According to a recent report, the median listing price for a home in November was $417,000, much cheaper than the all-time high of $449,000 set in June.

High mortgage rates were hovering at 6.58 percent for 30-year fixed-rate loans as of Wednesday - a stark reminder that many buyers may still struggle with affordability.

Even though prices are falling month over month, they are still up double digits from a year ago, and with mortgage rates on the rise, buying a home is more expensive than it was last year.

This deadly combination of high home prices and high interest rates makes the median mortgage about $900 per month higher now than it was a year ago.

So while all is not happy and bright in the world of real estate, there is progress for the intrepid buyer.

The inventory of homes has rebounded after the COVID-19 pandemic-induced home buying boom brought the number of homes for sale down to an all-time low.

Compared to the same month in 2021, there were 46.8% more homes for sale in November.

This means there are up to 240,000 homes for sale on any given day in November.

However, the large increase in listings hides an important caveat: fresh listings are down 17.2% year-over-year.

Simply put, many potential sellers have decided to stay put rather than list their homes.

Many are locked into extremely low interest rate mortgages that they are unwilling to give up, and cash-strapped buyers simply aren't making offers like they did a few months ago.

The result? Homes are simply sitting and sitting on the market, swelling the total number of homes for sale.

With fewer and fewer new homes coming on the market between now and the end of the year and even into early next year, the real estate market in the West has slowed down and

Some areas of the U.S. have borne the brunt of the market downturn.

The slowdown in sales activity has been even more pronounced in the West, where high home prices are a daunting foe for buyers who also have to contend with higher mortgage rates.

This is a classic example. Inventory in Phoenix is up 176% year-over-year.

In November, the typical property was on the market for an average of 56 days (up 8 days from last year), while Phoenix homes stayed on the market for 2 more days.

From August 2021 to April 2022, the number of active listings was stable and did not change much. But that changed quickly in April when rates started to rise.

Sellers may not think it's the best time to list a home, but could it be a good time for homebuyers to buy?

More homes for sale and fewer buyers help empower the few homebuyers who can now hold out for a bargain.

And sellers are giving in. in November, about 19.6 percent of homes for sale were forced to lower their asking price to attract buyers.

While the end of the year may not be a home buying bonanza, some intrepid buyers may be able to get some deals.

If you want to buy a home, that's where you'll have all the leverage to negotiate with sellers. More sellers are willing to pay some of the buyer's closing costs or pay the money for the purchase rate.

Sellers drop the price by an average of 3% off the list price - that's $15,000 for a $500,000 home.

In addition to direct cash savings, Aguirre found sellers willing to make repairs and accept offers that were contingent on buyers selling their existing homes.

Perhaps most importantly, sellers are no longer asking buyers to make risky moves, such as foregoing the contingency of an appraisal.

So, despite rising mortgage rates, not all homebuyers need to sit on the sidelines and wonder why they didn't snag a home when rates were low.

Instead, they should take advantage of their negotiating position with potential sellers.