PORTLAND (AP) – Maine’s hot real estate market has lost some of its sizzle, signaling that the days of huge jumps in housing prices, multiple offers, bidding wars and rapid sales are likely coming to an end.

The number of existing Maine homes that were sold in May rose 5.43 percent compared to the same period a year ago, and Maine’s median price rose 2.58 percent to $196,950, according to the Maine Real Estate Information System.

“Leveling out is how I would characterize it,” said Alan B. Peoples, president of Home Sellers Maine.

Inventories of available houses are up about 20 percent from a year ago, with more single-family houses staying on the market longer, he said. And the slower sales pace means home prices aren’t increasing as fast, there are more homes on the market and there’s more room for buyers to negotiate with sellers, he said.

The numbers remain healthy but not as robust as in the past couple of years. Some markets like Portland had seen double-digit increases in real estate prices, making it difficult for first-time buyers to afford a home.

“The pace was unsustainable, and now it’s settled down,” said Lawrence Yun, an economist with the National Association of Realtors.

Yun predicts sales will continue at “historically healthy levels” and prices will rise in accord with “normal patterns,” probably in the 3 percent to 5 percent range.

Behind the cooling of the real estate market are rising interest rates.

A typical 30-year, fixed rate mortgage with no points carried an interest rate of 6.875 percent last week, said Chris Goucher, senior vice president of Maine Home Mortgage in Portland. For a home buyer looking to borrow $200,000, the higher interest rate meant a mortgage would cost about $100 a month more, Goucher said.

John Hatcher of the Hatcher Group Keller Williams said a slower market is healthier, both for the industry and for buyers and sellers.

In a hot market, a property will sell fast and sellers think they might not have asked a high enough price, Hatcher said. At the same time, buyers will feel pressured to act quickly and make a high offer, making them feel rushed.

“This gives people more time to think about the purchases,” he said.