“We’re in for a little bit of a roller coaster,” San Francisco real estate agent says

High mortgage rates, driven partly by the Federal Reserve’s recent rate hikes, are already being felt in the housing market. In June 14.9% of housing agreements nationwide fell through, real estate brokerage Redfin reported, the highest since the start of the COVID-19 pandemic. And for real estate agents, the market change feels sudden, and even a little scary.

“We were churning along with record sales prices, people just desperate to buy property,” said Cynthia Cummins, a real estate agent and owner of Kindred SF Homes in San Francisco. “And then that just sort of all came to a screeching halt.”

According to data from the real estate marketplace Zillow, the typical home price in San Francisco has decreased slightly from May to June, but remains up 10.6% year over year. For Cummins, the future of the market remains uncertain.

“I think we’re in for a little bit of a roller coaster,” she said. “It’s going to be up and down. So I’d like all of the listings that I have to sell. And I’d love to help some motivated buyers find a great property.”

To hear Cummins’ story, click the audio player above.