Cooling US Housing Market Favors Buyers Amidst Easing Prices and Inventory Surge

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Cooling US Housing Market Favors Buyers Amidst Easing Prices and Inventory Surge

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The US housing industry has entered a significant cooling phase over the past 48 hours, reflecting broader trends seen in recent months. According to new data from the US Census Bureau, new home sales fell sharply in May, dropping 13.7 percent from April to a seasonally adjusted annual pace of 623,000. This is also 6.3 percent lower than May of last year. The decline was most pronounced in the South, which saw sales decrease by 21 percent month over month and 15.5 percent year over year. The Northeast was the only region to record an increase in new home sales.

Unlike 2024, when tight supply drove up prices, current conditions show the market shifting toward buyers. There are now about 507,000 new houses for sale, marking a notable rise in supply. At the current sales rate, it would take nearly 10 months to clear all available homes, well above the six-month threshold signaling a buyers market. This is a major change from the sellers market that dominated after the pandemic peak.

Price growth is also facing headwinds. Zillow projects home values will fall by 1.4 percent in 2025, as increased inventory and persistent high mortgage rates make buyers more cautious. Rents are forecast to rise only modestly, with single-family rents up 2.8 percent and multifamily up 1.6 percent for the year, both revised downward as new construction boosts market balance and vacancy rates.

Consumer behavior is shifting as affordability concerns and job market uncertainty weigh on demand. While new listings have increased, as seen in Realtor.com data showing a 7.2 percent year-over-year rise in May, the rate of new homes hitting the market is decelerating compared to earlier in the spring. Industry leaders and developers are responding by offering incentives and flexible financing to attract hesitant buyers.

In summary, the US housing market is experiencing a marked slowdown, characterized by weaker sales, rising supply, and easing price pressure compared to 2024. The landscape is now favoring buyers, with industry players adjusting strategies to contend with softened demand and greater competition among sellers.