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Homeowners fearing large tax liabilities are choosing to ‘wait it out,’ slowing efforts to ease the housing shortage, real estate professionals say.
Several Sun Belt metros led the nation in seller imbalance, with Nashville topping the list of buyers’ markets.
The report examined foreclosure rates, affordability, underwater mortgages, unemployment, and wages tied to homeownership risk.
New listings also hit their highest May level since 2022, according to Realtor.com.
It marks Berkshire’s first major purchase under new CEO Greg Abel.
Growth in median capital gains for investor-sold homes also slowed significantly, according to Redfin.
‘Renters are in a position to push for a better deal, and property managers are ready to give them one,’ Zillow Senior Economist Kara Ng said.
Home price gains continued to slow in the first quarter.
Many lenders don’t want to foreclose because they don’t want to become landlords, according to a corporate real estate adviser.
Georgia had the largest quarterly increase in such properties, followed by North Carolina and Indiana.
Redfin attributes the dip to buyers and sellers gaining a better sense of current market conditions.
Flint, Michigan, was named as the top affordable city.
The National Association of Realtors said buyers are entering the market with ‘cautious optimism’ amid economic uncertainty and rising mortgage rates.
The company’s net earnings fell by 4.2 percent year over year.
Nearly one-third of homebuilders in the United States slashed prices in May, according to the National Association of Home Builders.
More sellers are entering the market, with active sales listings hitting the highest level since March 2020.
Redfin still characterizes the current market as a buyer’s market, but no longer a ‘strengthening’ buyer’s market.
More than three-fourths of the top 50 metro areas recorded annual declines in rents, according to Realtor.com.
The proposed merger would create the nation’s seventh-largest homebuilder.
Sales rebounded to a 0.2 percent increase in April from a 3.6 percent decline in March, but showed little ‘spring’ during the peak homebuying season.
