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The number of homebuyers in the market dropped to a record low of about 967,000 in July, nearly half a million fewer than the 1,463,000 sellers competing for their attention. As a result, nearly 80% of major U.S. metros moved into buyer's-market territory, leaving just six metros where sellers still hold the advantage, according to Redfin's latest market update.
Here’s what else to know:
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Sellers outnumber buyers by 51.3% nationally — just shy of December's record of 51.8%, and up sharply from 47.9% in June.
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Miami leads the pack with 154% more sellers than buyers, followed by Nashville (150.8%) and a trio of Texas metros: Houston (129.8%), San Antonio (116.3%), and Austin (111.9%).
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Most buyer's markets got even more buyer-friendly — 34 of 39 saw their seller surplus grow month over month, with Miami, Seattle, and Fort Worth posting the biggest jumps.
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Only six metros still favor sellers, led by Nassau County, NY (-36.2%) and Newark, NJ (-20.7%) — mostly places near NYC job centers where new construction has stayed limited.
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Prices are rising faster where sellers have the edge: home prices climbed 4.2% year-over-year in the six seller's markets, compared to 2.3% in the 39 buyer's markets.
MY TAKE
This is the most buyer-friendly the market has been in years, but don't mistake "buyer's market" for "cheap." Prices are still creeping higher, even in the metros where buyers hold the leverage. What's actually happening is that buyers who can afford today's rates and prices have real negotiating power, while everyone else simply isn't shopping. If you're a buyer who's been sitting on the sidelines and can deal with the mortgage rate, the next few weeks before the fall rush are probably your best shot at a deal all year.
Until Next Week,
Ken
P.S. Zillow's 'Zestimate' and other algorithm-based home value models are extremely helpful but I would not recommend betting on them to always be on the mark. Would you like a bonafide 'Bulls-Eye' Comparative Market Analysis on your home? Completed by me actually doing the work and researching your home's comparable sales on the MLS? If so, just call/text/email me and consider it done. 951-760-3833. No obligation (of course).
P.P.S. If you're looking to sell your home in the near future, my book, 'SELLING SECRETS YOU CAN'T AFFORD TO MISS' needs to be in your hands. I can promise you it will add thousands of dollars to your bank account when selling your home if you follow the advice in the book. You can check it out here ... www.KensSellingSecrets.com.
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