As of September, the national median listing price stands at $430,000, adding pressure for buyers who are unable to cope with high rates and soaring housing prices.

The decline in the number of new listings has resulted in a reduction of active inventory. Within the week ending on October 21, new listings decreased by 1.0% compared to the same period last year. This limited choice for homebuyers, requiring them to make quicker decisions when selecting properties.

Although there has been some growth in new residential constructions in September, the overall scarcity of listed properties has become a major issue in the current housing market.

Despite significant economic obstacles, some homebuyers continue to press forward, aiming to secure their desired homes despite the high prices and rates. With limited available housing stock, buyers must act swiftly when encountering suitable properties.

Consequently, the time on the market has shortened, with houses spending an average of 48 days in the market in September, one day less than the same period last year.

For buyers, the decrease in rental prices might offer some respite. The nationwide decline in rental prices might alleviate the urgency for potential first-time homebuyers, giving them more time to accumulate savings in the rental market for future housing.

However, the rise in mortgage rates alongside increasing housing prices remains a concern for homebuyers. They need to closely monitor market conditions, make informed decisions, understand market trends, communicate with real estate agents, be clear about their budget, and calculate housing loans, making homebuying decisions based on their individual circumstances.