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The U.S. housing market may slowly be shifting back into buyer’s favor, according to a study by  real estate data analytics firm Cotality, which showed that over half of U.S. home listings sold for less than their asking prices in May.

Cotality’s data also revealed a 15% year-on-year decline in closed deals, which is even more significant considering that it occurred despite a 10% year-on-year increase in pending deals. A 10% increase in pending deals should lead to a corresponding increase in closed deals, but the opposite happened, and mortgage rates in the 7% range may be one of the main contributors.

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The U.S. median home price is $495,000, which works out to around $3,000 per month in interest payments on a 7% mortgage, according to Cotality. The total payment could easily exceed $5,000 once the loan principle and insurance are factored in.

There were other encouraging signs for buyers in Cotality’s data. Low inventory levels have kept home prices stubbornly high for years, but inventory is increasing in many markets. Some of the largest increases in available inventory were in affordable housing markets. Inventory was up by 128% in Toledo, Ohio, which was the largest increase of any metropolitan area in Cotality’s study.

Toledo’s median home price is a buyer-friendly $210,000, and only 32% of the homes there sold for above the asking price. Naples and Cape Coral, Florida, saw inventory levels increase by 58% and 55%, respectively. Both cities have the highest risk of future price declines, according to Cotality. The Washington, D.C. metro area also experienced a 58% increase, but the median home price remains at $650,000.

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The study also found an average $45,000 disparity between the median list price and the median closing price in May. Buyers looking to take advantage of that trend may be better off looking at newly built homes than the second-hand home market. Major homebuilders are more likely to be able to absorb a $45,000 drop in asking prices than individual sellers, according to Cotality.

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The news was mixed overall. Although prices are slowly coming down, Cotality said that the downward movement has not been sufficient to spark a booming real estate market in any of the markets included in the study. Despite the decline, today’s buyers need $200,000 more than buyers did 10 years ago to purchase a median-priced home. That means only a relatively small number of buyers will benefit from the current price drops.

“Savvy buyers are now in a market that is primed for negotiations on price reduction, closing cost assistance, and mortgage rate buydowns. The tilt toward a buyers’ market is only a bright spot for a few who have the means to make a move,” said Cotality Senior Economist Dan Boswell. “For many, systemic hurdles such as interest rates and rising insurance costs remain a barrier to homeownership.”

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This article Could A Buyer’s Market Be On The Horizon? Over Half Of U.S. Home Sellers Are Selling Their Properties For Less Than The Asking Price originally appeared on Benzinga.com