There are now nearly 500,000 more house sellers than buyers

The US housing market has undergone an unprecedented change: sellers are now more numerous than buyers of around 490,000.

This is the greatest disparity since Redfin, a real estate company, began to follow the data in 2013.

Redfin reportPublished Thursday, provides that if current trends persist, the prices of houses could decrease by 1% by the end of 2025 on average. “Potential buyers can see their purchasing power increase, and potential sellers should consider selling as soon as possible,” said the report.

The analysis reveals that there are approximately 1.9 million lists of active houses against 1.5 million buyers. The surplus of 33.7% of sellers on buyers marks a significant transition to the market of a buyer, a contrast that struck with the favored conditions of sellers in recent years. For example, only two years ago, buyers Number sellers.

Chart:: Redfin data, MLS data

This imbalance is the most pronounced in the condos sector, where sellers are more numerous than buyers by 83%, while the unified house market has a surplus of sellers of 28%.

Geographically, the disparity varies: Miami leads as the highest buyer market, with a ratio of almost 3 to 1 of the sellers to buyers. There are only seven markets of the seller; The most unbalanced is Newark, New Jersey, with a ratio of around 2 to 1. St. Louis is considered to be the most balanced, where there are only 1.3% less sellers than buyers.

This surplus of sellers contributes to an increase in price reductions and longer registration times. Thursday, the National Association of Real Estate Agents reported A 6.3% drop in house sales waiting from March to April 2025, with a 2.5% drop from one year to the next. This slowdown is allocated to the increase in mortgage rates, which reached an average of 6.89% at the end of April, dissuading potential buyers.

The discussion trend began last year. In May 2024, 6.4% of home sellers have dropped their requested prices – the highest share since November 2022, according to a previous redfin report. In addition, the median age of active lists would have reached 46 days this month, indicating that houses remain longer on the market.

Sellers are also increasingly obliged to offer concessions to attract buyers. Redfin data Indicates that 44.4% of house sales in the first quarter of 2025 included compromises, such as coverage of closing costs or financing repairs, compared to 39.3% the previous year.

Reduced concessions and prices can offer respite to buyers who have been sidelined by high prices and mortgage rates. THE Average fixed rate of 30 years The mortgage rate is 7%, which has approximately doubled since 2016, when rates have started to increase. In addition, the existing median home sale price reached $ 396,900 in JanuaryIn addition 4.8% compared to a year ago.