The housing market has crossed a threshold that buyers have been waiting for since 2020. Sixty-six of the nation's 200 largest housing markets now have more active listings than they did in 2019, before the pandemic stripped inventory from the market and sent prices soaring. [1]

Among the 50 largest metro areas, 16 have surpassed pre-pandemic inventory levels. The shift is not uniform — coastal markets remain tight while Sun Belt and Midwest markets have loosened — but the direction is clear. [2]

Sellers now outnumber buyers by roughly 630,000, according to Redfin data. [3] The ratio has flipped from the pandemic era, when buyers competed for a shrinking pool of homes and bidding wars were the norm.

April 12 through 18 is projected to be the best week of the year to sell a home, based on historical listing velocity and buyer demand patterns. [1] Sellers who miss that window face a market where inventory continues to grow and buyer urgency fades.

The causes are structural. Mortgage rates remain elevated compared to the sub-3 percent era, locking in existing homeowners who refinanced at historic lows. New construction has filled some of the gap, but not enough to absorb the pent-up supply from owners who stayed put during the pandemic. [3]

Buyers have leverage they have not had in six years. They can negotiate. They can walk away. They can wait.

The question is whether they will.

-- MAYA CALLOWAY, New York