An article summarized by PR Newswire:
The U.S. housing market is increasingly favoring buyers, with 51.3% more home sellers than buyers in July, up from 47.9% in June and just below December’s record of 51.8%. The imbalance is largely driven by weak buyer demand rather than a surge in sellers. The number of buyers fell 2.5% to about 967,000, the lowest level on record, while sellers declined just 0.3% to roughly 1.46 million. Rising mortgage rates, high home prices and broader economic uncertainty are keeping many potential buyers on the sidelines.
39 of the 49 major metros analyzed were buyer’s markets, with Miami the strongest at 154% more sellers than buyers. Nashville followed at 151%, while Houston, San Antonio and Austin also had seller surpluses above 100%. Buyers in these markets have more negotiating power and can often take their time, with sellers increasingly willing to cut prices or offer concessions. Redfin says the period between now and Labor Day could be particularly favorable for buyers as motivated sellers negotiate before demand potentially picks up in the fall.
Only six major metros were seller’s markets, led by Nassau County, New York, where there were 36% fewer sellers than buyers. Newark, Providence, Milwaukee, New Brunswick and Montgomery County also favored sellers, largely because of limited new-home construction and stronger demand. Home prices rose an average of 4.2% in these seller’s markets, compared with just 2.3% in buyer’s markets. Overall, buyer leverage strengthened in 34 of the 39 buyer’s markets during July, signaling that the housing market is continuing to shift toward buyers.
