US homes are selling at their slowest pace in 6 years as supply balloons

New York Post - Apr 18th, 2025

The US housing market is experiencing a significant slowdown, with homes taking an average of 47 days to sell in March, marking the slowest pace in six years. According to a Redfin report, the post-2020 surge of bidding wars and multiple offers has dissipated as the supply of homes reaches a five-year high. This shift is attributed to several factors, including rising active listings, hesitant buyers, and overpriced homes. Sellers are struggling to adjust their expectations as buyers become more cautious due to economic uncertainty and higher mortgage rates. Consequently, only 27% of buyers paid above the listing price in March, the lowest level since 2020.

The current market conditions highlight a growing disconnect between seller expectations and market realities. With increased housing supply in states like Texas and Florida, sellers are now competing more fiercely, needing to price their homes reasonably to attract sparse buyers. Economic factors, such as tariff fears and heightened mortgage rates, further contribute to buyer apprehension. Redfin Senior Economist Elijah de la Campa emphasizes that if sellers do not adjust their price expectations, home sales may continue to decline, indicating potential challenges for the housing market in the coming months.

Mortgage Rates Us Housing Market Redfin Report Alicia Grifaldo Elijah De La Campa Bidding Wars Overpriced Listings Housing Supply Buyer Competition

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RATING

7.8

Fair Story

Consider it well-founded

The article provides a comprehensive and timely overview of the current state of the US housing market, supported by credible data from Redfin. It excels in factual accuracy, with most claims well-supported by authoritative sources. The article effectively balances perspectives from real estate professionals and economists, though it could benefit from a broader range of viewpoints. Its clear and accessible language aids readability, while its focus on current market conditions ensures relevance to public interest.

However, the article could enhance its impact and engagement by incorporating more diverse sources, interactive elements, and in-depth analysis of potential solutions or policy implications. While it maintains a neutral tone, exploring more controversial aspects of the market could provoke greater debate and discussion. Overall, the article is a valuable resource for understanding the complexities of the housing market, with room for further exploration of its broader implications.

Accuracy

The article demonstrates a high level of factual accuracy and verifiability. Key claims, such as the typical American home selling at its slowest pace in six years and the increase in supply hitting a five-year high, are well-supported by the Redfin report data. Statements regarding the median time on the market, the percentage of homes sold above the listing price, and the year-over-year growth in inventory are accurately reported. However, the specific claim that '17 of the 50 most populous metros sold within two weeks' lacks direct verification, indicating a minor area for improvement. Overall, the article's claims align closely with data from authoritative sources, enhancing its credibility.

Balance

The article provides a balanced view of the current state of the US housing market by incorporating perspectives from both real estate agents and economists. It highlights the challenges faced by sellers and the hesitancy among buyers, offering a comprehensive overview of the market dynamics. However, the article could improve by including more diverse viewpoints, such as those from potential homebuyers, to provide a fuller picture of the market's impact on different stakeholders. The focus on Redfin's data and insights might inadvertently limit the scope of perspectives presented.

Clarity

The article is well-structured and uses clear, accessible language to convey the complexities of the housing market. It logically presents information, moving from overarching trends to specific data points, which aids reader comprehension. The tone remains neutral and informative throughout. However, the inclusion of more context around the causes of current market conditions and potential future implications could enhance clarity further by providing readers with a deeper understanding of the situation.

Source quality

The article relies heavily on data and insights from Redfin, a reputable real estate brokerage known for its comprehensive market analysis. The inclusion of quotes from Redfin's real estate agents and economists adds authority to the narrative. However, the article could benefit from incorporating additional sources, such as independent housing market analysts or economic experts, to provide a more well-rounded view and reduce reliance on a single source. The current sourcing is credible but somewhat limited in diversity.

Transparency

The article provides a clear basis for its claims by referencing specific data points from the Redfin report. It transparently attributes quotes to named individuals, enhancing the article's credibility. However, the methodology behind the data collection and analysis is not explicitly detailed, which could improve transparency. Additionally, the article does not address any potential conflicts of interest that might arise from relying predominantly on a single source, which could impact impartiality.