A report from Redfin reveals that home buyers have surpassed sellers in the US market for the first time since 2013. In April, there were 1.94 million home sellers compared to 1.43 million buyers, resulting in a nearly 500,000 difference – a disparity of only two buyers for every three houses on the market.
The trend is particularly pronounced in seven cities across Florida and Texas, with sellers outnumbering buyers by as much as double. Miami stands out as the city with the largest disparity, boasting nearly three times as many sellers as buyers.
Redfin’s analysis also suggests that home prices are expected to fall in 11 of the top 50 US cities, with the median price predicted to drop at least 1% by the end of this year. Furthermore, sale prices were up only 1.9%, while sellers asked for 5.1% more – leading buyers to be largely unwilling to meet those prices.
Additionally, pending sales decreased by 1.7% in April and a significant portion of deals sold at below-market prices.
Source: https://www.mansionglobal.com/articles/its-been-12-years-since-u-s-buyers-had-so-many-homes-to-choose-from-494c6e7a