The housing market is shifting, with buyers gaining leverage as sellers face pressure to reduce prices. Over half of homes sold below asking prices in May, with a median closing price significant lower than list prices. Homebuyers now need significantly more income to purchase median-priced homes compared to previous years. Rising inventory levels are causing homes to stay on the market longer in several cities, particularly Texas and Florida. Despite declines in some regions, Miami experienced an increase in median home prices, while more than 1.1 million homes remain on the market nationwide.
56% of homes sold below their asking price in May, with the median closing price $45,000 lower than the list price, signaling increased pressure on sellers to make concessions.
Homebuyers now require $200,000 more to purchase the median-priced home compared to a decade ago, impacting their ability to enter the market.
Inventory levels are rising in various cities, leading to homes remaining on the market for longer periods, with regions like Texas and Florida experiencing notable increases in inventory.
Despite sales declines in places like Naples and Miami, Miami saw a surprising 7% increase in median home prices over the past year.
The housing market continues to see over 1.1 million homes for sale nationwide, with homes spending an average of 58 days on the market.
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