Redfin: Sellers Continue to Outnumber Buyers in June

(Image courtesy of Robert So/pexels.com)

Redfin, Seattle, reported there were an estimated 48.5% more home sellers than buyers in the U.S. housing market in June. While that points to an unbalanced market, it also is down slightly from 48.7% in May and a peak of 50.1% in December.

“The biggest hurdle for Americans looking to buy a home is affordability, but those with the budget to move now–even in the face of record-high home prices and stubbornly high mortgage rates–have the power,” said Asad Khan, a senior economist at Redfin. “In most of the country, there are more homes to choose from, fewer bidding wars and more room to negotiate on price, closing costs and repairs. It’s worth shopping around, negotiating aggressively and asking for concessions. Many sellers are more willing to compromise than they have been in years, especially as the buyer’s market drags on and sellers’ expectations are coming back down to earth.”

There were an estimated 1,496,490 home sellers in the market in June, up 0.4% month-over-month. That’s the highest level since 2020.

There were an estimated 1,007,735 buyers in the month, up 0.5% from the month before.

A market with over 10% more sellers than buyers is a buyer’s market; a market where there are over 10% fewer sellers than buyers is a seller’s market. A market where’s a gap plus or minus 10% is considered a balanced market.

Currently 70% of U.S. housing markets are buyer’s markets.

The strongest buyer’s market was Miami, which had an estimated 140% more sellers than buyers. Next is Nashville, Tenn., with 129% more sellers, Houston, with 124% more sellers, San Antonio, with 117% more sellers and Austin, Texas, with 101% more sellers.

There are seven markets that can be considered seller’s markets. They were Nassau County, N.Y., with 38% fewer sellers than buyers; Milwaukee, with 30% fewer sellers than buyers; Montgomery County, Pa., with 21% fewer sellers than buyers; Newark, N.J.; with 21% fewer sellers than buyers; New Brunswick, N.J., with 21% fewer sellers than buyers; Providence, R.I., with 18% fewer sellers than buyers; and San Francisco, with 16% fewer sellers than buyers.