For the first time in 12 years, domestic vendors exceed buyers, and could be a lower price

After years of red tender wars, the housing market can go to a cold front and can cause prices to fall. But there is a little capture.

The number of North -American domestic vendors dramatically exceeds the number of buyers, according to a new Redfin report, which was a change of power that was not seen since the real estate firm began to track this data in 2013.

In April, there were about 500,000 more houses in the market than buyers who are actively looking for, marking the wider gap between the two groups in this period of time.

The imbalance suggests a wider market slowing, not because houses are more affordable, but because fewer people are willing to buy -or they can buy them. And to sell, owners may have to reduce the prices for the pool of people who are actively hunting.

For now, despite the demand for cooling, prices continue to rise.

The average sales price of an existing house increased by 1.8% year -on -year in April to $ 414,000, a record this month, according to the National Association of Real Estate Agents. This marks the 22nd month followed by the annual growth of prices, even as abled.

The slowdown is the high mortgage rates, which are passing by less than 7%.

The highest loan costs are composing monthly payments, deterring new participants during what is usually the most busy season for home purchases.

At the same time, economic jitters, ranging from a volatile bag to world commercial concerns, make consumers more cautious.

“From the previous spring sale seasons, I noticed that many listings are more time on the market (this year),” he told CNN Karen Pohl, Las Vegas Real Estate Agent.

“I think there are many sellers who still have really ambitious prices for their homes and it may be time to make it realistic with their prices to be competitive in the market.” POHL added that more vendors have begun offering concessions or cutting prices.

The increase in listings has been the largest since March 2020, while the buyer’s pool is at the lowest point since the appearance of pandemic, except for April 2020 when the locks were frozen.

Redfin estimates the buyer’s activity based on the outstanding sales and the typical timeline of the initial visit to home to the purchase.

A recent Bank of America survey shows that 75% of potential buyers expect home prices and interest rates to decrease before moving.

However, Redfin does not expect the most important prices of prices.

“Generally, the proportion of vendors with buyers seems to be a predictor for housing prices, but with a delay of about three to six months,” Chen Zhao, head of company research research, said in CNN.

“The reason we think that household prices will fall by 1% and not something bigger is because it is really very difficult for home prices to fall, unless sellers have to sell,” he said. “Sellers can always decide that they do not like the prices currently in the market and decide to stay home.”