Zillow Group Inc. has released its latest market report, highlighting a shift towards a more balanced real estate market as inventory rises and competition among buyers eases. In May, newly pending sales increased by 3.5% from April and surpassed last year's figures by 0.9%. The number of available homes reached 1.3 million, marking the highest inventory since July 2020. Although buyers face affordability challenges, they benefit from lower mortgage rates and reduced competition, with May seeing the least buyer competition in Zillow's records since 2018. The report indicates that home values have declined in 22 of the 50 largest metro areas, with 26% of listings nationwide experiencing price cuts. Homes now typically sell in 17 days, offering buyers more time to make decisions and greater negotiation power. Despite these favorable conditions for buyers, renting remains a financially sensible option for many in the short term.
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