Consumer sentiment for the overall economy declined 5% in November, and more than 80% of consumers believe it is a bad time to buy a house, according to the latest consumer sentiment index released by the University of Michigan. The month-over-month decline in sentiment offset about one-third of the gains made since the sentiment index bottomed out in June. Consumers cited both high prices and expensive interest rates as the primary reasons it is a bad time to buy a house.

“Headwinds to consumer strength have started to emerge. Strong incomes have thus far helped consumers, particularly lower-wage workers, cope with high inflation,” Joanne Hsu, director of the University of Michigan’s Surveys of Consumers, said in a statement. “However, their perceptions of weakening labor markets could make them pull back their spending in the future. Wealthier households are experiencing declining stock markets and home values, which would also produce drag on their willingness to spend.”

Consumers surveyed also highlighted the effects of rising interest rates on their desire to buy homes, cars and other big-ticket items. The Federal Reserve, in efforts to combat decades-high inflation, has enacted a series of steep interest rate hikes.

About 83% of respondents to the University of Michigan’s Surveys of Consumers said that it was a bad time to buy a home. That’s the highest share ever recorded, according to the university.

The survey also showed that consumers’ inflation expectations for this year and five years out remained relatively unchanged at 4.9% and 3%, respectively. This is a key data point for the Federal Reserve. If consumers believe prices will remain high, that could factor into increased wage demands, which could cause businesses to raise prices.

Earlier this month, when the preliminary survey data was released, Hsu noted that very few consumers were front-loading purchases to avoid higher interest rates in the future. That was an indication that expectations aren’t worsening, she stated at the time.