The U.S. housing market is drowning in a record-breaking $698 billion of homes for sale—up 20.3% from last year and the highest figure we’ve ever seen. While the mainstream press crows about “pent-up demand” and “affordability challenges,” the hard truth is that nearly half of this mountain of listings is going stale as sellers outnumber buyers by nearly half a million. The data, pulled from Redfin’s latest analysis, reveals an inconvenient reality: the housing market is shifting, and the balance of power is moving back to buyers—at least, those who still have enough cash or credit left to compete in this high-cost environment. Homes are lingering on the market for 40 days on average—five days longer than last year. Worse…
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