In May, there were 34% more sellers than buyers nationally, according to the real estate company Redfin. That is the highest rate since Redfin started gathering data in 2013. Kelly O'Grady reports.

California

The latest data from the National Association of Realtors shows a decline in home sales, reaching the lowest level in nine months and dropping nearly 3% from the previous month. While there is a notable increase in housing inventory, with 34% more sellers than buyers nationally, the market remains challenging for buyers due to persistently high prices and limited seller motivation.

Certain regions, such as Austin, Phoenix, and parts of Florida, offer more opportunities for buyers due to higher inventory, whereas areas like Newark, Long Island, and suburban Philadelphia continue to favor sellers. First-time buyers face stiff competition, high interest rates, and are often outbid by cash-rich buyers, making homeownership difficult despite the market's downturn.

What the latest downturn in the housing market means for buyers

Today, the National Association of Realtors released new data showing the housing market has seen better times. Home sales fell to the lowest level in nine months in June. That's dropping nearly 3% from May. In tonight's In Depth, CBS Money Watch correspondent Kelly O'Grady reports on the effect for buyers and sellers. 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. Sirvonne Eisfick 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 of 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 home buyers. 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. Sirvonne 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 like disappointed. Senior parents go through this process. How has that been for two years that they've been looking for a home? It's hard seeing her in that state because I see how hard she's trying. First time home buyers are regularly getting squeezed out of the market with high interest rates, sellers that aren't desperate, and cash rich empty nesters looking to downsize. Kelly O'Grady, CBS News.

France intends to recognise a Palestinian state in September at the UN General Assembly, President Emmanuel Macron said in hopes of bringing peace to the region, but the plan drew angry rebukes from Israel and the United States.

Middle East Conflict

Macron says France will recognize Palestine as a state

Ukrainian President Volodymyr Zelensky has approved a draft bill to restore the independence of anti-corruption agencies, following nationwide protests and EU concerns over recent reforms that threatened their autonomy.

Ukraine Invasion

Zelensky approves anti-corruption bill after protests

Chinese and European Union leaders have met in Beijing for their first in-person summit since 2023, addressing a range of contentious issues amidst growing trade tensions. The talks, led by Chinese President Xi Jinping and EU officials Ursula von der Leyen and Antonio Costa, highlighted the complex nature of China-EU relations.

Beijing

China-EU summit ends in climate deal, talks strain over Ukraine

The United Kingdom and India have signed a trade agreement that will reduce tariffs on goods from textiles to whisky, cars and spices and allow more market access for businesses. British PM Keir Starmer hailed the agreement as a “landmark moment” for both countries.

London

Global Tariffs

UK, India sign free trade agreement during Modi visit

President Trump and Federal Reserve Chair Jerome Powell had a disagreement almost immediately as the two men set foot in the Fed's headquarters in Washington to survey an extensive renovation project on two of the reserve's buildings. Nancy Cordes has more.

Washington

Trump, Powell clash during tour of Federal Reserve renovations

Hulk Hogan, the legendary professional wrestler whose real name was Terry Bollea, died on Thursday at the age of 71, according to World Wrestling Entertainment.

Clearwater

Wrestling legend Hulk Hogan dead at the age of 71, WWE says

At least 12 were killed as a Thai-Cambodian border dispute escalated into deadly clashes on Thursday (July 24).

Surin

Thailand bombs Cambodian targets as border clash escalates

According to preliminary data, 43 passengers, including five children, and six crew members were on board.

Tynda

Passenger plane crashes in Russia, killing all 49 people on board

Pro wrestling legend Hulk Hogan has died, World Wrestling Entertainment said in a statement on social media. He was 71. CBS News' Shanelle Kaul has more.

Hulk Hogan dies at 71, WWE says

The Wall Street Journal reports that former Attorney General Pam Bondi told President Trump his name appeared in the Epstein files. The White House denies wrongdoing.

Report: Trump was briefed on mentions in Epstein files

Columbia University will pay $200 million to resolve federal claims it failed to stop harassment of Jewish students during campus protests. The Trump administration had suspended the school's access to $400 million in funding.

New York

Columbia settles for $200 million over antisemitism claims

Israel issued a statement indicating that Prime Minister Benjamin Netanyahu has asked the Gaza negotiating team to return to Israel for ceasefire talks. CBS News' Ramy Inocencio reports.

