logo
Sellers are flooding the home market while buyers sit on their hands in these US cities — creating a historic imbalance

Sellers are flooding the home market while buyers sit on their hands in these US cities — creating a historic imbalance

Yahoo17-06-2025
After years of sellers calling the shots, some of the hottest pandemic-era housing markets are now grappling with a surplus of listings — and not enough willing buyers.
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.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Inflation Outpaces Wage Growth For Over 40% Of Americans
Inflation Outpaces Wage Growth For Over 40% Of Americans

Forbes

time24 minutes ago

  • Forbes

Inflation Outpaces Wage Growth For Over 40% Of Americans

Topline Wage growth for a large swath of Americans is being outpaced by the rate of inflation, according to data from Indeed, which reported people with low- and middle-paying jobs are likely feeling the most pressure. US Federal Reserve Chairman Jerome Powell has said he would like to wait to see the impact of ... More President Donald Trump's tariffs before making changes to interest rates. (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images) AFP via Getty Images Key Facts Purchasing power for 57% of U.S. workers increased last year, according to Indeed, leaving 43% lagging behind the rise in cost of living. While annual wage growth remains just above the annual rate of inflation, which grew to 2.7% in June, 'the gap between the two is the narrowest it's been in 12 months' Indeed added. Wage growth has usually remained faster than the pace of inflation during periods of normal market conditions in the last few years, according to data from the Atlanta Fed's wage growth tracker. As 'jobs at the low-to-middle end of the pay spectrum' are likely feeling the crunch of reduced purchasing power, wages of higher-paying jobs have typically grown the fastest in the past year, though Indeed notes annual growth among those jobs have receded in recent months. Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here. Contra Overall wage growth remains 'healthy and above inflation,' Indeed noted, even though many low- and middle-wage jobs have experienced pay increases at or below the pace of inflation. What Kinds Of Jobs Have The Fastest-Growing Wage Growth Since Last Year? Jobs in electrical engineering topped Indeed's list of fastest-growing wages with a 'much higher-than-average annual advertised pay growth of 6.3%' Wage growth of electrical engineering jobs was followed by legal (5.1%), marketing (5.1%), project management (4.6%), mathematics (4.5%) and IT operations (4.4%). What Kinds Of Jobs Have The Slowest-Growing Wage Growth Since Last Year? Physicians and surgeons led the way in slowest growing wage growth with a 0.8% increase since last year, which was followed by driving jobs (1%). Other slow-growing categories include arts and entertainment (1.2%), software development (1.4%), beauty and wellness (1.6%) and logistic support (1.7%). What To Watch For The impact of President Donald Trump's tariff policy on American households. A Yale University report published this month found the president's policy could cost U.S. households an additional $2,400 this year as tariffs may potentially trigger a 1.8% increase in short-term prices for consumers. The tariffs could cause other economic impacts, such as a rise in the unemployment rate and a drop in the U.S. gross domestic product. Key Background Low-paying jobs experienced their largest wage gains as the economy charged back from the throes of the COVID-19 pandemic's early days, with annual growth spiking as high as 7.5% in October 2022, according to the Atlanta Fed's wage growth tracker. That rate of wage gains dropped to 3.7% last month. June's 2.7% inflation rate was the highest level since February. Trump has pushed Federal Reserve Chair Jerome Powell to cut interest rates as inflation has approached the Fed's long-term target of 2%, but the Associated Press notes the current inflation figures will 'make it more likely that the central bank will leave rates where they are,' citing Powell's desire to understand the impact of Trump's tariffs before making any moves. Further Reading Trump's New Tariffs Could Cost Households $2,400 This Year, Analysis Finds (Forbes) Inflation Rose More Than Expected Last Month As Trump's Tariffs Raise Prices (Forbes)

Gilead Sciences to Release Second Quarter 2025 Financial Results on Thursday, August 7, 2025
Gilead Sciences to Release Second Quarter 2025 Financial Results on Thursday, August 7, 2025

