Homesellers now outnumber buyers by half a million: Redfin

(NewsNation) — After years of rising prices and limited inventory, the housing market is undergoing a major shift: Sellers now far outnumber buyers.

As of April, the U.S. housing market had nearly 500,000 more sellers than buyers — the largest seller surplus on record, according to a new Redfin estimate.

Aside from the start of the pandemic in April 2020, homebuyers haven't been this scarce since at least 2013, the earliest year for which Redfin has data.

As recently as February 2024, the number of buyers and sellers was roughly balanced, but the gap has steadily widened over the past year. Redfin now expects home prices to drop 1% by the end of 2025.

The online real estate brokerage highlighted three factors tilting the balance of power toward buyers: recent economic uncertainty, high