Buyers are gaining the upper hand in the housing market as top real estate CEO warns sellers on high asking prices: 'The sharks come out, and it will hurt you even more'

Robert Reffkin gestures with hand while speaking (Credit: Brad Barket—Getty Images for Fast Company)

The U.S. housing market is now tilting in favor of buyers, who are pushing back against the high home prices that sellers are demanding, according to Compass cofounder and CEO Robert Reffkin.

He told CNBC on Wednesday that 30% of the inventory on the market has seen a price drop, which is more than anytime in last 10 years. Meanwhile, the market has seen 16% more inventory.