Sellers are flooding the home market while buyers sit on their hands in these US cities — creating a historic imbalance
According to real estate brokerage Redfin, April saw nearly half a million more homes listed than buyers in the market, the largest gap since at least 2013.
But this supply surge hasn't translated into a wave of closings. Instead, home sales have stalled in many areas, particularly across the Southeast and Southwest, where inventory has ballooned past pre-pandemic norms.
In Miami, for example, there were almost three times as many sellers as buyers in April, Redfin data show.
Jeff Lichtenstein, president of Echo Fine Properties in Palm Beach Gardens, Florida, told the Wall Street Journal sellers are increasingly slashing asking prices to entice cautious buyers.
'There will be more price reductions that are going on, and more willingness to sell at a lower number, especially in the next couple months,' he said. 'We've definitely seen people who have taken losses.'
These conditions mark a sharp reversal for the Sunbelt, which saw home values soar and bidding wars erupt during the COVID years.
Now, many of those same metros — Atlanta, Austin, Phoenix and Tampa among them — are seeing listings linger, as affordability challenges, higher mortgage rates and buyer wariness take hold.
Nationally, home prices are still rising, but that growth is cooling.
US prices climbed 1.4% in May from a year earlier, according to Intercontinental Exchange, down from 2% annual growth in April. Twenty-four of the 100 largest metro areas posted year-over-year price declines in May, with the bulk of those concentrated in the Sunbelt.
'There's not even usually a home for sale in our neighborhood, and I think there's three or four right now,' Dirk Lovelace, who listed his Tryon, NC, house in April, told the Journal.
After relocating to South Carolina, he cut the asking price but still hasn't received an offer. 'The current sentiment is, the market's probably going to go down further, so people are just waiting,' he said.
Buyers appear to be in no rush.
Home prices have surged more than 50% nationwide over the past five years, and mortgage rates remain elevated above 6.5%. Though active listings in May reached their highest point since 2019, they are still about 14% below typical pre-pandemic levels, according to Realtor.com.
Still, the gap between buyers and sellers is widening, in part because many homeowners are listing out of necessity rather than opportunity.
Some are relocating for jobs, while others are exiting investment properties as costs rise or in anticipation of a price dip.
'It doesn't feel like buyer demand is going to come back that much,' Chen Zhao, Redfin's head of economic research added. 'Prices are just too high.'
In markets like Denver, longtime agent Elle Pappas told The Journal the tone of conversations with buyers has shifted dramatically from the frenetic pace of recent years.
'The immediate conversation, even upon the first appointment I have with them, is, 'How much of a discount do you think I can get? How many concessions can I get?''
Carley and Garrett Kapelski, who had previously paused their home search due to competition in the Kansas City suburbs, said they've noticed a shift this spring.
'We feel a lot less stressed this time,' Garrett Kapelski said. 'If we wait another 30, 60 days, maybe you'll see these people that thought they would be able to sell their houses quickly, and maybe already bought another home, start being willing to wiggle a little bit.'
Much of the current slowdown can be traced to the uneven recovery in housing supply following the 2006 to 2009 crash, coupled with the lock-in effect of low pandemic-era mortgage rates.
But that trend may be easing.
New-home construction has picked up since the pandemic, and more homeowners are beginning to list — some simply because they can't wait any longer, whether that is due to job transfers, having children or otherwise, Pappas explained.
