The housing market has shifted in favor of buyers — depending on where you live
CNN
Americans looking to purchase a home in certain US cities might be pleasantly surprised to find the tide is shifting their way this spring after years of challenging affordability.
Americans looking to purchase a home in certain US cities might be pleasantly surprised to find the tide is shifting their way this spring after years of challenging affordability. There were 3.7 months of for-sale supply on the market in January, the most in six years, according to a recent Redfin analysis. That means it would take more than three months to sell all the homes that were listed for sale in January, given monthly average sales volume. The findings point to a housing market where sellers are slowly losing leverage after years of having the upper hand. Generally, more than four months of supply sitting on the market indicates a full-tilt buyers’ market. Spring has long been considered the busiest home shopping season in America as warmer temperatures and the end of the school year tend to entice new buyers and sellers into the market. However, persistently high borrowing costs and few new home listings stymied the action last year: Home sales fell to the lowest level in three decades in 2024. Though mortgage rates remain similarly elevated heading into the busy season this year, determined buyers so far face less competition and have more options, according to recent data. An unusually high number of homes have been pulled from sale recently, a sign that many home sellers are no longer fielding multiple competitive offers. Data from CoreLogic found that 7.6% of homes on the market were delisted in January — the highest level in over a decade.
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