Do less mortgages mean that the housing market is slowing down?

It looks like mortgages have started to decrease. Finally after all of the rate hikes and everything that has happened in the country this year things are slowing down. I have heard talk among several individuals, including bankers that the boom we've seen recently seems to be coming to a plateau. I hope that this is the case. A friend in Las Vegas is trying to sell his home and can't seem to find a buyer even though it is cometitively priced and in a great neighborhood. Could these be signs that the market is saturated or will we continue to see steady growth in the future? The demand for loans is decreasing, and hopefully the housing market will follow the same trend.