U.S. Housing Market Shows Regional Differences in Buyer and Seller Power

U.S. housing market has become more divided between regions where sellers still hold the advantage and areas where buyers are gaining negotiating power. David and Lindsay Lepinsky spent more than two years bidding over asking price and waiving contingencies in central New Jersey. Their offers were repeatedly passed over as homes sold above list price.

Com, said the national market remains a seller’s market but is moving toward balance. Economists track months of housing supply, time on market, and whether homes sell above or below asking price to determine which side holds leverage. 8 percent from the prior month. Markets with more than six months of supply generally favor buyers.

Parts of the Northeast, including New Jersey, along with Chicago and the Bay Area, continue to show strong seller conditions. In contrast, some Sun Belt markets in Florida and Texas are seeing rising inventory and cooling demand. Leslie Heindel, a real estate agent in New Orleans, said buyers in her area are negotiating for closing-cost coverage and repairs while bidding below asking price.

Some sellers who purchased during stronger markets are now barely breaking even. The Lepinskys recently had an offer accepted after increasing their budget and compromising on features such as central air conditioning. They plan to list their current townhome for sale next month.