Last month was the hottest March ever for the housing market, with homes selling at their fastest pace and for more above list price than any other March on record, according to a new report from real estate brokerage Redfin. The median home-sale price rose 6.2% in March, the fastest month-over-month gain at this time of year since 2013, to an all-time high of $412,700.

But Redfin’s chief economist says the combination of surging mortgage rates and record-high home prices is expected to cause more homebuyers to drop out of the market and potential home sellers may choose to wait-out the impending market cooldown.