Housing Markets That Still Remain Sellers’ Strongholds

Abstract

At the same time, sellers still have the upper hand in most markets throughout the country, according to this month's Knock Buyer-Seller Market Index, which analyzes key housing market metrics to measure the degree to which the nation's 100 largest markets favor home buyers or sellers. Despite the fact that home sales were down 38%, inventory was up 5.5%, and days on market increased 50% in August compared to a year ago, the index showed 71 of the nation's 100 largest housing markets remained sellers' markets. "Although the general consensus is the housing market is undergoing a much-needed reset, which is welcome news to many home shoppers who will have more choices and less competition for the foreseeable future, not all markets are seeing the same trends," said Knock co-founder and CEO Sean Black. Cooling in the West spreads beyond California to relocation hot spots Once home to some of the most favorable housing markets for sellers the nation has ever seen, the West continued to cool in August. Buyers could see the most favorable housing in recent years Based on the forecast component of the index, the housing market is projected to equally favor sellers and buyers in August 2023. While the national index value for March is projected to be slightly more favorable to sellers overall than it was in August, more markets will favor buyers starting June next year. Nineteen of the 100 largest housing markets are projected to favor buyers in August 2023, meaning sellers are more likely to accept a lower price than they listed their houses for.