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.
Here are four signs that can help you recognize if the housing market in your area is more in buyers' favor:As homes sit on the market for longer, buyers might have an opportunity to get a property for under its listed price, Daryl Fairweather, chief economist at Redfin, According to Zillow data, homes are on sale for 46 days, compared to 35 days last year and 19 days in 2021, said Divounguy."So homes are staying on the market for longer."In some areas, homebuyers are backing out of a home purchase after making it as far as closing."Buyers are getting more and more selective," Julie Zubiate, a Redfin Premier real estate agent in the San Francisco Bay Area, wrote in thereport.