Jerusalem

Israel brings back Gaza negotiating team for ceasefire 'consultations'

Also in the settlement is an agreement to ask prospective international students “questions designed to elicit their reasons for wishing to study in the United States,” and establishes processes to make sure all students are committed to “civil discourse.”

Columbia University to pay more than $220M in deal with Trump

There are several developments in the cases involving Kilmar Abrego Garcia, the migrant in ICE custody whom the Trump administration wrongly deported. CBS News' Katrina Kaufman reports.

Nashville

Kilmar Abrego Garcia to remain detained following new court orders

Dr. Salvador Plasencia admitted to distributing ketamine to actor Matthew Perry before his 2023 overdose. He is the fourth person to plead guilty in the case and faces up to 40 years in prison.

Los Angeles

Doctor pleads guilty in Matthew Perry death case

While both sides acknowledged progress on humanitarian issues, talks on a full ceasefire remain stalled. Turkish Foreign Minister Hakan Fidan called for "result-oriented negotiations" to end the devastating war.

Istanbul

Russia and Ukraine conclude third round of peace talks in Istanbul

A passenger plane has crashed in southeastern Russia with up to 49 people onboard. Emergency services say the An-24 aircraft took off from the city of Khabarovsk and was heading to the town of Tynda. Wreckage was found on a mountainside around 15 kilometres from the flight's intended destination.

Russian passenger plane with 49 on board crashes

Ukraine's President Volodymyr Zelenskiy vowed to retain the independence of anti-corruption agencies, bowing to pressure from the first wartime street protests and rare rebukes from European allies.

Kyiv

Zelenskiy to protect anti-corruption agencies, bows to protests

U.S. President Donald Trump's name is among the many appearing in the Epstein files, according to the Wall Street Journal, and he was told as much earlier this year by the U.S. Justice Department.

Trump calls reports he knew his name is in Epstein files ‘fake news’

Dr. Salvador Plasencia, the doctor accused of supplying Matthew Perry with ketamine in the month leading up to his death, has pleaded guilty to four counts  of distribution of ketamine. Plasencia is the fourth of the five people charged in connection with Perry's death to plead guilty.

Doctor accused of supplying ketamine to Matthew Perry pleads guilty

Russia and Ukraine have exchanged prisoners following the latest round of talks in Istanbul. The swap, involving dozens of soldiers — some severely wounded and held since the war’s start in 2022 — took place on Wednesday night. While the prisoner exchange marks a rare point of agreement, both delegations remain divided on ceasefire terms.

Ukraine-Russia talks: Delegations remain divided on ceasefire terms

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.

DOJ told Trump his name is among many in Epstein files: Sources

Ukrainian President Volodymyr Zelensky signed a bill reducing the autonomy of two Ukrainian anti-corruption bureaus. Ukrainians protested in Lviv and Kyiv, concerned that the bill could lead to more corruption and threaten Ukraine’s chances of entering the European Union.

Ukrainians protest new anti-corruption law

A federal judge on Wednesday ordered Kilmar Abrego Garcia's release as a second judge barred ICE from taking him into custody. CBS News legal reporter Katrina Kaufman has more.

Judge orders Kilmar Abrego Garcia's release

A judge on Wednesday (July 23) sentenced Bryan Kohberger to four life sentences without the possibility of parole after he pleaded guilty to the murders of four University of Idaho students in 2022.

Boise

Bryan Kohberger sentenced to life in prison

House Speaker Mike Johnson is sending lawmakers home early for their August recess amid a continued push to release all files related to Jeffrey Epstein. CBS News' Taurean Small has the latest.

Speaker Johnson sends House lawmakers home early

Venezuela Attorney General Tarek Saab's office will investigate El Salvador's President Nayib Bukele and two other officials for the alleged abuse of Venezuelans who were detained in the Central American country.

Caracas

Venezuela to investigate Bukele for alleged detainee abuse

U.S. President Donald Trump touted new trade agreements with Japan, Indonesia and the Philippines ahead of his looming August 1 global tariff deadline. CBS News' Natalie Brand has the latest from the White House.

Trump touts new trade deals with Japan, Indonesia, Philippines

As Bryan Kohberger faces sentencing for the University of Idaho murders, families and investigators are breaking their silence. The gag order has been lifted, prompting emotional impact statements and new revelations from officials involved in the case.

Officials, families break silence as Bryan Kohberger sentencing begins

U.S. President Donald Trump accused former President Barack Obama of "treason" on Tuesday, accusing him, without providing evidence, of leading an effort to falsely tie him to Russia and undermine his 2016 presidential campaign.

Breakdown