Latest news with #AsadKhan
The Hill
2 days ago
- Business
- The Hill
Homesellers now outnumber buyers by half a million: Redfin
(NewsNation) — After years of rising prices and limited inventory, the housing market is undergoing a major shift: Sellers now far outnumber buyers. As of April, the U.S. housing market had nearly 500,000 more sellers than buyers — the largest seller surplus on record, according to a new Redfin estimate. Aside from the start of the pandemic in April 2020, homebuyers haven't been this scarce since at least 2013, the earliest year for which Redfin has data. As recently as February 2024, the number of buyers and sellers was roughly balanced, but the gap has steadily widened over the past year. Redfin now expects home prices to drop 1% by the end of 2025. The online real estate brokerage highlighted three factors tilting the balance of power toward buyers: recent economic uncertainty, high home prices and a mortgage rate lock-in effect that is beginning to ease. The new dynamics have given potential homebuyers more negotiating power than they've had in years, but so far, sellers have been slow to react. 'A lot of sellers have yet to see or accept the writing on the wall,' Redfin Senior Economist Asad Khan said in a statement. 'Many are still holding out hope that their home is the exception and will fetch top dollar.' Florida sellers are feeling the most pressure in today's market, with the state home to six of the top 10 buyer's markets, according to Redfin. In cities like Miami, West Palm Beach and Fort Lauderdale, sellers outnumbered buyers roughly 3 to 1 in April. The Sunshine State's housing market has been cooling for the past year, partly due to a homebuilding boom but also because of natural disaster concerns and rising homeowner insurance costs. Skyrocketing HOA fees haven't helped either, and buyers are souring on condos especially fast. Nationally, 31 of the top 50 metros are now considered 'buyer's markets,' per Redfin, meaning potentially lower home prices as sellers compete for buyers. Those buyer-friendly markets are heavily concentrated in the Sun Belt and on the West Coast. Elsewhere, particularly in the Midwest and Northeast, sellers still hold the power. In April, buyers outnumbered sellers by almost 2 to 1 in Newark, New Jersey, making it the top seller's market. Nassau County, New York, and Montgomery County, Pennsylvania, also heavily favored sellers. The housing market is considered balanced in St. Louis, Virginia Beach and Kansas City, where the number of buyers and sellers is relatively equal. Despite the recent shift toward buyers, homeownership is likely to remain out of reach for millions of Americans. Wages haven't kept up with rising home prices, and the supply of affordable homes remains well short of demand. In March, just 21.2% of home listings were affordable for buyers earning between $75,000 and $100,000 a year, according to a recent analysis by the National Association of Realtors (NAR). 'Without a significant boost in housing inventory at price points below $260,000, the path to homeownership will remain blocked for millions of Americans,' the NAR report said. The average rate on a 30-year fixed mortgage rose to 6.89% this week, the highest level since early February, according to Freddie Mac. Top 10 buyer's markets in April 2025, according to Redfin Top 7 seller's markets in April 2025, according to Redfin
Yahoo
2 days ago
- Business
- Yahoo
Homesellers now outnumber buyers by half a million: Redfin
(NewsNation) — After years of rising prices and limited inventory, the housing market is undergoing a major shift: Sellers now far outnumber buyers. As of April, the U.S. housing market had nearly 500,000 more sellers than buyers — the largest seller surplus on record, according to a new Redfin estimate. Aside from the start of the pandemic in April 2020, homebuyers haven't been this scarce since at least 2013, the earliest year for which Redfin has data. Homebuying season: 4 things to know about the 2025 housing market As recently as February 2024, the number of buyers and sellers was roughly balanced, but the gap has steadily widened over the past year. Redfin now expects home prices to drop 1% by the end of 2025. The online real estate brokerage highlighted three factors tilting the balance of power toward buyers: recent economic uncertainty, high home prices and a mortgage rate lock-in effect that is beginning to ease. The new dynamics have given potential homebuyers more negotiating power than they've had in years, but so far, sellers have been slow to react. 'A lot of sellers have yet to see or accept the writing on the wall,' Redfin Senior Economist Asad Khan said in a statement. 