The U.S. housing market this spring is still leaning in buyers’ favor, but that advantage is starting to narrow. Across Redfin, Realtor.com and Zillow data, the same theme is evident: Buyers still have more leverage than sellers in many places, but the gap is no longer widening.

Redfin reports there were about 46.5% more sellers than buyers in April 2026, down from 47.5% in March and 48.9% in December 2025. Buyers still hold the advantage, but it is no longer a “strengthening” buyer’s market.

On the other hand, Redfin estimates about one million buyers were in the market in April, up 2% from March and the largest monthly increase in more than a year. Sellers also increased, but more slowly, reaching about 1.5 million.

That same report also notes that down payments peaked in the second quarter of 2024 at $32,700, when competition and price pressures were significantly stronger. Since then, they have steadily declined through 2025 and into 2026. For comparison, the first-quarter median down payment in 2019 was $12,500.

Realtor.com notes that the drop is tied mainly to better inventory, not weaker demand. With more homes on the market and fewer bidding wars, buyers don’t have to stretch above typical financing terms just to compete. That’s giving buyers a bit more room on up-front costs, even while mortgage rates stay elevated, the report said.

Zillow’s April 2026 market report adds another layer, as for the first time in 2026 new listings grew more on an annual basis than home sales did. New listings totaled more than 426,00 in April, up 2.1% from a year earlier. Active inventory rose 3.7% from last April, with the total number of homes for sale at 1.3 million nationwide. Zillow refers to these as “slightly friendlier conditions for buyers.”

Homes took a median of 17 days to go pending in April, which was one day longer than a year earlier and two days shorter than in March. In addition, the share of listings with a price cut in April was 23.5%, down one percentage point from a year earlier and up 0.9 percentage points from March.

Given the most recent data available, 25.5% of homes sold above listing price in March, which was 1.6 percentage points lower than a year earlier and 3.2 percentage points higher than February.

As the typical down payment hit a four-year low, Zillow reports that the monthly mortgage payment on a typical U.S. home is $1,829, given a 20% down payment, which is 3.4% lower than last year.

Zillow also emphasizes widening differences between markets. Some areas are seeing flat or softening prices, while others remain more resilient depending on supply and demand. That aligns with Redfin and Realtor.com data showing a national slowdown that plays out unevenly across regions.

Taken together, the three reports describe a housing market that is no longer cooling quickly but has not turned upward, either. Buyers still hold the advantage in many markets, especially where inventory has been built up. However, that advantage is no longer expanding. Sellers are not regaining control, but they are no longer losing ground as quickly.

Boston Real Estate for Sale