Although they have fallen slightly from the 5.81% peak reached earlier this year, mortgage rates have nearly doubled since the start of the year. Combined with rising home prices, the mortgage payment for the nation’s typical home is up by roughly 60% from a year ago, dragging housing affordability down to a 15-year low in June.

That means an increasing number of people are being priced out of the market, especially in some of the nation’s most expensive areas. Sales of existing homes fell 14.2% in June from a year before and have fallen on an annual basis in each of the last 12 months, according to Zillow data, indicating a drop in both supply and demand.

For now, there are enough people who are still able to afford a home that prices continue to rise, but there are clear signs the market is starting to rebalance. Home value growth, for instance, is slowing. And while homes that have recently gone under contract have done so very quickly compared to historic norms, the time that the typical home spends on the market is starting to rise from record lows, according to Zillow data. More sellers are also cutting prices.