Markets & Economy

Zillow: Market conditions growing more local

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Different regions will offer diverging levels of negotiating power for buyers and sellers across the country heading into the spring homebuying season, signaling advancement toward a healthier housing market where market conditions tend to be local rather than national, according to a recent analysis by Zillow. In the West, sellers will likely have the upper hand over buyers thanks to a strong jobs market and the limited supply that has driven rapid price appreciation, Zillow said. In contrast, Zillow forecast that buyers in Midwestern and East Coast metros -- where prices have risen at a slower pace and homes tend to stay on the market for longer -- will likely enjoy an edge over sellers. Zillow said the bifurcation of buying and selling conditions across the U.S. partly reflects the housing market's continued shift to a healthier state. "Real estate has always been local, and as the spring market gains momentum, this old adage will only become more pronounced," Zillow Chief ...