compass said most of the transactions her team works on are resales of existing homes.She’s noticed that two different markets are emerging.“In neighborhoods where buyers are heavily reliant on financing, we are seeing they are taking longer to make decisions, they're touring more properties, they're very price sensitive, so a lot of those buyers are asking for credits to help offset, like the higher borrowing costs,” Jimenez said.In the other market, where a significant number of the transactions are in cash, buyers are moving much faster. She said it’s good to be aware of what’s happening across the country, but she’s focused on the local picture: “What are the cash sales share in your zip code? How many months of inventory do we have? What is the median sales price? Did it go up? Is it going down?”Jimenez said it’s these hyperlocal numbers that help the most when navigating the market with her buyers and sellers.