HIGH POINT — Is the U.S. entering a buyers‘ market in housing? According to real estate company Redfin, the answer is yes.
In a recent story, Redfin officials state that there are currently 34% more sellers in the market than buyers, a percentage ratio that has not been seen since 2013. Specifically, Redfin reports that there are currently an estimated 1.9 million home sellers in the U.S and an estimated 1.5 homebuyers, statistics that suggest stronger purchasing power for buyers.
Redfin also reports that 31 of the top 50 metro areas are buyers’ markets. By region, buyers have the most purchase power in Miami, while sellers have stronger positions in Newark, N.J. The most balanced market is St. Louis, Mo., as noted by Redfin.
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Earlier this month, Redfin also reported that it expects home prices to fall by 1% by year’s end, a prediction based on two key economic concerns, according to Chen Zhao, head of economics research.
Zhao noted that tariffs drive up the price of goods and discourage the Federal Reserve from cutting interest rates, adding a second factor of the rising U.S. budget deficit and recent downgrade of the U.S. credit ranking. Uncertainty over tariffs combined with the increase in price on imported goods are also part of Zhao’s analysis.