The housing market may be getting more buyer friendly these days. In fact, according to one recently released analysis from the National Association of Realtors’ consumer website, roughly two-thirds of metropolitan areas now favor buyers or are moving in that direction. But while home buyers have gained leverage as inventory has increased and markets have become more balanced, affordability is still a challenge. Jake Krimmel, senior economist at the site, says leverage and affordability are moving in different directions. “More buyers can negotiate in more markets, but a bigger negotiating advantage doesn’t mean more affordability,” Krimmel, said. “As rates rise, the same monthly budget supports a lower home price. Market leverage and purchasing power are moving in opposite directions right now.” As it stands, of the 99 analyzed metro areas, 49 are balanced, 27 are seller’s markets, and 17 are buyer’s markets – with buyer’s markets on the rise and seller’s markets falling over the past year. (source)
