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or the first time in years, buyers may have the upper hand in the housing market. According to a study by Redfin, there are nearly 500,000 more sellers than buyers in the U.S., with a record-low number of buyers shopping for homes as of April. This trend is a stark reversal from just a few years ago when multiple offers and bidding wars were common.

    The shift in power towards buyers means less competition for home listings and more pressure on sellers to lower their asking prices or make concessions. Asad Khan, Redfin's senior economist, notes that many sellers have yet to accept this new reality. In Los Angeles, the median sale price is around $900,000, but sellers outnumber buyers by about 45%.

    Despite the increase in sellers, realtor Jennie Izumi believes buyers are hesitant due to concerns over interest rates and making payments. Home sales remain sluggish, with last year's sales of previously occupied U.S. homes reaching their lowest level in nearly 30 years.

    The imbalance between buyers and sellers is reflected in the data: there were 1.9 million sellers and 1.5 million prospective homebuyers in April, a difference of 490,041 fewer people in the market for a home relative to sellers. Redfin estimates that this trend will pull U.S. home prices 1% lower by the end of the year.

    Some sellers are responding to the changing market by lowering prices or offering incentives such as paying closing costs. Nearly 1 in 5 home listings had their price reduced last month, according to Realtor.com. Experts recommend educating oneself on available programs and assistance options, such as down payment and closing cost assistance, to make homeownership more accessible.