A homebuyer shortage has caused many sellers to lower prices as they lose the upper hand in a changing market, the Associated Press reports.
The news follows years of skyrocketing housing values and a shortage of homes on the market that placed homeowners at an advantage.
The trend is reversing as a result of a dearth of home shoppers who can afford to buy, and uncertainty about the outlook for the economy, jobs and mortgage rates.
While the national median home listing price climbed slightly in July, some metro areas saw a decline, signaling an about-face in the power dynamic between buyers and sellers.
Still, the housing market remains in a slump, with sales of previously occupied U.S. homes running around 1.3% below where they were in the first seven months of 2024, when they hit their lowest level in nearly 30 years.
