- Key Market Milestone
As of April 2025, the U.S. housing market saw 34% more sellers than buyers—the largest sellers-to-buyers gap since Redfin began tracking in 2013 (excluding the lockdown period in April 2020).
- Scope of the Imbalance
Roughly 1.9 million sellers were active compared to 1.5 million buyers, translating to about 490,000 more people looking to sell than to buy.
Newsweek reported the milestone, echoing industry findings that the supply-demand imbalance is placing mounting pressure on home prices and market dynamics.
- Causal Factors Behind the Surge
High Mortgage Rates: With 30-year mortgage rates hovering between 6% and nearly 7%, many potential buyers are either priced out or deterred from entering the market.
Affordability Constraints: Home prices continue to rise even as wage growth stagnates, exacerbating affordability challenges.
Elevated Seller Expectations: Sellers accustomed to a hot market are slow to adjust pricing, leading to listings remaining longer or being priced above market capability.
Broader Market Stress: Contributing issues include lingering lack of affordable inventory, higher insurance costs, and mounting economic uncertainty.
- Market Impacts & Outlook
Impact Area Description
Pricing Pressure Sellers are increasingly reducing prices or offering concessions to attract buyers.
Buyer Advantage Rising The shift is tilting power toward buyers—potentially leading to multiple offers fading.
Sales Performance Existing-home sales remain weak—the lowest since 1995—as affordability remains a hurdle.
Projected Price Trends Redfin anticipates a modest 1% national home price decline by year-end.
- Summary
The U.S. housing market has reached a crucial inflection point: home sellers now significantly outnumber buyers, marking a historic tipping of the market dynamic. The surge in inventory amid high rates and stagnant demand is gradually shifting leverage toward buyers. While prices have held relatively steady, market indicators suggest a soft correction is possible—albeit modest—unless affordability improves markedly.