More homebuyers had the upper hand i꧟n October as competition in the housing market eased due to lower mortgage rates and increased inventory.

According to Zillow's October report, the housing market leaned more toward buyers in October, especially in Southern markets. Increased inventory has significantly reduced competition as the market recovers from the🌳 record lows during the pandemic.

Listing volume fell from September, but new listings increased by 2% compared to the same time 🔴last year. There were 18.5% more listings active in October than at the same time duriꦏng the previous year.

More homes on the market means buyers not only have more options but also face less competition when making offers, Zillow found. With fewer people bidding on each listing, home pricℱes could moderate as evidenced by fewer homes being sold above their asking price.

However, there is still a long way to go for a full inventory recovery—the number of homes for sale nationwide is roughly 28% below pre-pandemic levels. Part of the issue is a long-standing housing shortage. Zillow found that affordability improved in areas where buil🎐ders have better kept up wit🍰h housing demand.