Sellers are flooding the home market while buyers sit in their hands in these American cities – creating a historical imbalance

After years of sellers calling shots, some of the hottest markets of the Pandemia era’s apartments are now accumulating with a surplus of lists-not enough buyers ready.

According to Redfin real estate brokerage, April without nearly half a million other houses listed than buyers in the market, the biggest gap since at least 2013.

But this increase in supply has not been translated into a wave of closures. On the contrary, home sales have stalled in many areas, especially throughout the southeast and southwest, where inventory has balloon past pre-dandemia norms.

In Miami, for example, there were almost three times more sellers than buyers in April, Redfin’s records show.

Jeff Lichtenstein, President of Echo Fine Properties at Palm Beach Gardens, Florida, told The Wall Street Journal sellers are increasingly looking for prices to attract careful buyers.

“There will be more discounts of prices that are continuing, and more willingness to sell with a lower number, especially in the next two months,” he said. “We’ve definitely seen people who have received losses.”

These conditions mark a sharp upheaval for the Sunbelt, which saw the values ​​of the house fly and the war wars explode during the years of Covid.

Now, many of those like meters – Atlanta, Austin, Phoenix and Tampa between them – are seeing prolonged lists, such as affordability challenges, higher levels of deaths and the war of buyers receive.

Nationwide, house prices are still rising, but this increase is cooling.

US prices climbed 1.4% in May a year ago, according to intercontinental Exchange, from 2% annual growth in April. Twenty -four of the 100 largest meters were posted a year -on -year price falls in May, with most of those concentrated in the Sunbelt.

“There is usually not a home for sale in our neighborhood, and I think there are three or four now,” Dirk Lovelace, who ranked his tryon’s home, NC, in April, for The Journal.

After moving to South Carolina, he lowered the price required, but has not yet received an offer. “The current feeling is, the market will surely go further, so people just wait,” he said.

Buyers seem to be not in a hurry.

Home prices have increased more than 50% across the country over the past five years, and mortgage rates remain elevated over 6.5%. Although active lists in May reached their highest point since 2019, they are still about 14% below typical pre-landmark levels, according to Realtor.com.

However, the gap between buyers and sellers is expanding, in part because many homeowners are listing the necessity rather than the possibility.

Some are relocating for work, while others are coming out of investment properties while costs are increasing or awaiting a price drop.

“It doesn’t feel like the buyer asked to return so much,” added Chen Zhao, the head of Redfin’s economic research. “Pricements are just too high.”

In markets like Denver, long agent Elle Papas told our newspaper of conversations with buyers has been dramatically shifted by the peace of the frigures of recent years.

“Conversation, even after my first meeting with them is,” How much discount do you think I can get? How many omissions can I get? “”

Carley and Garrett Capelski, who had previously stopped their second home searching for competition on the outskirts of Kansas City, said they have noticed a change this spring.

“We feel much less stressed this time,” Garrett Kapelski said. “If we wait 30, 60 more days, you will probably see these people who, although they would be able to sell their homes quickly, and maybe they already buy another home, start to shake a little.”

Much of the current slowdown can be traced to the uneven recovery of the supply of housing after 2006 to 2009, accompanied by the blocking effect of low -level deaths of the Pandemic era.

But this trend can be mitigating.

The new home construction has been chosen since the pandemia, and more homeowners have begun to rank-simply because they can’t wait longer, whether it’s two to work with transfers, have children or otherwise, Pappas explained.