ALBUQUERQUE, N.M. — A house with a yard and a white picket fence. It’s been part of the American dream for generations. But with home prices on the rise, economic uncertainty, and tariff whiplash, does that dream feel like it’s out of reach?

People who rent in Albuquerque told KOB 4 that buying a home is part of the plan. It just might not happen as soon as they’d like it to.

Home prices in the metro are up about $100,000 since before the pandemic, according to the owner of Abrazo Homes, Mackenzie Bishop. But Tego Venturi, a realtor and co-owner of Venturi Realty Group, said even with higher prices, threats of tariffs and interest rates hovering in the mid-sixes people are still buying homes.

“We really haven’t seen anybody pausing or changing their mind about doing anything because of all this turmoil going on in the broader market,” Venturi said.

Venturi said 300 houses in the metro have gone under contract in the last seven days. Most of them are resale.

“The number of homes that are in pending right now meaning set to close here in the future is greater than it was a year ago anywhere from 8 percent to 10 percent, so the activity is definitely there,” he said.

But according to the National Association of Homebuilders, builders’ confidence is the lowest it’s been in seven months. The association estimated President Donald Trump’s tariffs could cost a homebuilder between $7,500 and $10,000 per home. That cost would likely be passed on to the buyer.

“Builders are going to adjust to the market and if they need to tighten up their margins, meaning their profit to get some homes sold, they will do that obviously,” Venturi said. “There’s only so much they can do.”

Trump paused the tariffs for 90 days Wednesday afternoon, hours after they went into effect. The only exception is China, he raised their tariffs to 125 percent.

From lumber to appliances to cabinets, there are so many things that go into a new home. But Venturi said a lot of it is manufactured in the United States.

“Mortgage rates have so much more impact on affordability than a lot of the stuff going on right now,” he said. “Don’t get me wrong those things matter, I’m just saying the mortgage rates are what I’ve been watching really closely right now.”

With so many uncertainties about what’s to come, Venturi said he is concerned about what builders will do next.

“One concern I do have with all of this everything going on is home builders start pulling back on investing in construction,” he said. “That’s the last thing we need right now in Albuquerque is less homes being built.”