Competition has cooled in the housing market. In fact, according to one recent analysis, competition among home buyers is back to pre-pandemic levels after many years of bidding wars and spiking prices. That’s put buyers in a better bargaining position. So, what changed? Well, an increasing number of homes for sale. The supply of available homes is now 20 percent higher than last year, with new listings up 7.6 percent from the same time one year ago. And the improvement is widespread. In 44 of the 50 largest metro areas, listings are now higher than year-before levels. That gives buyers more options to choose from and more power to negotiate. It also forces sellers to price their homes correctly. As a result, nearly 25 percent of listings saw a price cut in April – the highest share in more than five years and another indication buyers may be in better position as the summer market approaches. (source)
