Prices in the area dropped 4.4 percent between July and August, though they were up 6.6 percent from 2021. Homes now last weeks on the market, as opposed to days. Her clients don’t have to duke it out in fierce bidding wars or scramble to put in all-cash offers.

“We aren’t crashing; we’re leveling out,” Enrico-Crum said. “We’re just trying to find out what that level price is. That’s what everybody is trying to figure out.”

The long-awaited shift — from white-hot housing market to something more normal — is playing out across the country as mortgage rates escalate to the highest levels in 15 years, pushed along partly by the Federal Reserve’s moves to slow down the economy and bring down inflation. The average rate for a 30-year fixed mortgage, the most popular home-loan product, hit 6.7 percent this week, according to data released Thursday by Freddie Mac, a level unseen since July 2007. The rate has gone up a full percentage point since Sept. 1, and it was 3.01 percent a year ago.

The housing market has been cooling ever since the Fed began raising rates this spring. And it is clearly cooling faster as rates push higher.