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Home sellers outnumber buyers by widest margin on record, Redfin says
U.S. housing markets saw 631,000 sellers in December, 47% more than buyers, driven by high prices, mortgage rates, and economic uncertainty, Redfin data shows.
- Last month, Redfin estimated home sellers outnumbered buyers by 47%, roughly 631,000, marking the largest gap since 2013 based on national listings and buyer data.
- Redfin found active buyers fell to the lowest level in 12 years last month as homebuyers pulled back due to high prices, mortgage rates, layoffs and uncertainty, while supply rose in Sun Belt pandemic boomtowns and sellers who bought near the market peak delayed resetting expectations.
- Among Sun Belt metros, Austin recorded 17,259 sellers and 7,555 buyers, a 128.4% surplus, the widest gap among top markets.
- Some sellers in Dallas, TX are underwater due to record-high supply this year, with one taking a 10% loss, while mispriced homes linger as many refuse to lower prices.
- Long-Term mortgage rates have eased recently to their lowest in over 3 years, while homeowners with sub-3% mortgage rates decline, easing the `lock-in effect` and aiding inventory recovery, analysts say.
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There are 37% more home sellers than buyers. These 11 pro tips can help aspiring homebuyers get even better deals now
The housing market is shifting in favor of buyers. Indeed, there were an estimated 37.2% more home sellers than buyers in the market in November, marking the largest gap since 2013, not including last summer, Redfin reports. This comes as 30-year fixed mortgage rates hit 6.06% on Jan. 13, their lowest level in over three years, according to new data from Freddie Mac.
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