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yesterday

Buyer’s Market Emerges as U.S. Home Sellers Outstrip Buyers by 500,000

Mortgage rates near 7% have cooled demand, prompting sellers to cut prices plus offer concessions to entice buyers.

A drone shows a view of new single family home construction in San Diego, California, U.S., March 25, 2025. REUTERS/Mike Blake/File Photo
Helicopter shot of residential streets in Montgomery County, Maryland, north of Washington, D.C. on a hazy afternoon in Fall.
Row houses are seen in the afternoon on a spring day on May 23, 2025, in Washington, DC.
A For Sale sign for a multi-million dollar residential home in Reno, Nevada on May 6, 2024.

Overview

  • Sellers outnumber buyers by about 500,000 in April, the largest gap since Redfin began tracking in 2013.
  • Pending home sales fell 6.3% in April from March and are down 2.5% year-over-year, according to the National Association of Realtors.
  • Forty-four percent of April listings sat on the market for over 60 days and 44.4% of first-quarter home sales included seller concessions such as closing-cost assistance or repair credits.
  • Redfin forecasts an average 1% decline in home prices by the end of 2025 as surplus inventory combines with sustained mortgage rates between 6.8% and 7%.
  • The condo sector faces the biggest imbalance, with sellers outnumbering buyers by 83%, versus a 28% surplus in single-family homes.