ORANGE COUNTY, CA—The high price of homes in Orange County iskeeping many Millennials out of theresidential market, Keith ThomasJr., a local Redfin real estate agent,tells GlobeSt.com. Thomas says, “If I had to write a tweet and sumup the OC Millennial homebuyer in 140 characters or less, I'd say'Millennials are very cautious when buying in the OC real estatemarket—rightfully so, as median prices are much higher than manycan afford.' ”

Redfin recently came out with a report that showed a disconnect betweenhomebuyers and sellers across the county. According to the report,an increase in the number of homes for sale hasn't been enough tobring them back to the market; affordability andfinancing hurdles are now holding them back. Also,sellers have been slow to realize that the market is shifting awayfrom their favor.

The report also shows that sellers are losing ground quickly inagents' eyes. Across Redfin markets nationwide, just 24% of agentssurveyed said that sellers have all the power in their market, downfrom 35% just three months ago. Sellers have lost the most groundin Midwest markets such as Chicago and Minneapolis, where only 12%of Redfin agents now think sellers are holding all the cards, downfrom 24% last quarter. In both the West and Northeast markets, 30%of agents said that sellers still have all the power, but that wasalso down from 38% and 33% last quarter, respectively.