The typical homebuyer’s monthly housing payment fell to $2,671 during the four weeks ending July 21, according to Redfin.

That’s the lowest payment in four months and down $166 from the all-time high set at the end of April. Monthly payments are falling despite home prices still near record highs because mortgage rates have been on the downswing. The weekly average mortgage rate, according to Freddie Mac, has slid to 6.77%, down from 6.89% one week earlier to reach the lowest level since March.

Inventory is also up, giving buyers more options. On a year-to-year basis, new listings are up 6.1%, per Redfin data, and houses are staying on the market for five days longer than they were in July 2023.

Notably, though, buyers are remaining reticent to jump into the fray despite housing market conditions growing more favorable. Pending home sales are down 5.7% year over year, the largest drop in almost nine months. Google searches for “home for sale” are down 15% from last year (though they are up 12% month over month as of July 22). And Redfin’s proprietary metrics are down, too: The Redfin Homebuyer Demand Index, which tracks requests for tours and other homebuying services from Redfin agents, is flat month over month and down 16% from the same time last year.

For one thing, those aforementioned sky-high prices are keeping homebuyers glued to the sidelines. For another, some Redfin agents are reporting that some house hunters are delaying their moves until after November’s presidential election, not wanting to make such a big financial move with so much political and economic uncertainty in the air.

“I’m working with several buyers who are waiting for the election before they make a move,” said northern Colorado Redfin agent Matthew Purdy. “Some of them say they’ll only buy a home if their candidate wins.

“Others are waiting because they feel the economy and housing market are shaky, and hope it will improve after the election. I am working with a few foreign buyers who are wary about investing any more money in U.S. real estate before they see who takes office.”