The U.S. housing market is now tilting in favor of buyers, who are pushing back against the high home prices that sellers are demanding, according tothat 30% of the inventory on the market has seen a price drop, which is more than anytime in last 10 years. Meanwhile, the market has seen 16% more inventory.Reffkin said there have been more price cuts in the South, which had seen steep increases earlier as Americans left more expensive states during the pandemic.
While the surge in mortgage rates earlier this year combined with high home prices to further erode affordability, that's less of a concern for buyers enjoying the wealth effect from their investments.
For now, he’s not ready to “have a party here and drink a bunch of champagne,” Kelman said. “It’s just a little bit better, it’s a little bit better—and that’s worth noting.”We recently analyzed housing markets across the globe and in this article we will reveal the most overpriced market in the world. Check out our free report on the 20 Most Overpriced Housing Markets in the World.
This woman bought a four-bedroom, two-bathroom house for $135,000. In the Midwest, it's still possible.