Summary
The U.S. housing market has shifted to favor buyers as there are now significantly more sellers than buyers, making it a "buyer's market" according to Redfin. Despite more homes available for sale, high prices and interest rates limit the benefits for many potential buyers.
Key Facts
- The gap between sellers and buyers in the U.S. housing market reached 44 percent in January, the largest since 2013.
- Redfin considers a market with over 10 percent more sellers than buyers as a "buyer's market."
- The U.S. has been a buyer's market since May 2024, but high costs continue to affect affordability.
- The median sale price of a U.S. home was $423,261 in January, up 1.1 percent from the previous year.
- The national average for a 30-year fixed mortgage rate is 6.1 percent, considered historically high.
- Home sales in January were down 9.03 percent from a year earlier, with homes taking longer to sell.
- The number of homebuyers fell to 1.36 million in January, the lowest on record.
- Some sellers are removing their homes from the market or choosing not to list them to avoid lowering prices.
