Many sellers forced to lower prices or walk away as homebuyers remain scarce amid ongoing sales slump
Skyrocketing housing values and a shortage of homes in the market have given sellers the upper hand for years, but the power dynamic is shifting. Buyers are hesitant due to high prices, new construction options, and economic uncertainty. While national median home prices rose slightly in July, some metro areas saw a decline, signaling a change in the market. Sellers are struggling, leading to price reductions and homes languishing on the market. Buyers in the South and West may have more leverage, while markets in the Midwest and Northeast remain challenging. Lower mortgage rates may help, but the housing market remains sluggish overall.
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