Rising mortgage rates have shifted some advantages to prospective homebuyers this fall even as rates above 7% are reducing the purchasing power buyers have available.

Realtor.com's market clock report for the third quarter was released on Monday and found that the national market clock now sits at 4 o'clock after it shifted one hour in favor of buyers since the second quarter, with the time indicating a late balanced market that's trending toward buyers.

Around the country, the number of outright sellers' markets declined from 39 to 27 in the past 12 months, while the number of buyer's markets rose from 13 to 17.

The 55 remaining markets are sitting in balanced territory, with 49 loosening toward buyers and six tightening in favor of sellers.

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