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2w ago

US Housing Market Shifts Sharply to Favor Buyers

A 500,000-home surplus driven by elevated mortgage rates has pushed sellers to reduce prices to attract buyers.

A drone shows a view of new single family home construction in San Diego, California, U.S., March 25, 2025. REUTERS/Mike Blake/File Photo
Helicopter shot of residential streets in Montgomery County, Maryland, north of Washington, D.C. on a hazy afternoon in Fall.
Row houses are seen in the afternoon on a spring day on May 23, 2025, in Washington, DC.
A For Sale sign for a multi-million dollar residential home in Reno, Nevada on May 6, 2024.

Overview

  • Redfin data show roughly 500,000 more sellers than buyers, the widest disparity since tracking began in 2013.
  • Analysts forecast national home prices will fall about 1% by the end of 2025 if current supply and demand trends persist.
  • Mortgage rates near 7% are deterring potential buyers and contributing to longer listing times.
  • Nearly 44% of first-quarter home sales included seller incentives such as closing-cost assistance or repair credits.
  • Miami has become the strongest buyer’s market with almost three listings per prospective purchase and luxury segments in Palo Alto and Los Altos remain red hot.