As housing market cools, homebuyers regain leverage

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Homebuyers are regaining leverage at the negotiating table as the housing market slows, new data from Redfin shows. On average, U.S. homes purchased during a four-week period in August sold for less than the asking price. That hasn’t happened since at least March 2021, according to the real estate brokerage. Years of soaring home prices and sharply higher mortgage rates remain hurdles for many would-be homebuyers, but with more homes selling for less than their asking price, the housing market is at least becoming less skewed in favor of sellers.