Sellers in Charge

Well, that didn't take long – sellers are back in charge. Inman's Jim Dalrymmple writes, "A year after mortgage rates began their precipitous climb and slowed the housing market way down, a "drought" of new listings is now driving prices back up and has ultimately brought back a seller's market. That's according to Zillow which notes that buyers are flocking to springtime open houses and home values climbed 1 percent this spring. Though the report describes that increase as "relatively normal," it also points out that normal is a "remarkable turnaround" from the latter part of 2022, when rate-related affordability issues led to a market that was "much cooler" than normal. Data indicate that housing has returned to a seller's market, the report concludes."