US Housing Market Shifts in Favor of Buyers as Sellers Cut Prices
The housing market is becoming more balanced as sellers slash prices, giving buyers an advantage, according to Zillow.
Housing MarketBuyer FriendlyPrice CutsUs Real EstateZillowReal Estate NewsJul 17, 2024
The cooler competition is largely attributed to the stubbornly high costs that have led to a pullback among buyers. As a result, those still in the market have more options to choose from, thanks to a continued pile-up of inventory. In fact, the total number of homes for sale is now 23% above last year's lows, alleviating the supply crunch that has plagued the market.
Booming construction has also played a significant role in easing buyer reliance on sales of existing homes. In fact, with many homeowners not selling due to today's high mortgage rates, it's become cheaper to buy a new home instead of a used one, according to Realtor.com. The median price difference between new and existing homes was $7,100 in May.
While housing inventory is still below pre-pandemic averages, the demand-supply imbalance has shrunk to its smallest since 2020. Although prices are still rising overall, buyers are not facing the same rate of appreciation that has defined most of the post-pandemic era. In June, the monthly growth rate was at its lowest since 2011 for this time of year, climbing to a national average of $362,482.
The housing market remains a seller's market, but the demand pullback has diminished the edge homeowners have held over buyers. For the first time in four years, sales fell in June instead of ticking up. Regionally, there are some buyers' markets in the US, particularly in the South, where cities like New Orleans, Miami, Austin, Jacksonville, and Tampa are offering the most favorable conditions for prospective home buyers.
information Zillow is a leading real estate marketplace that provides comprehensive data and insights on the US housing market. Realtor.com is a popular real estate website that offers listings, market data, and tools for buyers and sellers.
Redfin is a real estate brokerage that provides data-driven insights and services to buyers and sellers.
Frequently Asked Questions
What percentage of homes on the market saw price cuts in June?
24.5%
What is the total number of homes for sale above last year's lows?
23%
What is the median price difference between new and existing homes?
$7,100
What is the national average home price as of June?
$362,482
Which cities are offering the most favorable conditions for prospective home buyers?
New Orleans, Miami, Austin, Jacksonville, and Tampa
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