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Chicago Tribune
5 hours ago
- Chicago Tribune
Guest column: Gary students deserve more than virtual replacements
As the president of the Gary Teachers Union, I have the privilege of representing the hardworking educators who are the backbone of our community. So it's with deep concern that I must address the recent decision by the Gary Community School Corporation to contract with Proximity, a virtual education provider. This is a move that will replace up to 45 local educators with a teacher-on-a-screen. The misleadingly named Proximity promises a 'licensed teacher in every classroom,' but let's be clear — the deal will only leave students more isolated. This online platform is no silver bullet for the challenges we face in education. It is a shortcut that sacrifices the real, tangible, in-person connections that are essential to student success. I know firsthand how deeply our educators care about our students. We do more than just teach: we mentor, we support, and we understand the unique challenges that each student faces. We know the names of their parents and siblings and can recite their struggles, and their triumphs. We sit through late-night meetings and community events, not because it's part of the job, but because we are part of this community. Our students' success is our success, and their failures weigh heavily on our hearts. This partnership with Proximity is not just a decision to 'go digital' — it is a decision to replace the soul of education with something far more distant. And it's a decision being made with no union collaboration, no teacher buy-in. As the exclusive bargaining representative for our teachers, I wasn't even consulted. Proximity may promise technology that works for some, but a 'virtual teacher' will never attend a school concert, offer a shoulder to cry on, or help a struggling student after school. They will not build the trust and the personal relationships our students need to succeed. The claim that Proximity guarantees a 'licensed' teacher is not an assurance of quality. Licensing is important, but teaching is more than having a piece of paper. It's about understanding the nuances of each student's individual learning journey, responding to their needs, and building a rapport that encourages growth — things that cannot be replicated through an algorithm or a screen. Did we not learn this during COVID? Our public school teachers are not just 'licensed' — they are deeply committed professionals who live, work, and raise families in Gary. They are part of our community. Replacing them with a virtual talking head is an insult to their dedication and to the families that depend on them. Let's not forget the financial implications of this decision. This may not even be cost effective for the school district! Everything we've seen says we'll still need a 'classroom facilitator' to be physically present. How much more will this cost? To the administration of the Gary School Corporation: I urge you to reconsider this decision. This is not just about saving money or adopting the latest technological trend. This is about the future of our children, the integrity of our schools, and the livelihoods of the teachers who are committed to making Gary a better city for everyone. We deserve more than virtual replacements. Our teachers and this community have built a school system that puts children first. We need to fight for our teachers and paraprofessionals — the people who have dedicated their lives to this work and to this city. Our teachers deserve better. Our students deserve better. And the community of Gary deserves better than to be sold short by a for-profit virtual platform.


Los Angeles Times
6 hours ago
- Los Angeles Times
Struggling Texas cotton industry emphasizing the hazards of fast fashion
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Producers in the Texas High Plains, where 30% of the nation's cotton is grown, have started raising awareness about synthetic fibers and what impacts the non-biodegradable products have on the environment and consumer health. In recent months, Plains Cotton Growers, an organization that represents cotton producers in the region, has shared infographics about synthetic fibers. Almost 70% of clothes in fast fashion are made with synthetics, mostly polyester, which is usually made from petroleum. Plastic-based fibers are not biodegradable. Microplastics, which shed when the clothes are made, washed, and worn, are affecting more than the cotton industry. These tiny plastic particles build up in water supply sources, contaminating drinking water and polluting lakes and rivers. This is also a cause of concern for farmers, who depend on good water quality to prop up their crops. As the competition for consumers grows, cotton farmers are hoping to gain a powerful ally in their mission against fast fashion: U.S. Health Secretary Robert F. Kennedy Jr. He has already shown interest in regulating warning labels for foods containing synthetic dyes and other additives. They hope he can take a closer look at the impact the man-made fibers have on the environment and consumer health. Kara Bishop, director of communications and public affairs for Plains Cotton Growers, has been behind much of the messaging on social media. Following the COVID-19 pandemic, Bishop saw the rise in athleisure wear and 'shopping hauls' featuring TikTok influencers showing off clothes from known fast-fashion outlets. Even when she would shop, Bishop said it was hard to find clothes that were 100% cotton that were also fashionable. Once she saw that synthetic manufacturers were able to replicate crochet tops or denim vests and blazers without cotton, Bishop knew there was a problem. She realized there wasn't enough awareness for consumers about cotton, or the harm caused by polyester and other synthetic fibers. 'We've got to do something to slow down the momentum of plastic pollution,' Bishop said. 'But there's got to be some kind of emotional anchor. You can't just tell people to wear cotton.' Bishop said this is why she started highlighting the health risks on social media. Some posts focus on health and environmental concerns, including one that links to a study estimating humans ingest a credit-card size amount of plastic each week. Another explains cotton microfibers break down in water within a few months. Synthetic microfibers, on the other hand, can take between 20 to 200 years to break down. Bishop also created a list of stores where people can buy cotton-rich clothes and other products, such as backpacks. Bishop saw this as an opportunity for the cotton industry to have better messaging. Cotton producers typically have to defend their practices, including their use of chemicals like pesticides. Bishop said cotton growers have used less chemicals over the years due to poor production, particularly in comparison to the amount of chemicals used for synthetic fibers. By raising awareness on the dangers of man-made synthetic fibers, they could help their cause and the environment. 'This is a place where we can actually be on the offense and say, 'Hey, you're wearing petroleum and it's going to hurt you and the planet,' Bishop said. Balaji Rao, a professor and microplastics researcher at Texas Tech University, said synthetic fibers are designed to be stable and not degrade. When they break down over time, Rao said, the plastics enter the environment and stay there. 'It's not that they stay forever, but long enough that they can potentially impact the environment,' Rao said. 'Natural fibers do degrade because they are designed by nature.' 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Hagood, the cotton producer, doesn't want more regulations. Instead, he wants people to be more aware of what's on their clothing labels. He thinks Kennedy will look into it, as the health secretary has honed in on microplastics in food production. He also posted on social media last year about microplastics found in the human brain. The more people know about synthetic fibers, Hagood said, the better. 'We're out here struggling because we can't get enough demand to get enough support with our prices,' Hagood said. For Hagood and other cotton growers, it could be the difference in both their success and the well-being of future generations. Hagood has been growing cotton for 46 years and faced the shaky markets, water scarcity and extreme weather events that come with the territory. The fact that he's now fighting fast fashion, on top of the other complications that come his way, is a surprise to him. 'It's mind-boggling to me that this isn't a larger public conversation,' Hagood said. This story was originally published by The Texas Tribune and distributed through a partnership with The Associated Press.


