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U.S. housing market hits strongest buyer’s market on record

In August, sellers outnumbered buyers by 57.9% nationwide, up from 52.1% in July, as buyer demand stalled while listings rose.

Reported · Written up by our desk · Residential

Redfin said the U.S. housing market is now the strongest buyer’s market on record, with sellers outnumbering buyers by 57.9% in August. The seller surplus widened from 52.1% in July, which had been the second-strongest buyer’s market on record.

The sharpest imbalances were in the Sun Belt, led by Nashville, where sellers were estimated to be 139% more than buyers in August. Miami followed at 138%, then Houston at 131%, with Orlando (122%), Las Vegas (117%), San Antonio (116%), Austin (115%) and Dallas (108%) also showing at least a two-to-one seller-to-buyer gap in eight major metros.

Redfin reported that there were an estimated 1,534,918 home sellers nationwide in August, the most since the start of 2020, up 3.9% month over month. Over the same period, the number of homebuyers was estimated at 972,300, up just 0.1% from July, which had posted the lowest level of buyers on record.

Redfin said buyer negotiating power tends to rise when sellers outnumber buyers because buyers have more options. It added that the imbalance is driven by affordability pressures and widespread economic uncertainty that have led some would-be buyers to step back.

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