The U.S. housing market has settled into a slower pace this summer, giving buyers more time to shop and negotiate than they had during the bidding wars of recent years. High mortgage rates are weighing on demand, while rising inventory is giving buyers more leverage. It’s forcing many sellers to price carefully and offer concessions.
That doesn’t mean every market looks the same. Austin and Nashville strongly favor buyers, while buyers are competing for homes in parts of Chicago and San Diego.
“Late summer—especially this one when the housing market favors buyers in most places—offers the chance for people who are motivated to move this year to negotiate,” Chen Zhao, Redfin’s Head of Economics Research, said. “Buyers should use this time to explore the market more seriously, while sellers should consider what they’re willing to sacrifice to make a deal happen.”