Redfin Corporation has released a new analysis of the U.S. housing market, highlighting a shift in favor of buyers as home prices reach record highs. The report indicates a slowdown in new listings, with a modest 2.5% year-over-year increase, marking the smallest rise in five months. Notably, 20 of the 50 largest U.S. metro areas experienced declines in new listings, with significant drops in cities such as Tampa, San Antonio, and Orlando. The report also notes that while there are still more sellers than buyers, many potential sellers are holding back, opting to stay put or rent their properties due to missed opportunities for prime selling conditions. Redfin Premier agent Kathy Scott advises sellers who must proceed with sales to set realistic expectations, consider neighborhood-specific market conditions, and adjust pricing strategies accordingly. Additionally, pending home sales have decreased by 2.3% compared to the previous year, marking the most significant decline in three months. This trend underscores the changing dynamics in the housing market as it increasingly favors buyers over sellers.
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