The July housing market had 51.3% more home sellers than buyers, according to data from Redfin. That imbalance was slightly below December’s peak of 51.8% and up from the 47.9% share recorded in June.
Nationwide, there were an estimated 966,752 buyers in the market, down 2.5% from the month before. At the same time, there were an estimated 1.46 million home sellers in the market, down 0.3% from a month earlier to the lowest level in a year.
Redfin noted that 39 of the 49 metro areas it analyzed were buyer’s markets. Miami was the nation’s strongest buyer’s market in July, with an estimated 154% more sellers than buyers. Next came Nashville, TN (151%), Houston (130%), San Antonio (116%) and Austin (112%).
“Buyers are dropping out faster than sellers, giving the buyers who remain more options and more negotiating power,” said Asad Khan, a senior economist at Redfin. “At the same time, uncertainty around whether the Fed will hike rates—and this summer’s rising mortgage rates—are keeping many would-be buyers on the sidelines. That makes the stretch between now and Labor Day a potential sweet spot for people who need to move: Buyers have leverage, while motivated sellers may be willing to negotiate before the early-fall rush brings some buyers back to the market. This could be the best chance for buyers and sellers to meet in the middle.”
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