The pandemic housing frenzy is officially dead \u2014 and buyers finally have the upper hand.<\/p>\n
Nearly 70% of big US cities have turned into buyers\u2019 markets, led by a massive wave of excess housing inventory in Sun Belt hotspots like Miami, Houston and Austin, according to June Redfin data<\/a>, where homebuying demand has been slow post-pandemic.<\/p>\n There were nearly 500,000, or 48.5%, more home sellers than buyers in the US in June than the month prior.<\/p>\n June\u2019s strongest buyer\u2019s market was Miami, which had an estimated 140% more sellers than buyers. Felix Mizioznikov \u2013 stock.adobe.com<\/p>\n \u201cThe biggest hurdle for Americans looking to buy a home is affordability, but those with the budget to move now \u2014 even in the face of record-high home prices and stubbornly high mortgage rates \u2014 have the power,\u201d said Asad Khan, a senior economist at Redfin. \u201cIn most of the country, there are more homes to choose from, fewer bidding wars and more room to negotiate on price, closing costs and repairs.\u201d<\/p>\n In a few select markets \u2014 specifically Miami, Nashville and parts of Texas \u2014 sellers outnumber buyers by a staggering two-to-one margin. According to the report, the seller surplus reached a staggering 140% in Miami, 129% in Nashville, 124% in Houston, 117% in San Antonio and 101% in Austin.<\/p>\n Miami\u2019s situation comes because \u201chigh home prices, soaring insurance premiums and rising HOA fees<\/a> for the city\u2019s many condos are sidelining many would-be buyers,\u201d the report indicates.<\/p>\n 33 of the 47 US metro areas Redfin analyzed are buyers\u2019 markets. Davide Angelini \u2013 stock.adobe.com<\/p>\n San Francisco has a lack of newly built homes, but the main thing driving its sellers\u2019 market is the Bay Area\u2019s AI boom. Sundry Photography \u2013 stock.adobe.com<\/p>\n