Defining a buyer's market ‘is always a bit tricky,' real estate expert says: 4 signs to monitor

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While home prices and borrowing costs are still generally high, the housing market is entering a more neutral territory. Here are four things to know.

It's too soon to call the housing market an affordable one as prices and borrowing costs are still high.The median cost of an existing, single-family home in the U.S. was $426,900 in June, a new all-time high, according to thehave declined from their May peak, borrowing costs remain expensive for buyers. The average 30-year fixed rate mortgage in the U.S. nudged up to 6.78% from 6.77% on Thursday, according to Freddie Mac data via the Federal Reserve.

"The market is certainly tilting more towards buyers, I would say maybe it's coming more into balance," said Zhao."Things are better, but they're not great yet.""We're still nationwide somewhat in a seller's market, not a buyer's market yet," he said."However there's good news for buyers on the horizon."There's still an affordability challenge at large.

About 64.7% of homes that were on the market in June have been listed for at least 30 days, up from 59.6% from a year ago,to Redfin. Homes are sitting on the market for slightly longer because mortgage rates and prices are still generally high for buyers.Some renters may be 'mortgage-ready' and not know it

"You really don't think about insurance and taxes," said Selma Hepp, chief economist at CoreLogic."Then you get the first estimate from a lender and then you decide to back out."In other cases, buyers might be getting pickier as more listings pop up in their area.

 

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