PORTLAND, Ore. — Buyers are gaining leverage across the U.S., but Portland now leads the nation in home listings with price cuts.
Buyers Winning in US Housing Market
It’s currently a buyer’s market in the US. 1.46M sellers across the US are cutting prices to attract just 967,000 buyers, according to Redfin.
This 51% seller surplus- close to the record 51.8% gap reached in December- is present in nearly 80% of major metros.
Redfin defines a buyer’s market as one with at least 10% more sellers than buyers, and in the prevailing markets, house hunters have significantly more negotiating power. But still, high mortgage rates, elevated prices, and economic uncertainty are keeping buyers on the sidelines, with nearly 500,000 more sellers than buyers.
Portland Has Most House Selling Price Reductions Across US
The Portland market is currently favoring buyers, with sellers slashing prices to get their houses sold…