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
Related News Articles
Unlocking Opportunities in the Real Estate Insurance Market: Trends, Insights, and Projections
Discover the latest trends, challenges, and opportunities in the real estate insurance market, featuring key players, regional analysis, and market segmentation.
Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Haryana and Jammu & Kashmir Assembly Election Dates Announced by EC; Results to be Declared on October 4
The Election Commission of India has announced the dates for the Haryana and Jammu & Kashmir assembly elections. The polls will be held in a single phase on October 21, and the results will be declared on October 4.
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Virgo Daily Horoscope for September 14, 2024: A Temporary Setback in Assets and Real Estate Deals
Be cautious with real estate deals today, as a temporary decline in assets may occur. However, this setback will be short-lived.
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr