Spring is almost here — and buyers are walking into the strongest position they’ve had in four years. Homebuying power has climbed to its highest level since March 2022.

At the same time, inventory continues to tilt in buyers’ favor: there are now 44% more sellers than buyers in the market. That’s up from a 30% surplus a year ago and represents the second-largest gap on record, dating back to 2013.

Mortgage rates are helping too. This week, rates dipped to 5.99%. Whether sub-6% sticks is anyone’s guess — the last time it happened, it lasted less than a day — but zoom out, and the message is clear: buyers have more leverage today than they’ve had in years.

According to Zillow, a median-income household can now afford a $331,483 home, up $30,302 from $301,181 a year ago, marking the strongest affordability level since March 2022. At the same time, Redfin reports there are 600,314 more sellers than buyers nationwide — a 44% gap — creating one of the most buyer-friendly conditions in years.

Here are the facts to know:

• Buying power rebound: Rates have fallen from 6.96% last January to 6.1% (and recently dipped to 5.99%). That’s cut the typical mortgage payment by 8.4% YoY. Buying power is now well above the October 2023 low, when it bottomed at $272,224.

• More homes within reach: Buyers can now afford 446,982 listings nationwide, up from 364,688 last year. Affordable homes now make up 40.3% of the market, compared to 34.8% a year ago.

• Supply-demand imbalance: There are 1.96 million sellers versus 1.36 million buyers — the second-largest gap on record. Buyer demand is down 8% YoY and at the lowest level ever recorded.

• Expensive markets see the biggest swings: In high-cost metros, small rate moves create big swings. San Jose buyers gained $74K in purchasing power year over year. San Francisco (+$56K), D.C. (+$49K), San Diego (+$47K), and Boston (+$46K) saw similar jumps.

• Sun Belt inventory surge: Houston, Phoenix, Dallas, Miami, and Atlanta all added thousands of homes to the “affordable” category. Many of these markets are also among the strongest buyer’s markets in the country.

• Price growth cooling: In 39 buyer’s markets, prices rose just 1% YoY, compared to 5% in the few remaining seller’s markets, meaning buyers are gaining ground without a wave of bidding wars returning.