WASHINGTON (AURN News) — The U.S. economy continues to take hits as new housing market data show there are more sellers than buyers.
According to a recent report from real estate company Redfin, there are 629,808 more sellers than buyers — a record high.
“When sellers outnumber buyers, buyers typically hold the negotiating power because they have a lot of options to choose from,” Redfin said.
“That’s why a market with a lot more sellers than buyers is considered a buyer’s market. Of course, it’s only a buyer’s market for those who can afford to buy,” the company added.
Homebuyers in the market dropped 2.4% in February, while sellers fell just 0.4%.
Right now, the top buyer’s markets include Miami, Nashville, Austin, West Palm Beach and San Antonio. The top seller’s markets include Newark, Montgomery County, Pennsylvania, Nassau County, New York, Milwaukee and New Brunswick, New Jersey.
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