\nThere were an estimated 35.2% more home sellers than buyers in the U.S. housing market in August (or 505,915 more, in numerical terms). This is according to a new report<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket. June 2025 is the only month in records dating back 2013 when sellers outnumbered buyers by a greater percentage\u201436.3%. In other words, this summer was the strongest buyer\u2019s market on record.<\/p>\n
\nMany Americans have been priced out of the housing market\u2014mortgage rates are falling but remain more than double their pandemic low, and home prices continue to climb, albeit at a much slower pace than in recent years.<\/p>\n
\nRedfin estimates the number of buyers using proprietary data on the typical time from a buyer\u2019s first tour to close of purchase, and MLS data on active listings and pending sales. The estimated number of sellers in the market is simply the number of active listings in the MLS. Redfin defines a market where there are over 10% more sellers than buyers as a buyer\u2019s market and a market where there are over 10% fewer sellers than buyers as a seller\u2019s market. See a more detailed methodology here<\/a> and view an interactive dashboard here<\/a>.<\/p>\n There Haven\u2019t Been This Few Homebuyers in Years, But Lower Mortgage Rates Could Change That<\/b><\/p>\n \nThere were an estimated 1.44 million homebuyers in the U.S. housing market in August\u2014the lowest level in records dating back to 2013 aside from the onset of the pandemic, when the housing market ground to a halt.<\/p>\n \nThe housing market has been shedding homebuyers due to rising home prices and high mortgage rates. But mortgage rates have fallen in recent weeks, trimming hundreds<\/a> of dollars off of monthly payments for homebuyers and fueling an uptick in refinancing activity among existing homeowners.<\/p>\n \n\u201cWe haven\u2019t<\/a> yet seen a big jump in homebuyer demand due to declining mortgage rates,\u201d said Chen Zhao, Redfin\u2019s head of economics research. \u201cBuyers may show up in greater numbers if mortgage rates keep falling, which could happen if the economy continues to weaken. If the economy slows further, the Fed may cut rates more than expected, but the catch is that a slowing economy could push the U.S. into a recession.\u201d<\/p>\n \nThe average 30-year-fixed mortgage rate sat at 6.26% as of last week\u2014the lowest level in roughly a year. Redfin agents say that if mortgage rates drop below 6%, we could see a critical mass of homebuyers return to the market. The Federal Reserve cut its benchmark interest rate last Wednesday, but that was already priced into mortgage rates. Markets currently anticipate two more 25-basis-point cuts this year. Redfin economists expect<\/a> mortgage rates to remain steady in the near term as market participants await further economic data, particularly the next jobs report on October 3.<\/p>\n The Housing Market Has Lost Roughly 50,000 Sellers Since May<\/b><\/p>\n \nSellers continue to outnumber buyers, but sellers have noticed homebuyers retreating and have started retreating in response. There were an estimated 1.94 million home sellers in the housing market in August\u2014the lowest level since January. That\u2019s down from a peak of 1.99 million in May. In other words, the housing market has shed roughly 50,000 sellers over the past three months. This is not reflective of a seasonal shift, as these data are seasonally adjusted.<\/p>\n \nSome sellers are delisting after watching their homes sit<\/a> on the market for months with zero bites from buyers, while others are opting not to list at all after seeing their neighbor\u2019s house sell for under the asking price.<\/p>\n Florida and Texas Are Home to the Strongest Buyer\u2019s Markets<\/b><\/p>\n \nIn Miami<\/a>, there were an estimated 21,230 home sellers and 8,746 homebuyers in August. That means there were 143% more sellers than buyers\u2014the largest imbalance among the 50 most populous U.S. metropolitan areas. Next came Austin, TX<\/a> (131% more sellers than buyers), Fort Lauderdale, FL<\/a> (128%), West Palm Beach, FL<\/a> (116%) and San Antonio<\/a> (111%).<\/p>\n \nOverall, 33 of the 50 most populous metros were buyer\u2019s markets, 12 were balanced markets and five were seller\u2019s markets. The buyer\u2019s markets are concentrated in the Sun Belt and on the West Coast, while balanced markets and seller\u2019s markets skew more toward the Midwest and East Coast.<\/p>\n \n\u201cHousing inventory has surged in Florida, and as a result, buyers have become more selective,\u201d said John Tomlinson<\/a>, a Redfin Premier<\/a> real estate agent in Fort Lauderdale. \u201cWith so many options, it doesn\u2019t take much for buyers to back out of deals. Last year, if issues like faulty AC or an outdated roof came up during an inspection, buyers would say, \u2018OK, we\u2019ll work with it.\u2019 Now they\u2019ll just walk away.