Advantage Shifting Slightly to Home Buyers
Home buyers may be gaining more leverage in housing market. As the last few weeks of summer wind down, a realtor.com® investigation of housing data for the first three weeks of August reflects a market that is tipping slightly toward buyers' favor. While sellers still have the advantage, it's showing signs of lessening, the realtor.com® analysis notes.
"We are currently entering the time when both inventory and demand typically reach their peak as the start of the school year takes away a substantial chunk of near-term demand,” says Jonathan Smoke, realtor.com®’s chief economist. “This year we’re seeing inventory continue to grow in August. And while overall demand is strong, the trend on median days on market is suggesting that the market is finding more of a balance—and that bodes well for would-be buyers who have been frustrated by the inability to find a home to buy this spring and summer.”
During the first three weeks of August, inventory of for-sale homes increased 3 percent month-over-month. Median list prices nationwide rose 8 percent year-over-year to $233,000. Also, the median days on the market of listings was on the rise in August, increasing to 75 days as houses take slightly longer to sell—another sign reflecting a market that is slightly tilting to the buyers.