Housing market outlook: Buyers are gaining the upper hand
Is the U.S. Housing Market Now Favoring Buyers?
The U.S. housing market is increasingly favoring buyers, as noted by Compass CEO Robert Reffkin. With 30% of homes on the market experiencing price drops and an inventory increase of 16%, sellers are facing more pressure. High home prices and additional factors like rising insurance costs in Florida are contributing to this shift. Buyers, especially in the high-end market, are also benefiting from recent stock market gains, offsetting concerns about high mortgage rates. This trend is reflected in a Zillow report indicating a cooling market in previously hot areas like Texas and Florida.
What percentage of the current U.S. housing market inventory has experienced a price drop, according to Compass CEO Robert Reffkin?
According to Compass cofounder and CEO Robert Reffkin, 30% of the current U.S. housing market inventory has experienced a price drop. This is a significant increase compared to any time in the last 10 years, and it is indicative of a shifting market environment where buyers are pushing back against high home prices3.
How does the current inventory increase compare to previous years, as mentioned by Reffkin?
Reffkin mentioned that the current inventory increase is 16% more than in previous years. Additionally, 30% of the inventory on the market has seen a price drop, which is more than any time in the last 10 years.