\u201d<\/p>\n \nThe Sun Belt skyrocketed in popularity during the pandemic, when scores of homebuyers moved in from more expensive parts of the country, driving up housing costs and pricing many locals out of the market. To meet surging demand, homebuilders ramped up activity, which is one reason there are now a lot more homes for sale than people who want to buy them.<\/p>\n \nFlorida and Texas continue<\/a> to build more homes than other states. Florida is also grappling with intensifying natural disasters, soaring insurance premiums and rising condo HOA<\/a> fees, which has prompted some homeowners to leave.<\/p>\n \nOn average, home prices rose 1.8% year over year across the 33 buyer\u2019s markets in August, compared with a 6% gain across the five seller\u2019s markets.<\/p>\n Newark and Nassau County Are the Strongest Seller\u2019s Markets, With About Half as Many Sellers as Buyers<\/b><\/p>\n Newark, NJ<\/a> was the strongest seller\u2019s market in August, with an estimated 5,771 sellers and 10,120 buyers\u2014or 43% fewer sellers than buyers. The other four seller\u2019s markets are Nassau County, NY<\/a> (41.7% fewer sellers than buyers), Montgomery County, PA<\/a> (35.6% fewer), New Brunswick, NJ<\/a> (25.5% fewer) and Cleveland<\/a> (12% fewer).<\/p>\n \nNew construction can have a significant influence on whether negotiating power lies with buyers or sellers because it impacts the balance of supply and demand. The South issues the most building permits, followed by the West, the Midwest and the Northeast. As mentioned earlier, many of the nation\u2019s buyer\u2019s markets are in the South, while the seller\u2019s markets are concentrated in the Northeast and Midwest.<\/p>\n \n\u201cHomebuyer demand isn’t super strong, but sellers on Long Island are still fetching more than their asking price and receiving multiple offers because there aren\u2019t enough houses for sale,\u201d said Panagiota \u201cPeggy\u201d Papazaharias<\/a>, a Redfin Premier real estate agent in Nassau County, NY. \u201cMany homeowners on Long Island are hesitant to sell and are holding onto their low mortgage rates particularly tightly because New York is so expensive; if they sell their home and move somewhere else in the area, they\u2019d be dealing with not only a higher mortgage rate but also some of the highest home prices in the country.\u201d<\/p>\n Denver and Las Vegas Have Shifted Most Toward Buyer\u2019s Markets in Recent Months<\/b><\/p>\n \nDenver had an estimated 57.1% more sellers than buyers in August, up from 7.9% more a year earlier. That 49.2-percentage-point gain is the largest among the 50 most populous metros. Next come Las Vegas (+48.8 ppts 96.7%), Seattle (+39.5 ppts to 26.8%), Nashville (+38.7 ppts to 107.6%) and Detroit (+35.5 ppts to 30.6%).<\/p>\n \n\u201cWe have more homes for sale in Denver than we’ve had in quite a while,\u201d said local Redfin Premier agent Tamara Mattox-Kabat<\/a>. \u201cAt the same time, there are many first-time buyers who aren\u2019t sure if they can afford to buy and are hoping mortgage rates come down further, but home prices could rise if rates fall further. Previously, a first-time buyer would look at one-bedroom condos; now they\u2019re purchasing two-bedroom units so they can get a roommate to help cover the mortgage.\u201d<\/p>\n \nMattox-Kabat said that depending on the type of property, she recommends sellers do the following to achieve top dollar: conduct pre-inspections to address health and safety items, hire a housekeeper, arrange for carpet cleaning, perform paint touch-ups, declutter, and stage the home to make it look as much like a model as possible. \u201cBuyers like a clean canvas and homes with minimal inspection and maintenance concerns,\u201d she said.<\/p>\n \nTo view the full report, including charts and additional metro-level data, please visit: https:\/\/www.redfin.com\/news\/buyers-vs-sellers-august-2025<\/a><\/p>\n About Redfin<\/b><\/p>\n \nRedfin is a technology-driven real estate company with the country’s most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin\u2019s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.<\/p>\n \nYou can find more information about Redfin and get the latest housing market data and research at Redfin.com\/news<\/a>. For more information about Rocket Companies, visit RocketCompanies.com<\/a>.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250922419620\/en\/<\/a><\/span><\/p>\n Contact Redfin KEYWORDS:<\/b> United States North America Washington<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building & Real Estate Finance Construction & Property Fintech Internet<\/p>\n<\/p>\n
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Redfin Journalist Services:
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Angela Cherry
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press@redfin.com<\/a><\/p>\n
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