T
he US housing market has finally started to favor buyers, with more than half of homes sold in May going for less than their asking price. According to real estate analytics firm Cotality, 56% of deals landed below the list price, with the typical sale closing at $45,000 under the original price.

    This shift towards a buyer's market is due to a cooling US housing market, which has given buyers more negotiating power. However, this advantage only applies to those who have the means to make a move, as systemic hurdles such as interest rates and rising insurance costs remain a barrier to homeownership for many.

    The numbers show that sales fell 15% from last year, while the median list price remained at $495,000 year-over-year. Mortgage rates stayed stuck near 7%. The typical listing is now waiting an average of 58 days before selling, a full week longer than last year.

    Nationwide, more than 1.1 million homes have been lingering on the market for three months in a row, giving buyers more options and less pressure to rush into a deal. Some markets are seeing inventory explode, with Toledo, Ohio, recording a staggering 128% jump in for-sale homes compared to last year.

    While this shift towards a buyer's market has opened up opportunities for price cuts and other concessions, affordability remains strained. Buyers need roughly $200,000 more than they would have a decade ago to purchase the median-priced home.