US Housing Market Shifts Toward Buyer Leverage as Inventory Grows and Price Moderation Emerges cover art

US Housing Market Shifts Toward Buyer Leverage as Inventory Grows and Price Moderation Emerges

US Housing Market Shifts Toward Buyer Leverage as Inventory Grows and Price Moderation Emerges

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 Over the past 48 hours, the US housing industry has shown clear signals of transition, marked by rising inventory levels, a moderation in price growth, and shifting dynamics between buyers and sellers. The latest data from the National Association of Realtors indicates that total housing inventory reached 1.33 million units at the end of March, an 8.1 percent increase from February and nearly 20 percent higher than March 2024. Newly built homes now account for over 31 percent of all homes for sale, further expanding choices for buyers, particularly in the South and West, where inventory grew 31 and 40 percent year-over-year respectively.

Despite this inventory surge, housing affordability remains a challenge. The national median existing-home price has climbed to a record $403,700, up 2.7 percent from a year ago. Numerous industry analysts, including those at Bankrate, expect home price growth to slow to around 2 percent in 2025, down from 4.5 percent in 2024. This moderation is being fueled by sellers becoming more realistic, as evidenced by a spike in price cuts and a narrowing gap between buyer and seller expectations. Zillow recently predicted a potential decline in home prices in the near term, which experts view as healthy for rebalancing the market.

Mortgage rates are holding steady around 6.7 percent, and hopes for Federal Reserve rate cuts later this year persist, though these have yet to materialize. Elevated mortgage rates, along with high prices, continue to discourage some would-be buyers from entering the market.

Supply chain disruptions appear less severe than in prior years, and increased availability of new homes is giving buyers more leverage in negotiations. Major builders and industry leaders are focusing on ramping up new construction and offering incentives. Speculative home listings are at their highest since 2008, signaling greater confidence among developers.

Regulatory uncertainties, including ongoing trade tensions and the possible impact of the new presidential administration, remain notable wild cards for the industry’s outlook. Compared to last year, the current market is marked by greater activity, more realistic pricing, and the first genuine signs of improved affordability for buyers, even as overall conditions remain challenging for many households.

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