Market News May 8

Market Updates

Today's Market News:

Areas Where Buyers Continue to Gain the Upper Hand


A new Bankrate analysis — the Buyer Opportunity Index — suggests the balance of power in housing is quietly shifting back toward buyers, but unevenly.

This Index ranks the 100 largest U.S. metro areas based on how much negotiating leverage buyers have gained since early 2022. Metrics include housing supply, price reductions, time on market, and sale-to-list ratios.

Some cities that saw surging sales and prices during the pandemic are now seeing significant corrections. Cities like Colorado Springs, Raleigh, and Austin showed the largest swings toward buyer-friendly conditions, driven largely by a surge in inventory and cooling demand.

In Colorado Springs, housing supply has quadrupled since 2022. Homes now sit on the market for an average of 54 days, which is nearly 11 times longer than four years ago.

Other areas are still challenging for buyers, due to limited new construction and slower population growth. Chicago, Milwaukee, and New York have seen the least improvement in buyer leverage.1

MBA Index Finds Declining Affordability in March


The Mortgage Bankers Association's Purchase Applications Payment Index (PAPI) found that homebuyer affordability declined in March. The national median mortgage payment applied for by purchase applicants rose to $2,131, up from $2,061 in February.

PAPI measures how new monthly mortgage payments vary over time relative to income, using data from the MBA's Weekly Applications Survey. A rising PAPI signals worsening affordability; a falling PAPI signals improvement.

The national PAPI increased 3.4% in March, rising to 154.9 from 149.8 in February. On a year-over-year basis, however, affordability has improved: earnings growth of 3.9% outpaced a 2.0% decline in payments, pushing the annual PAPI down 5.6%.

For borrowers applying for mortgages with lower payments, the median mortgage payment rose to $1,479 in March from $1,436 in February. The national median was down $43 from one year ago.2

Heat Up Your Social Media with Summery Vibes


Summer doesn't officially arrive until June 21st, but you can start posting lifestyle content that celebrates the season now. Seasonal styling tips keep followers engaged and help prospects consider the homeowner lifestyle.

Here are some ideas to bring summer inspiration into your feed:

Post a new styling tip each week — lighter bedding, fresh florals, or ceiling fans that keep homes cool. Use short captions and strong visuals.

Share DIY curb appeal ideas, such as repainting a front door or planting flowers that thrive in your area.

Show how simple touches — string lights, potted plants, fresh cushions — can transform a patio, balcony, or backyard into a summer-ready space.

Highlight cool zones for hot weather, whether that's a shady nook or a poolside retreat, and help buyers imagine escaping the heat.

Posts like these combine practical value with aspirational living, connecting real estate with real life in a friendly, non-salesy way.3

Show Up on ChatGPT for Prospects


As generative AI use grows, more buyers are asking ChatGPT to recommend a local agent. To improve your chances of being suggested, your online presence needs to be consistent, local, and active.

AI doesn't respond to paid ads — it looks for agents with a visible, credible digital footprint. Here are some ways to help ensure AI identifies you online.

  • Mention your city and state in the first line of every business bio.
  • Check your name and contact info, as it's vital that it's identical on Google, Zillow, Realtor.com and social media.
  • In addition to ensuring you have a Google Business account, you'll need at least three new reviews that mention your skills within a specific neighborhood.
  • Prove you're a reliable neighborhood guide by blogging about a local area. Be sure to mention the area in the first sentence.
  • Post two real estate social media posts per week with local tips in the captions.
Other ways to position yourself ahead of competitors include posting positive responses to positive Google reviews and revising vague captions so they're more AI-friendly. For example, instead of writing "Beautiful day for a showing!", write "Showing homes in [Neighborhood] today."

By building a clear real estate brand identity, you'll make it easy for ChatGPT to "learn" about your skills and recommend you.4

The Silver Tsunami May Not Flood The Right Regions

One future solution to the shortage of existing homes for sale has been described as the "silver tsunami", when aging homeowners vacate their properties for retirement destinations or assisted living facilities. According to the latest American Community Survey, there are an estimated 61.2 million people aged 65 years or older who own 34.1% of all owner-occupied housing units.

While this will result in additional properties eventually going up for sale, it doesn't mean that the silver tsunami will have the same effect across the nation. This is because different regions are home to different percentages of aging homeowners.

Currently, Sun Belt metros and states, such as Florida, tend to have the highest number of homeowners aged 65 and older. But these aren't always the same metro areas with the biggest problems with housing shortages.

High-cost, high-demand metro areas such as New York, Los Angeles, and San Diego have limited exposure to potential supply from older homeowners. Conversely, metros such as Pittsburgh, Buffalo, and Rochester may be at risk of an eventual oversupply because population growth in these areas has been slow or negative.

However, the tsunami will also be coming ashore in metros that will benefit from the additional available properties. Some that are increasing in population, such as Durham-Chapel Hill, Knoxville, Jacksonville, Charlotte, Denver, and Austin, will especially benefit.5

Sources: 1nationalmortgageprofessional.com, 2mba.org, 3realtor.com, 4buildingbetteragents.com, 5eyeonhousing.org