The U.S. housing market has transitioned to favor homebuyers, with an increase in available listings but fewer sales due to high prices. After two years of rising mortgage rates, sellers are realizing they are no longer in control, leading to concessions on prices. The gap between sellers and buyers has widened significantly, indicating a buyer's market despite persistent affordability challenges. The state of the market varies regionally, with high prices impacting demand in many areas, putting buyers in a stronger negotiating position overall.
It's a sharp reversal from the pandemic-era boom. Sellers are realizing they're no longer in charge, with many offering concessions.
Nationally, it's now a buyer's market - even though for some, it doesn't feel like it. High prices and borrowing costs keep demand in check.
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