Summary
The U.S. housing market currently has a big gap between sellers and buyers, the largest since 2013, with sellers outnumbering buyers by about 36.8%. This situation gives buyers more power to negotiate, but factors like high interest rates and home prices are still challenges. The market's conditions vary by region, with some areas strongly favoring buyers, while others continue to benefit sellers.
Key Facts
- In October, the amount of home sellers in the market was 36.8% higher than buyers.
- The number of buyers is at its lowest since the start of the COVID-19 pandemic.
- The U.S. housing market has been labeled a "buyer's market" since May 2024.
- The last strong buyer's market was right after the 2008 financial crisis.
- The strongest buyer’s markets currently are in Texas and Florida.
- Seller numbers have decreased by 0.5% due to low buyer demand.
- Many buyers face challenges from high mortgage rates and home prices.
- The divide between buyer and seller expectations is causing negotiation difficulties.