USA Today
6 hours ago
- USA Today
Grandma's trash turned Gen Z's treasure: Estate sales are the newest craze
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The company saw an 18% uptick in sales among people aged 25 to 35 in the first half of the year, he said. "There's a concept of quality and value from things that maybe are older or were gently used in a previous life. We call it pre-loved," he said. "They're seeing the opportunity to get something unique." Estate sales on the rise Raquel Sobczak, 25, began attending estate sales after the COVID-19 pandemic to find deals on clothes and trinkets she could use to decorate her house. This year, she said she made a commitment to buy only secondhand goods. Now, the Arlington, Virginia resident said she attends sales at least two or three times a month. 'It's better for the environment, but it's also better for my wallet to go and buy stuff secondhand,' Sobczak said, while shopping at a July 18 estate sale. 'I am not in a place where I could afford to go pay a few hundred dollars for this,' the 25-year-old said, holding up an ornate cuffed bracelet with a price sticker dangling from the side. 'But I could swing 20 bucks.' Gen Z consumers' rising interest in estate sales follows a broader demand among the age cohort over the last decade for thrifted goods. Young people began frequenting resale stores like Goodwill out of a desire to reduce their carbon footprint and shop more sustainably. In 2021 alone, 42% of Gen Z and millennials said they had shopped for secondhand clothes, according to a survey conducted by the online consignment site ThredUp. Some young people told USA TODAY they are now turning to estate sales after finding the inventory at thrift and vintage shops overrun with fast-fashion and cheap goods. 'I know if I'm going to an estate sale, I'm probably going to find real treasures that have been cared for by people,' said 27-year-old Edie Guy, who lives in Mount Vernon, Virginia. 'Sometimes you'll find that at thrift shops, but I feel like less and less because everyone and their mother is kind of donating to thrift stores just to get stuff cleaned out of their house.' Guy begrudgingly visited estate sales with her mom and grandmother when she was a child but said she didn't become interested in them until after college, when she needed to decorate her new apartment. As she and her husband look to furnish their first home, Guy said estate sales have become a life- and money-saver. 'The quality you get is unmatched,' she said. 'We can get an incredibly high quality crafted piece for $300, versus something online that was mass produced for like, you know, $5,000." Attracting young consumers Some estate sale companies have begun to capitalize on the increased interest from younger generations. an online marketplace and directory for in-person estate sales, has taken steps to attract Gen Z and millennial consumers on social media, company general manager, Marika Clemow, said. 'We can appeal more to them in that, not only are you buying something at a fairly decent price that's durable and long lasting ‒ but, you're not putting more plastics into the earth,' Clemow said. 'This generation is a little more open to items at estate sales not feeling like old, worn stuff, but being old reusable stuff.' Rising inflation and tariff concerns also may have a hand in Gen Z's new attraction to estate sales. In the past six months, Clemow said she's seen an uptick in people searching the digital marketplace for durable goods, like furniture, tools, school supplies and baby ware. Meanwhile, searches for luxury goods, like Rolex watches, have dipped. Diane Rotondo, who runs a Blue Moon Estate Sales franchise in Fairfax County, Virginia, said she's seen a similar demand for furniture. A couple of years ago, Rotondo said she couldn't get people to buy antique four-poster bedframes and now, young consumers are snatching them up early. "The cost of goods are going up and up and up and it makes it even more impossible to get the things you like," Rotondo said. "When you can go to find something that you really like and pay so much less than what you would in a store, it's just a pleasant experience." When asked about what she believes is drawing more people to estate sales, Rotondo said: 'the adventure.' 'It gives somebody the opportunity to treasure hunt in the modern day,' she said. 'It's like a little museum, but you get to purchase it and give it a new journey instead of it ending up in a landfill.'