Many first-time home buyers locked out of market by competition and high prices.

Many prospective first-time home buyers feel like they're at a disadvantage as they face high interest rates and competition from a spiking number of all-cash offers. CBS News correspondent Nancy Chen has more.

CBS News 24/7 is the premier anchored streaming news service from CBS News and Stations that is available free to everyone with access to the internet and is the destination for breaking news, live events, original reporting and storytelling, and programs from CBS News and Stations' top anchors and correspondents working locally, nationally and around the globe. It is available on more than 30 platforms across mobile, desktop and connected TVs for free, as well as CBSNews.com and Paramount+ and live in 91 countries.

Subscribe to the CBS News YouTube channel: youtube.com/cbsnews

Watch CBS News 24/7: cbsnews.com/live/

Download the CBS News app: cbsnews.com/mobile/

Follow CBS News on Instagram: instagram.com/cbsnews/

Like CBS News on Facebook: facebook.com/cbsnews

Follow CBS News on X: twitter.com/cbsnews

Subscribe to our newsletters: cbsnews.com/newsletters/

Try Paramount+ free: paramountplus.com/?ftag=PPM-05-10aeh8h

For video licensing inquiries, contact: licensing@veritone.com