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