Texas markets

AZ Big Media Metro Phoenix Moves to Top 10 Buyer’s Market

Struckthe fast-growing fintech that is turning all homebuyers into Power Buyers, today announced the launch of the Knock bid-ask market indexwhich revealed that the U.S. real estate market began shifting to buyers in July for the first time since 2017 — and Metro Phoenix now ranks among the top 10 buyers’ markets.

The new index analyzes key housing market metrics to measure how well the nation’s 100 largest markets favor home buyers or sellers.

READ ALSO: Arizona No. 2 for Highest Home Price Appreciation

According to the index, the 100 markets have strongly favored sellers in the first five months of 2022, with April being the best time to sell a home since the start of 2017’s data series. ‘index. June was the first time the market dipped below all-time highs for sellers, with July indicating a significant shift in market momentum.

“At Knock, our mission is to bring certainty, convenience and cost savings to buying and selling homes. Our Buyer-Seller Market Index is designed to help people make more informed decisions about the best time to buy and sell,” said Knock’s co-founder and CEO. Sean Black. “After two years of homes selling quickly and often well above listed prices, we are starting to see a more balanced market. Given that the overall US housing market is expected to favor buyers and sellers equally in June 2023, home buyers may see the most favorable conditions in recent history. At the same time, this does not mean a return to 2008. Sellers, who have already seen substantial capital gains in recent years, will still retain the edge in many markets.

Change begins for sellers’ markets

Fewer than 150,000 homes were sold in the nation’s 100 largest housing markets in July, the lowest monthly sales figure in 12 months and down 50.7% since July 2021. The country’s housing stock rose 6.8%, the median days on market rose 27.3%, and the median selling price for all housing types rose 9.6%.

Eighty-one of the 100 largest metropolitan areas favored sellers in July. Three markets in CaliforniaSan Diego, San Francisco and San Jose — shifted from seller’s market to buyer’s market as home prices fell more than 60% and days on market also increased significantly from the same time last year. In a buyer’s market, sellers are more likely to accept a price below the list price. The reverse is true in a seller’s market where homes often sell for more than the listed price.

Sixteen metros – Salt Lake City; Phoenix; Los Angeles; Boise, Idaho; Atlanta; Nashville, Tennessee.; Bakersfield, California.; Fresno, California.; Riverside, California.; Colorado Springs, Colorado.; New Orleans; Orlando, Florida.; Portland, Oregon.; Tampa, Florida.; denver and Oxnard, California. – changed from favoring sellers to neutral, favoring neither buyers nor sellers.

Despite a majority of markets being considered sellers’ markets, nearly all of the 100 largest housing markets have closed in favor of buyers. The only exception was Fayetteville, North Carolinawhere to $235,000 the median home price remains relatively low, but has been rising rapidly and homes sell in six days, less than half of the national median day on market.

March will be the best time to sell in 2023; Austin will see the biggest change

For homeowners looking to maximize their profits, March is probably the best month to sell their home. As the market continues to balance out, 15 of the 100 largest housing markets are expected to favor buyers in July 2023while another 27 are expected to move into neutral territory, where neither buyers nor sellers have the upper hand.

Austin, TX, is expected to see the most dramatic shift towards buyers’ favor of any city in the index – moving from what has been a strong seller’s market in recent years to one of the most favorable buyer’s markets in the country. . The median selling price in Austin increased by 71% compared to July 2019. Nationally, the median house price rose 39.9% over the same period.

Naples, Florida.a booming housing relocation market during the pandemic, is expected to have the longest days on the market by mid-2023, at 57 days, meaning homebuyers will likely have many more options when looking to buy a home. Toledo, Ohioranks second at 30 days – down slightly from last July, when the city had the longest median days on the market figure in the country, at 32 days.

Springfield, Mo., will have the shortest sale listing at 4.5 days, indicating that competition for accommodation is likely to be very high. In addition to Springfieldmedian days on market are expected to be less than six days in the following nine markets: Akron, Ohio; Fayetteville, North Carolina; Cleveland; Saint Louis; Oklahoma City; El Paso, TX; Winston-Salem, North Carolina and Greensboro, North Carolina

As more and more markets slowly shift to buyers, median selling prices are expected to decline, but only to a point. After hitting a low in January 2023the median price of houses in the United States is expected to reach $427,000 by June 2023. The index predicts that California and Florida will favor buyers with North Carolina and the Northeast emerging as sellers’ markets.

To view the full report, including charts and metro-level data for the top 100 markets, please visit: https://www.knock.com/blog/buyers-sellers-market-index-report-august-2022/