US home buyers may face fewer challenges when purchasing a property this spring due to shifting market conditions. A recent Redfin analysis found 3.7 months of available homes on the market, the most in six years, indicating a potential shift towards more affordable housing.
While mortgage rates remain high, buyers are facing less competition and have more options than last year. In fact, data from CoreLogic revealed that 7.6% of homes for sale were delisted in January, as sellers may be losing leverage after years of having the upper hand.
Home shoppers in southeast Florida, particularly cities like Cape Coral and Miami, have seen an increase in home supply due to a surge of new listings. However, the state’s high mortgage rates, property taxes, and insurance premiums may still make it difficult for buyers to find affordable options.
In contrast, Northeastern states such as New York and Connecticut continue to favor sellers, with some areas experiencing intense competition. Homebuyers in these regions are struggling to find affordable options, with many waiting four years or more to buy a new home.
As the market continues to evolve, it remains to be seen how buyers and sellers will adapt to changing conditions.
Source: https://edition.cnn.com/2025/03/03/economy/spring-home-season-buyers-market/index.html