The housing market’s competition is cooling, leading to sellers cutting prices and homes lasting longer on the market, according to Zillow’s latest market report.
Home inventory is on the rise, with 4% more homes on the market from May to June and up 23% from last year’s low, according to Zillow data.
With the rise in inventory, Zillow says competition is easing, and a balanced market may be just around the corner.
Sellers are cutting prices to entice buyers. Nearly 25% of listings in June had a price cut, up 23.8% from May​​—the highest percentage of any June from Zillow’s data starting in 2018.
Homes are also staying longer on the market than they didhad last summer, giving buyers more days to weigh their choices.
Homes sold in June typically lasted 15 days on the market before a seller accepted an offer, which is down five days from pre-pandemic norms, according to Zillow.
