There were an estimated 37.2% more home sellers than buyers in the U.S. housing market in November (or 529,770 more, in numerical terms)—the largest gap in records dating back to 2013 aside from this summer. That’s up from 35.6% a month earlier and 17% a year earlier. The gap has been hovering above 35% since April.
We define a market where there are over 10% more sellers than buyers as a buyer’s market and a market where there are over 10% fewer sellers than buyers as a seller’s market. A market where the gap is plus or minus 10% is considered a balanced market. By this definition, it has been a buyer’s market since May 2024.
When sellers outnumber buyers, buyers typically hold the negotiating power because they have a lot of options to choose from. That’s why a market with a lot more sellers than buyers is considered a buyer’s market. Of course, it’s only a buyer’s market for those who can afford to buy—many Americans have been priced out of the housing market as affordability has eroded.
“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers,” said Redfin Senior Economist Asad Khan. “But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”
We estimated the number of buyers using proprietary Redfin data on the typical time from a buyer’s 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. These estimates, along with median-sale price data in this report, are seasonally adjusted and subject to revision.
I thought there is a housing shortage, but actually it’s a money shortage.
Not surprising – the millions of illegals that were getting public assistance are now gone!