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.