In a strange way, this development is driving mortgage rates lower today and making homes more affordable.

• Home sellers outnumber buyers by 62.6% nationally, the largest gap Redfin has recorded since it began tracking the data in 2013.
• The number of homebuyers fell to a record low, driven by high home prices, elevated mortgage rates, and economic uncertainty.
• The number of sellers increased to its highest level since March 2020 as more homeowners decide to list despite softer market conditions.
• Areas such as Miami, Nashville, and Houston have some of the largest seller surpluses, giving buyers greater negotiating power.
• Only five major markets remain seller's markets:
  • Nassau County, NY
  • Montgomery County, PA
  • Newark, NJ
  • Milwaukee, WI
  • San Francisco, CA
• still have more buyers than sellers, making them exceptions to the broader national trend.

I am starting to see some meaningful price drops intown Atlanta. Here and there I see some buyers take the opportunity to test the market and closings 12-20% below original listing price.

There seems to be a real opportunity for buyers to test the market with how long houses are sitting and it looks like most buyers aren't taking it. Offering at or just below currently listed price on a house that's been sitting for months is just crazy to me.

I was looking at some housing affordability numbers this morning, and the difference between what people earn and what homes cost is pretty significant.

The median American household earns around $87,000 a year.

Using the traditional guideline of spending no more than 30% of your income on housing, that's roughly $2,200 a month.

At today's mortgage rates, even with 20% down, that puts a home somewhere around $275,000 to $315,000, depending on taxes and insurance.

Meanwhile, the national median existing home price is over $429,000.

Here's another interesting number.

According to Zillow, the typical monthly cost of renting nationally was about $1,950 in August, compared to just over $3,000 for someone buying.

That's more than $1,000 a month difference.

I've always believed homeownership can be one of the best ways to build long term wealth. But I also think we need to be realistic about the numbers.

Buying a home doesn't automatically make it a good financial decision, especially if the payment leaves you struggling every month.

And renting isn't necessarily throwing money away if you're saving and investing the difference.

I think how long you plan to stay, your financial stability and what you're actually paying each month matter a lot more than whether you're renting or owning.

I'm curious how others are approaching this today. Are you choosing to rent because the numbers make more sense, or do you still believe buying is worth the additional cost?