Knock's New Buyer-Seller Index Shows Three Housing Markets Now Buyers' Markets With a Dozen More Flipping By June 2023 – Press Release

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New data-driven index finds buyers now have the advantage in San Diego, San Francisco and San Jose

• Nearly all of the 100 largest housing markets moved toward favoring buyers in July
• Big changes are coming: Boise, Idaho, Phoenix and Colorado Springs, Colo., are among the 15 housing markets that will favor buyers by mid-2023
• After a 71% run-up in home prices during the pandemic, Austin, Texas, is poised to become one of the most favorable buyers' markets

NEW YORK, Aug. 30, 2022 /PRNewswire/ — Knock, the fast-growing fintech company that makes all homebuyers Power Buyers, today announced the launch of the Knock Buyer-Seller Market Index, which revealed the U.S. housing market began to shift in July toward buyers for the first time since 2017. The new index analyzes key housing market metrics to measure the degree to which of the nation's 100 largest markets favor home buyers or sellers.

According to the index, all 100 markets strongly favored sellers through the first five months of 2022 with the month of April being the best time to sell a home since the beginning of 2017, the start of the index's data series. June was the first time the market dipped below historic peaks for sellers, with July indicating a significant shift in market dynamics.

"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 educated decisions about the best time to buy and sell," said Knock Co-Founder and CEO Sean Black. "After two years of homes selling quickly and often well-above list prices, we are beginning to see a more balanced market. With the overall U.S. housing market projected to equally favor buyers and sellers by June 2023, home shoppers may see the most favorable conditions in recent history. At the same time, that doesn't mean a return to 2008. Sellers, who have already seen substantial equity gains in recent years, will still hold the advantage in many markets."

Fewer than 150,000 homes were sold across 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 nation's housing inventory rose 6.8%, median days on market increased 27.3% and median sale price for all housing types was up 9.6%.

Eighty-one of the 100 largest metropolitan areas favored sellers in July. Three markets in California – San Diego, San Francisco and San Jose – moved from sellers' to buyers' markets as home prices dropped by more than 60% and days on market also rose significantly over the same period last year. In a buyers' market, sellers are more likely to accept a lower price than the list price. The opposite is true in a sellers' market where homes often sell for more than the list price.

Sixteen metros – Salt Lake City; Phoenix; Los Angeles; Boise, Idaho; Atlanta; Nashville, Tenn.; Bakersfield, Calif.; Fresno, Calif.; Riverside, Calif.; Colorado Springs, Colo.; New Orleans; Orlando, Fla.; Portland, Ore.; Tampa, Fla.; Denver and Oxnard, Calif. – moved from favoring sellers to neutral, favoring neither buyers or sellers.

Despite a majority of markets considered to be sellers' markets, nearly all of the 100 largest housing markets moved closer toward favoring buyers. The only exception was Fayetteville, N.C., where at $235,000 the median home price remains relatively low, but has risen quickly and homes sell in six days, less than half the national median day on market.

Full story available on Benzinga.com

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