But that’s a sign of a weakening economy.

Topher Soltys and his husband bought a place in New York City earlier this year, and saw their monthly housing costs double.

“A lot of that information on what the Fed is going to do in September is already priced in” to current mortgage rates, said Zillow economist Kara Ng.

Home sales climbed by 2% in July, according to the National Association of Realtors, but prices remain high.

Homes are likely to remain expensive for the foreseeable future because of persistently high interest rates and the fact that homes are not being built fast enough to meet demand.

“I'm trying to make this as 2025 as possible, but it is definitely sometimes feeling a little 1800s over here,” said Laurel Santos about her off-grid house in Tres Piedras, NM.

One reason? More inventory.

“For as stressful as it was financially and physically and just emotionally, it was worth it,” said Kirsten Roehler of her solo homebuying experience in Bailey, Colorado.

There's a lot of pent-up demand for new homes, but homebuilders are facing a combination of high interest rates, labor shortages and tariffs on construction materials.

Economic uncertainty and high interest rates are holding back buyers, though high-end cash purchasers aren't waiting.