Redfin: Summer 2025 Saw Strongest Buyer’s Market in Over 10 Years

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Redfin, Seattle, released a new report, finding that there were 32.5% more home sellers than buyers in the U.S. in August.

That’s the second-highest rate on records dating back to 2013–the No. 1 spot goes to June 2025, when sellers outnumbered buyers by 36.3%.

Looking at June and August combined, Redfin reports the data points to this summer being the strongest on record for buyers.

Redfine defines 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 within 10% (in either direction) is generally considered a balanced market.

There were only an estimated 1.44 million homebuyers in August–the lowest level in record dating back to 2013 (excluding the early onset of the COVID-19 pandemic.) Rising home prices and high mortgage rates have been turning potential buyers away, although rates have seen some improvement recently.

“We haven’t yet seen a big jump in homebuyer demand due to declining mortgage rates,” said Chen Zhao, Redfin’s head of economics research. “Buyers 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.”

Sellers have also been retreating, with 1.94 million sellers in August, the lowest level since January. There were 1.99 million in May, meaning the housing market has shed roughly 50,000 sellers over the past few months.

Broken down by metro area, Miami was the strongest buyer’s market in August, with 143% more sellers than buyers. Austin, Texas, was No. 2 (131% more sellers than buyers), followed by Fort Lauderdale, Fla., (128%), West Palm Beach, Fla., (116%) and San Antonio (111%).

Newark, N.J. saw the strongest seller’s market in August, with 43% fewer sellers than buyers. Also seller’s markets are Nassau County, N.Y. (41.7% fewer sellers than buyers), Montgomery County, Pa., (35.6% fewer), New Brunswick, N.J. (25.5%), and Cleveland (12%).