US homebuyers face challenges due to soaring prices and a supply shortage 

Sales activity in the housing market has stalled, with high rates discouraging buying and selling 

Redfin CEO Glenn Kelman suggests the market has hit "rock bottom 

Home construction is increasing the housing supply, with inventory growing by 1.8% in the last week of September 

However, there's no sign of a flood of inventory coming into the market 

The 30-year mortgage rate has reached the highest level in 23 years, exceeding 7%, affecting supply 

High rates and rising prices have led to reduced home affordability 

More homes on the market are receiving price cuts, with 37% now having reduced prices 

Home sellers are increasingly dropping their asking prices, with 6.5% of US homes for sale having price drops in September 

Sellers in the existing home market are open to negotiating prices or offering concessions, and builders are adapting to market conditions