'Many are still holding out hope that their home is the exception and will fetch top dollar.' Florida sellers are feeling the most pressure in today's market, with the state home to six of the top 10 buyer's markets, according to Redfin. In cities like Miami, West Palm Beach and Fort Lauderdale, sellers outnumbered buyers roughly 3 to 1 in April. The Sunshine State's housing market has been cooling for the past year, partly due to a homebuilding boom but also because of natural disaster concerns and rising homeowner insurance costs. Skyrocketing HOA fees haven't helped either, and buyers are souring on condos especially fast. Homesellers want nearly $39K more than buyers will pay Nationally, 31 of the top 50 metros are now considered 'buyer's markets,' per Redfin, meaning potentially lower home prices as sellers compete for buyers. Those buyer-friendly markets are heavily concentrated in the Sun Belt and on the West Coast. Elsewhere, particularly in the Midwest and Northeast, sellers still hold the power. In April, buyers outnumbered sellers by almost 2 to 1 in Newark, New Jersey, making it the top seller's market. Nassau County, New York, and Montgomery County, Pennsylvania, also heavily favored sellers. The housing market is considered balanced in St. Louis, Virginia Beach and Kansas City, where the number of buyers and sellers is relatively equal. Despite the recent shift toward buyers, homeownership is likely to remain out of reach for millions of Americans. Wages haven't kept up with rising home prices, and the supply of affordable homes remains well short of demand. In March, just 21.2% of home listings were affordable for buyers earning between $75,000 and $100,000 a year, according to a recent analysis by the National Association of Realtors (NAR). 'Without a significant boost in housing inventory at price points below $260,000, the path to homeownership will remain blocked for millions of Americans,' the NAR report said. The average rate on a 30-year fixed mortgage rose to 6.89% this week, the highest level since early February, according to Freddie FL West Palm Beach, FL Fort Lauderdale, FL Austin, TX Jacksonville, FL Tampa, FL Phoenix, AZ Las Vegas, NV Orlando, FL Nashville, TNNewark, NJ Nassau County, NY Montgomery County, PA Cleveland, OH New Brunswick, NJ Providence, RI Baltimore, MD Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Independent
3 days ago
- Business
- The Independent
Sellers outnumber prospective homebuyers as high prices and mortgage rates skew the housing market
Homeowners eager to sell may have to wait a while before a buyer comes along. As of April, the U.S. housing market had nearly 34% more sellers than buyers shopping for a home, according to an analysis by Redfin. Aside from April 2020, when the pandemic brought the economy and home sales activity to a standstill, there haven't been this few buyers in the market for a home before, based on records that date back to 2013. The trend is good news for home shoppers — if they can afford to buy at current mortgage rates and prices, which are still rising nationally, albeit more slowly. Fewer buyers means less competition for home listings and more pressure on sellers to dial back their asking price and make other concessions to help get a deal done. That's a stark reversal from just a few years ago, when it wasn't uncommon for homeowners to receive offers well above their asking price from multiple home shoppers. 'The balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall,' said Asad Khan, a senior economist at Redfin. The lopsided balance between buyers and sellers is reflected in home sales, which remain in a slump going back to 2022, when mortgage rates began to climb from the rock-bottom lows they reached during the pandemic. Last year, sales of previously occupied U.S. homes sank to their lowest level in nearly 30 years. Sales fell last month to the slowest pace for the month of April going back to 2009. Sellers began outnumbering buyers in November 2023, when the average rate on a 30-year mortgage climbed to a 23-year high of nearly 8%, according to mortgage buyer Freddie Mac. The average rate reached 6.89% this week, its highest level since early February. All told, there were 1.9 million sellers and 1.5 million prospective homebuyers in April, or 490,041 fewer people in the market for a home relative to sellers. A year ago, there were 6.5% more sellers than buyers. Two years ago, buyers outnumbered sellers by 5.3%. Redfin based its estimate of the number of sellers in April on active listings, or the number of homes for sale at any point during the month. It estimated the pool of people in the market for a home by creating a model that takes several other data into account, including the typical time it takes for a someone to buy after taking a tour of a home. Faced with a market with fewer potential buyers, some sellers have opted to lower prices or offer sales incentives, such as agreeing to pay for a buyer's closing costs or other expenses. Nearly 1 in 5 home listings had their price reduced last month, according to The growing imbalance between buyers and sellers should pull U.S. home prices 1% lower by the end of this year, according to Redfin. Prices have already begun to decline in select metro areas. In the four weeks ended April 20, home prices fell in 11 of the top 50 most populous U.S. metro areas, including Dallas, Oakland, California, and Jacksonville, Florida, according to Redfin. The market with the biggest gap between buyers and sellers is Miami, where sellers outnumber buyers by about 3 to 1, according to Redfin. The strongest seller's market is Newark, New Jersey, with 47.1% fewer sellers than buyers. Despite tipping more in favor of buyers, the housing market is likely to remain unaffordable for many Americans. The median U.S. home sales price has jumped 53% over the past six years, far outpacing wage growth. And while the inventory of previously occupied U.S. homes climbed last month to the highest level since September 2020, it's still well below pre-pandemic era levels and short on properties that most Americans can afford. Before the pandemic, households earning $75,000 a year could afford to buy nearly half of all homes on the market nationally. As of March, only 21.2% of home listings were affordable, according to a recent analysis by the National Association of Realtors. A home is considered affordable if monthly payments don't exceed 30% of household monthly income. 