Business Wire

time25 minutes ago

  • Business Wire

Gilead Sciences to Release Second Quarter 2025 Financial Results on Thursday, August 7, 2025

FOSTER CITY, Calif.--(BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq: GILD) announced today that its second quarter 2025 financial results and guidance will be released on Thursday, August 7, 2025 after the market closes. At 4:30 p.m. Eastern Time that day, Gilead's management will host a webcast to discuss the company's second quarter 2025 financial results and provide a business update. A live webcast will be available in the Investors section of and will be archived there for one year. About Gilead Sciences Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, and cancer. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California. For more information on Gilead Sciences, please visit the company's website at follow Gilead on Twitter (@GileadSciences) or call Gilead Public Affairs at 1-800-GILEAD-5 or 1-650-574-3000.

Tesla dumped 75% of its bitcoin at one of the worst times, losing out on billions
Tesla dumped 75% of its bitcoin at one of the worst times, losing out on billions

CNBC

timean hour ago

  • CNBC

Tesla dumped 75% of its bitcoin at one of the worst times, losing out on billions

Tesla missed on the top and bottom lines in the second quarter, but another miss was buried in its investor deck The company's digital assets are currently valued at $1.24 billion. That's up substantially from $722 million a year ago. But anyone who's been following the crypto market knows that the figure represents a lost opportunity amounting to billions of dollars in missed gains for the electric vehicle maker. Bitcoin is trading near a record and is up 80% over the past year. Tesla sold 75% of its holdings in mid-2022, when the digital currency was trading at a fraction of its current price. While CEO Elon Musk has made clear that the future of his electric vehicle company is about robotaxis and humanoid robots — not about crypto investments — the business in its current form is struggling and could use the cash boost. Tesla reported a second straight drop in auto revenue in its earnings report late Wednesday, and came up short of Wall Street estimates. The stock plunged 8% on Thursday and is now down about 25% for the year, by far the biggest drop among tech's megacaps. Robotaxis and Optimus robots are huge and costly bets for Musk in markets with stiff competition and ever-changing dynamics. Tesla has also acknowledged that President Donald Trump's tariffs and the expiration of federal EV tax credits could hurt the company's core business in the coming quarters. Tesla's digital assets, meanwhile, are bolstering profitability. Gains from bitcoin in the second quarter amounted to $284 million in a period when total net income was $1.17 billion. The gains could have been much greater. In early 2021, Tesla invested $1.5 billion in bitcoin, banking on what the EV company called the digital currency's "long-term potential," and to add "more flexibility to further diversify and maximize returns on our cash." Musk had become a loud proponent of bitcoin online, and in January of that year, the currency skyrocketed 20% in a day after the Tesla CEO added #bitcoin to his Twitter (now X) bio. By mid-2022, the world was in a much different place. The Covid-era boom was gone, replaced by soaring inflation and rising interest rates, an equation that pushed investors out of risky assets. Tesla said in the second quarter of that year that it sold three-quarters of its bitcoin holdings, adding cash to its balance sheet at a time when equity and crypto markets were simultaneously plunging. Tesla lost about two-thirds of its market cap in 2022, and bitcoin fell by 60%. However, bitcoin has rebounded sharply since then, getting an added boost this year from the Trump administration's efforts to loosen regulations and its promise to create a strategic bitcoin reserve. Bitcoin is currently trading at over $119,000, up about sixfold from the end of the second quarter of 2022, the period when Tesla made its big move out. Had Tesla held onto all of its bitcoin, that stash would be worth roughly $5 billion, based on estimates of how much it bought in 2021, instead of $1.24 billion. The $936 million worth of bitcoin the company converted to cash would currently be valued at over $3.5 billion. Tesla didn't respond to a request for comment. As for Musk, he's hardly said anything about bitcoin on his social network X in the past three years. In March of 2022, shortly before Tesla began dumping bitcoin, he wrote regarding cryptocurrencies, "I still own & won't sell my Bitcoin, Ethereum or Doge fwiw."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store