The US housing market is now firmly in favor of buyers:
46% of home sellers offered concessions to buyers in May, the highest May reading on record.
This percentage has DOUBLED since 2022 and also marks the 2nd consecutive annual increase.
This comes as the US now has ~47% more home sellers than buyers, near the highest on record, with elevated mortgage rates and economic uncertainty continuing to weigh on buyer demand.
In Nashville, 76% of sellers gave concessions in May, the highest among the 28 major metropolitan areas.
This was followed by Charlotte and Atlanta, at 71% and 69%, respectively.
By comparison, just 3% of New York home sellers offered concessions last month.
Homebuyers are gaining negotiating power across much of the US housing market.
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