'Without a significant boost in housing inventory at price points below $260,000, the path to homeownership will remain blocked for millions of Americans who are otherwise financially ready to buy,' according to the NAR report.
Associated Press
3 days ago
- Business
- Associated Press
Sellers outnumber prospective homebuyers as high prices and mortgage rates skew the housing market
LOS ANGELES (AP) — Homeowners eager to sell may have to wait a while before a buyer comes along. As of April, the U.S. housing market had nearly 34% more sellers than buyers shopping for a home, according to an analysis by Redfin. Aside from April 2020, when the pandemic brought the economy and home sales activity to a standstill, there haven't been this few buyers in the market for a home before, based on records that date back to 2013. The trend is good news for home shoppers — if they can afford to buy at current mortgage rates and prices, which are still rising nationally, albeit more slowly. Fewer buyers means less competition for home listings and more pressure on sellers to dial back their asking price and make other concessions to help get a deal done. That's a stark reversal from just a few years ago, when it wasn't uncommon for homeowners to receive offers well above their asking price from multiple home shoppers. 'The balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall,' said Asad Khan, a senior economist at Redfin. The lopsided balance between buyers and sellers is reflected in home sales, which remain in a slump going back to 2022, when mortgage rates began to climb from the rock-bottom lows they reached during the pandemic. Last year, sales of previously occupied U.S. homes sank to their lowest level in nearly 30 years. Sales fell last month to the slowest pace for the month of April going back to 2009. Sellers began outnumbering buyers in November 2023, when the average rate on a 30-year mortgage climbed to a 23-year high of nearly 8%, according to mortgage buyer Freddie Mac. The average rate reached 6.89% this week, its highest level since early February. All told, there were 1.9 million sellers and 1.5 million prospective homebuyers in April, or 490,041 fewer people in the market for a home relative to sellers. A year ago, there were 6.5% more sellers than buyers. Two years ago, buyers outnumbered sellers by 5.3%. Redfin based its estimate of the number of sellers in April on active listings, or the number of homes for sale at any point during the month. It estimated the pool of people in the market for a home by creating a model that takes several other data into account, including the typical time it takes for a someone to buy after taking a tour of a home. Faced with a market with fewer potential buyers, some sellers have opted to lower prices or offer sales incentives, such as agreeing to pay for a buyer's closing costs or other expenses. Nearly 1 in 5 home listings had their price reduced last month, according to The growing imbalance between buyers and sellers should pull U.S. home prices 1% lower by the end of this year, according to Redfin. Prices have already begun to decline in select metro areas. In the four weeks ended April 20, home prices fell in 11 of the top 50 most populous U.S. metro areas, including Dallas, Oakland, California, and Jacksonville, Florida, according to Redfin. The market with the biggest gap between buyers and sellers is Miami, where sellers outnumber buyers by about 3 to 1, according to Redfin. The strongest seller's market is Newark, New Jersey, with 47.1% fewer sellers than buyers. Despite tipping more in favor of buyers, the housing market is likely to remain unaffordable for many Americans. The median U.S. home sales price has jumped 53% over the past six years, far outpacing wage growth. And while the inventory of previously occupied U.S. homes climbed last month to the highest level since September 2020, it's still well below pre-pandemic era levels and short on properties that most Americans can afford. Before the pandemic, households earning $75,000 a year could afford to buy nearly half of all homes on the market nationally. As of March, only 21.2% of home listings were affordable, according to a recent analysis by the National Association of Realtors. A home is considered affordable if monthly payments don't exceed 30% of household monthly income. 'Without a significant boost in housing inventory at price points below $260,000, the path to homeownership will remain blocked for millions of Americans who are otherwise financially ready to buy,' according to the NAR report.
