Home Sellers Outnumber Buyers by Largest Margin in 12 Years, Redfin Report Shows

The balance of power in the U.S. housing market appears to be shifting. Home sellers now outnumber buyers by the widest margin in 12 years, according to new data from Redfin. The report revealed that as of April, there were nearly 500,000 more home sellers than buyers—the largest such gap since Redfin began tracking the data in 2013.

The trend is an early indicator that the housing market may be slowing down—not because home prices are becoming more affordable, but due to fewer buyers entering the market. This shift comes amid rising mortgage rates, economic uncertainty, and the lingering effects of an affordability crisis.

The National Association of Realtors reported that the median existing home sales price reached a record $414,000 in April, marking a 1.8% increase year-over-year and the 22nd consecutive month of rising prices. However, elevated mortgage rates, hovering just below 7%, are contributing to higher monthly expenses for new borrowers, discouraging many potential buyers.

Compounding the challenge, economic uncertainties—including stock market volatility, bond market unrest, and concerns over tariff-induced inflation—are making home shoppers increasingly cautious. A recent Bank of America survey found that 75% of prospective homebuyers are waiting for home prices and interest rates to drop before committing to a purchase.

According to Redfin’s analysis, housing inventory levels haven’t been this high since March 2020, while buyer demand is at its lowest since April 2020, when the pandemic stalled the market. Redfin’s head of economics research, Chen Zhao, told CNN that the company expects a 1% decline in home prices by the end of 2025.

“Generally, the ratio of sellers to buyers seems to be a predictor for home price growth, but with a lag of about three to six months,” Zhao explained. However, she added that a sharper decline in prices is unlikely since sellers may simply opt to wait rather than lower their asking prices.

Las Vegas real estate agent Karen Pohl told CNN she’s observed homes sitting longer on the market this spring compared to past seasons, as sellers hold on to ambitious pricing. Some are offering concessions or price cuts to entice buyers.

The days of bidding wars and skyrocketing home prices appear to be fading for many U.S. cities. While home prices are still climbing, the widening gap between sellers and buyers could herald a cooling market in the months ahead.

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