As Housing Inventory Improves, So Does Affordability

by Tamisha Lane

April brought brighter news for homebuyers nationwide: According to a June 27 First American report, housing affordability rose significantly—up 4.4% year-over-year, one of the most notable gains in the past five years .

Why This Matters for You

More listings = more options. In April, 43 of the top 50 U.S. metro areas saw improved affordability. Regions experiencing larger inventory gains—like Miami, Orlando, and Austin—saw the most dramatic relief timesunion.com+15realestatenews.com+15realestatenews.com+15.
Micromarkets diverge. Buffalo, Cincinnati, and Hartford, still operating with less than two months of housing supply, lagged behind and did not see similar gains nypost.com+15realestatenews.com+15timesunion.com+15.
Mortgage rates are the wild card. With rates hovering below 7%, buyers remain cautious. First American’s Odeta Kushi suggests that a drop toward 6% could spark market activity—though stability matters just as much realestatenews.com+1realestatenews.com+1.

Market Trends: Macro vs. Micro

National Outlook: While inventory continues to climb—from around a 4.4-month to 4.6-month supply—mortgage rates (6.6%–6.9%) and high home prices ($423K median in May) still limit sales growth timesunion.com+15nsjonline.com+15marketwatch.com+15.
Agent Insight: Nationwide surveys reveal a shift toward a buyer’s market—43% of agents report buyer-friendly conditions and increased negotiation leverage realestatenews.com.
Strategic Advantage: As homes stay on the market longer, sellers are offering price reductions and concessions—a great opportunity for prepared buyers .

What This Means for Raleigh & Beyond

In the Raleigh-Cary market, local reports show inventory rising, aligning with broader improvements in affordable housing availability—especially for middle-income buyers earning $75K–$100K nar.realtor.

Action Plan for Homebuyers

Get pre-approved—strong financing positions you ahead of the competition.
Track inventory trends in your target neighborhoods.
Monitor mortgage rates, with 6% potentially unlocking deals.
Leverage negotiation opportunities—home inspections, price flexibility, and closing concessions are back in play.
Work with a local expert—tapping into micro-market insights is critical.

What’s Next?

Mortgage rate stability and potential drops to ~6% could activate buyer demand this summer reddit.com+15realestatenews.com+15realestatenews.com+15realestatenews.com.
Sellers may need incentives—more listings could boost listings volume but lengthen time on market and increase price reductions .
Local focus is key—markets with >5 months of housing supply (like Austin, Orlando, and Miami) are already seeing strong affordability gains, while tighter markets still face challenges realestatenews.com.

Final Take

With growing inventory, stabilized mortgage rates, and shifting market power, spring/summer 2025 is emerging as a more favorable season for homebuyers. For savvy buyers—especially those who are pre-approved, local-market knowledgeable, and ready to act—it represents a prime window of opportunity.

Looking to explore your options in Raleigh or the Triangle? Reach out and let’s craft a strategy that leverages today’s unique market advantages to turn your homeownership goals into reality.