Business Upturn
22-05-2025
- Business
- Business Upturn
LambdaTest Launches SmartUI MCP Server to Bring Human-Like Intelligence to Visual Testing
By GlobeNewswire Published on May 22, 2025, 20:00 IST San Francisco, CA, May 22, 2025 (GLOBE NEWSWIRE) — LambdaTest , a unified agentic AI and cloud engineering platform, has introduced the SmartUI MCP Server, a revolutionary approach to visual regression testing that blends AI-native automation with human-like intelligence. Unlike traditional visual testing tools that rely solely on pixel comparison, the SmartUI MCP Server evaluates UI changes based on real-world user experience, identifying what matters, why it matters, and how to resolve it. Designed to simulate how a real user perceives visual changes using cognitive and Gestalt principles, the SmartUI MCP Server helps teams catch subtle yet critical design inconsistencies that often slip past in an automated pixel-to-pixel comparison. From detecting layout shifts and visual regressions to providing contextual root cause analysis, and recommending practical, minimal-effort code fixes that developers can implement immediately. The SmartUI MCP server transforms the debugging process into a seamless, intelligent experience. By simulating cognitive models of visual interpretation, the SmartUI MCP Server can discern whether a difference is significant to users or simply cosmetic. It doesn't just point out changes, it explains them and recommends precise, context-aware solutions. Developers benefit from rapid, multi-layered analysis spanning pixel data, layout structure, DOM attributes, and perceptual shifts, enabling faster resolution without guesswork. With developer-ready outputs and intuitive insights, SmartUI MCP Server turns visual QA into a proactive process. It empowers teams to maintain high-quality interfaces that not only look right, but feel right, to the end user. 'Great visual experiences aren't defined by what machines catch they're defined by what users notice,' said Asad Khan, CEO of LambdaTest. 'The SmartUI MCP Server brings a Human-Like Interpretation into visual debugging, helping teams not only detect UI issues but understand them in context. Elevating SmartUI to become more than a visual testing tool – helping teams with a smarter way to build interfaces that feel right at first glance.' The SmartUI MCP Server sets a new benchmark in test automation by integrating AI assistants directly into the testing workflow. This innovation enables development teams to spot, interpret, and resolve UI issues faster and more intelligently than ever before. About LambdaTest LambdaTest is an AI-native, omnichannel software quality platform that empowers businesses to accelerate time to market through intelligent, cloud-based test authoring, orchestration, and execution. With over 15,000 customers and 2.3 million+ users across 130+ countries, LambdaTest is the trusted choice for modern software testing. Browser & App Testing Cloud : Enables manual and automated testing of web and mobile apps across 10,000+ browsers, real devices, and OS environments, ensuring cross-platform consistency. HyperExecute : An AI-native test execution and orchestration cloud that runs tests up to 70% faster than traditional grids, offering smart test distribution, automatic retries, real-time logs, and seamless CI/CD integration. KaneAI : The world's first GenAI-native testing agent, leveraging LLMs for effortless test creation, intelligent automation, and self-evolving test execution. It integrates directly with Jira, Slack, GitHub, and other DevOps tools. For more information, please visit, Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
