T
he housing market is experiencing a shift, with homes spending more time on the market and nearly 20% of listings receiving price cuts, according to Realtor.com's latest trends report. This power struggle between buyers and sellers has yet to yield a clear winner. Sellers are holding firm on premium prices, buoyed by high equity levels and low mortgage rates.

    However, growing inventory is giving buyers leverage they haven't seen in years, allowing them to shop around for the best deal. Many are waiting for home prices or mortgage rates to drop, contributing to sluggish sales numbers this spring. In some areas, sellers who can't secure their desired price become "accidental landlords," adding rental supply to competitive markets.

    While it's unclear when the market will tip in buyers' favor, local markets where inventory has increased have already seen a shift. At the national level, it may take time for sellers' advantages to wane, according to Realtor.com's chief economist. The current balance between buyers and sellers is reminiscent of nearly a decade ago, when housing supply reached six months.

    Inventory rose 28.9% year-over-year in June, with active listings exceeding 1 million nationally. Homeowners pulled their listings at a 47% higher rate year-over-year in May. The median home price remained flat, rising just 0.1% to $440,950. Over one-fifth of listings received a price cut, the highest share for any June since 2016. Sellers' patience has kept prices from falling.

    The standoff between buyers and sellers is also evident in the time homes spend on the market. In June, the median was 53 days, five more than the previous year. If seasonal trends hold true, this number will continue to climb throughout the year.