They have rising listings and slowing sales
Market conditions are beginning to favor buyers in many US metros and realtor.com has determined the ten best across the country.
The rankings are based on a pace of sales relative to inventory that is below the national average and slowing; growing inventory of available homes for sale; and sales prices that are growing slower than the national average or declining.
“The US housing market has largely favored sellers over the last several years as a result of the record-breaking low inventory and red-hot demand that led to intense competition and fast-rising home prices. However, we're now seeing some metros buck this trend," according to Danielle Hale, realtor.com®'s chief economist.
Topping the list of Albany, N.Y. while Chicago; San Antonio; Jacksonville, Fla., Riverside, Calif.; Los Angeles; Providence, R.I.; Dallas; Nashville, Tenn.; and Tampa, Fla.; are also included.
Across the top 10 markets, supply has increased from 4.5 months a year ago to 5.2 months now. All have more than 4 months of supply and an absorption rate below 25%.
"These 10 housing markets are already more buyer-friendly when looking at the availability of homes for sale in different markets, however, the mismatch between what's available and what buyers want has led to lukewarm demand and lackluster sales,” added Hale. “As inventory continues to grow in these markets, buyers will see more options, and should ultimately gain more bargaining power."
Top Markets for Home Buyers
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On average, sales prices in the 10 markets have grown by just 1.4%, well below the 8.4% of a year ago. Reduced demand and pricier inventory have impacted sales, which have declined 5.5% on average, year-over-year.
