US Housing Market Sees Shift Toward Buyers as Affordability Remains Challenging
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US Housing Market Sees Shift Toward Buyers as Affordability Remains Challenging
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In Los Angeles, the median sold home price rose 3.8 percent year-over-year in June. However, sales volume dipped 8.3 percent from May, and active listings rose 9 percent month-over-month, giving buyers more negotiation power. Thirty-year fixed mortgage rates averaged 6.77 percent on June 26, the lowest since early May, but still historically high and limiting affordability.
Las Vegas saw the median sales price of single-family homes rise to 485,000 dollars, up 1 percent from May. Yet sales volume dropped 6.8 percent month-over-month and 7 percent year-over-year, while listings sit longer on the market, indicating the market is increasingly buyer-friendly.
Despite these regional variations, the underlying national issue remains a chronic housing shortfall. According to Zillow, the US housing deficit reached 4.7 million units after a net increase of 159,000 fewer homes than needed in 2023. Construction added 1.4 million new homes last year, but this was outpaced by 1.8 million newly-formed households. This supply gap continues to drive up prices and has forced 8.1 million families to share homes with non-relatives, especially among millennials.
There are also signs of investor activity helping to prop up demand. Real estate investors now account for over 26 percent of home purchases, and foreign buyers remain active despite high rates. However, the rate of canceled home sales has risen for the third consecutive month, with 6 percent of pending deals falling apart in May.
In response to affordability and slowing sales, builders and sellers have increased buyer incentives such as closing cost assistance. Meanwhile, industry leaders and policymakers are calling for reduced building restraints to address the chronic deficit in affordable housing.
Compared to past years, the current market features more balanced conditions, greater price negotiation, and a clear emphasis on affordability challenges. Inventory is trending up, but resolving the national housing shortfall continues to be the biggest hurdle facing industry leaders and consumers alike.
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