The U.S. housing market is showing signs of shifting toward buyers as more homes enter the market while demand continues to soften.
During the four weeks ending August 23, new listings increased 0.4% week over week, reaching their highest level since April. Active listings also climbed 0.5% to their highest level since May, while pending home sales fell 1.1% to their lowest level in six months.
Affordability remains a key challenge. The median U.S. home-sale price reached $400,649, up 1.9% year over year, while the average 30-year mortgage rate remained elevated at 6.65%. High monthly payments and economic uncertainty are keeping some buyers on the sidelines.
With supply increasing and demand weakening, buyers who remain active are gaining more negotiating power. Markets including Miami, Nashville, and parts of Texas are becoming more favorable to buyers, with opportunities to negotiate prices or secure concessions such as mortgage-rate buydowns and repairs.
What It Means for SFR and BTR
For the SFR and BTR sectors, continued affordability pressure could keep more households in rental housing longer. While increased housing inventory gives buyers more options, elevated financing costs can make the transition to homeownership difficult.
Source: Redfin
