The housing market is experiencing the strongest buyer’s market in over a decade, with 36.8% more sellers than buyers in October, according to Redfin. Home prices are weakening, but still 1.2% higher than last year. Affordability remains a major challenge for many potential buyers, affecting demand and prices.

Real estate firms are facing housing affordability as their biggest challenge, according to the National Association of Realtors. Mortgage rates have decreased from recent highs, but are still double what they were in the early pandemic years. Cost is the primary obstacle for homebuying, with many housing markets considered overvalued.

In Washington, D.C., potential buyers are taking advantage of leverage to negotiate price concessions and repairs, following the recent government shutdown. Despite the end of the shutdown, consumer sentiment is not indicating a surge in homebuying, with the National Association of Home Builders reporting a drop in builder sales expectations for the next six months.

Read more at CNBC: Housing numbers point to strong buyer’s market. There’s a catch