But even with mortgage rates inching higher, prospective home buyers are anxious to get into the real estate market.
Problem is, for many would-be homeowners, prices are just too high.
Median home prices have risen dramatically in the U.S. in the past few years: nearly 300 percent since 1980, 12.5 percent compared to a year ago, and over 2 percent just in the first three months of this year.
CBS News correspondent Trish Regan reports the median home price has risen to $223,000 and is expected to climb by another 5.3 percent this year – adding another $9,000 to the price.
"To afford anything in today's market you have to try to stretch it anyway you can," says Biago Bonfrisco, a real estate agent in New Jersey, where prices have crept up by nearly 15 percent compared to last year.
"The prices are ridiculous - to pay your mortgage on top of utilities," he says, adding that the current price of gas doesn't make things any easier.
And it all adds up. According to a new study by Harvard University's Joint Center for Housing, nearly 16 million households now spend more than half their income on housing - a 14 percent increase from the year 2001 and a far cry from the at-one-time traditional standard of housing costs accounting for no more than a quarter of household income.
Homeowners aren't the only ones getting burned.
Nearly a third of all U.S. households are paying rent, which is expected to jump 4.1 percent this year, a faster increase than that seen in average salaries.
Bonfrisco, despite being a real estate agent, is still renting himself.
"It amazes me that two college graduates... in today's market can't go out and buy a home," he says. "It really does."
Meantime his rent is going up – by another $100 a month – making it that much harder to save up for a future down payment.