American home sellers are forced to slash prices and chip in thousands toward buyers' costs in a stalled market

Liz Suder, an empty nester in Murphy, Texas, had to cut her asking price after her home sat unsold for more than a year. Surging mortgage rates, years of rising prices and high inflation have priced many buyers out. Sellers now easily outnumber buyers across America. Those who can afford to wait are pulling their listings off the market entirely.

First American Financial's chief economist Mark Fleming said the market has 'shifted back' in buyers' favour.

Earlier this decade, rock-bottom mortgage rates meant sellers routinely got well above their asking price.

Many would-be buyers are holding off and hoping for better conditions next spring.