00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The U.S. housing market has shifted in favor of buyers as high mortgage rates
00:06and elevated home prices leave sellers struggling to attract offers,
00:10according to the Associated Press.
00:13The stagnant market is preventing many sellers from relocating,
00:16buying new homes, or moving forward with major life decisions.
00:20The average 30-year mortgage rate climbed to 74% this month,
00:25its highest level in nearly three years.
00:27According to Realtor.com, the national median listing price fell 1.2% year-over-year in September
00:33to $419,250, marking the 11th consecutive monthly decline.
00:39About 21% of listings recorded price cuts, a four-year high.
00:45Redfin reported 63% more sellers than buyers across the 50 largest metropolitan areas last month.
00:51Buyer numbers fell to their lowest level since 2013.
00:55Sellers face growing pressure to lower prices and offer concessions,
00:59including assistance with closing costs and mortgage rate buy-downs.
01:03For all things money, visit Benzinga.com.
01:06For all things money, visit Benzinga.com.
01:06For all things money, visit Benzinga.com.
01:06For all things money, visit Benzinga.com.
01:06For all things money, visit Benzinga.com.
