CBS News' Kelly O'Grady looks at whether the housing market is beginning to ease up for first-time buyers. More homes are hitting the market, and while it's still a seller's game, experts say the balance may soon shift.

The housing market has seen an increase in available homes, with 34% more sellers than buyers nationally, the highest level recorded since 2013. Despite this rise in inventory, it remains a seller's market due to persistent high prices and mortgage rates, with the median sale price reaching nearly $400,000.

Regional differences are evident, as markets like Austin, Phoenix, and parts of Florida offer more opportunities for buyers, while areas such as Newark, Long Island, and suburban Philadelphia continue to favor sellers. First-time buyers face stiff competition, often contending with multiple offers and cash-rich downsizers. Experts suggest targeting homes that have been on the market longer and exploring first-time buyer programs to improve chances of success.

More homes on the market could signal hope for buyers

In today's money watch, we're looking at the struggles of many first-time buyers to purchase homes. The combination of high prices and mortgage rates along with low supply of homes for sale have meant it's been a seller's market in recent years. But that could all be about to change. Kelly O'Grady shows us this might mean the right time for you to buy. Do you think it's more of a seller's or a buyer's market right now? I think it's still more of a seller's market because even though we're seeing more inventory on the market, sellers are just not feeling pressure to sell. Stacey Esser is a New Jersey realtor and founder of the Stacey Esser Group. Yes, the closing is Tuesday. She says a small shift towards buyers is coming. Maybe house was taking one week to sell and now we're kind of hovering at three weeks. Part of the shift is driven by more houses on the market. Right now, there are 34% more sellers than buyers nationally. That's the most in more than a decade since Redfin started gathering data in 2013. But this is still considered a seller's market because while inventory is rising, so are prices. That's because homeowners who locked in lower interest rates have little incentive to sell. In June, the median sale price hit a record high, nearly $400,000. Anything that's updated and new and turnkey are seeing the biggest increases. Anything that's in that entry level price point is also seeing the biggest increases. It comes down to location. Austin, Phoenix and most markets in Florida are better for buyers because there's more inventory. While Newark, New Jersey, Long Island, New York and suburban Philadelphia favor sellers because there's less inventory. Sirvan Isvik and her husband own a salon in a competitive location in New Jersey and say they've been looking for their first home for more than two years. How competitive have you found some of these houses that you've put a bid on? Last week I just like offered one house. They couldn't accept my offer because they said that 19 people offered that house. When I heard like 19 people, I couldn't believe it. To improve your chances of homeownership, put an offer on a home that's been sitting on the market. The owner might be more willing to negotiate. Also, look into programs for first-time homebuyers. And finally... Go look for the ugliest house in the best neighborhood. Go buy that house and see beyond what other people can't see. Sirvan says a house for their two girls would be the American dream, but the rejection is frustrating. It is like not just for me, my whole family, they get disappointed. Senior parents go through this process. How has that been for two years that they've been looking for a home? I see her trying all the time and it's like she's so excited. She's like, we're going to put in this offer and hopefully we'll have the highest one so we get it. It's hard seeing her in that state because I see how hard she's trying. And Sirvan's experience is hardly unique. First-time homebuyers are regularly getting squeezed out of the market. You've got high interest rates, sellers that aren't desperate, and the fact that buyers are often competing for homes against empty nesters who are looking to downsize and then they're cash rich. I hadn't thought about that. That makes sense. It's tough out there and it's a dream. People are still running for it. It still is a dream. I think so too. Everybody wants to own their own home. Kelly, always good to have you. I really appreciate it.

After reviewing the Epstein files, Attorney General Pam Bondi told President Trump his name appears alongside many others, according to a new report in the Wall Street Journal. CNN’s Paula Reid details what we know.

Washington

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As Suwayda

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A judge on Monday sentenced ex-Louisville police officer Brett Hankison to 33 months in prison and three years of subsequent supervised release, following the 2020 shooting death of Breonna Taylor.

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Taipei

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Breakdown