Marr said: “Until this month, the pullback in the housing market could be described as something of a return to pre-pandemic conditions before sub-3% mortgage rates ignited a homebuying frenzy in 2020 and 2021.

“But now both mortgage purchase applications and pending sales are below 2018 levels. A four-year setback is a serious correction. With mortgage rates still elevated, we are in for further sales declines, but those should eventually bring price relief to those who need to move this winter.”

Pending sales fell the most from a year ago in Los Angeles (-59%), Las Vegas (-56%), Miami (-50%), Seattle (-50%), Jacksonville (-48%), and Portland (-46%).

Quoted by Redfin, Sacramento real estate agent Michael Cendejas compared the current, high interest-induced slump to the spring, when buyers “had to race and wager over homes that flew off the market within a week”.

He said: “Today, many homes are staying on the market for a month or two. While mortgage rates are much higher now, buyers have the opportunity to negotiate. We’ve gotten sellers to agree to a lower price and to provide a credit, which enables the buyer to buy down their mortgage rate to below 6%.”