There were an estimated 48.5% more home sellers than buyers in the U.S. housing market in June, down just slightly from 48.7% the month before and a peak of 50.1% in December. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.
When sellers outnumber buyers, buyers typically have more negotiating power because they have options. That’s why a market with a lot more sellers than buyers is considered a buyer’s market. Redfin defines a market where there are over 10% more sellers than buyers as a buyer’s market and a market where there are over 10% fewer sellers than buyers as a seller’s market. A market where the gap is plus or minus 10% is considered a balanced market.
It’s important to note that it’s only a buyer’s market for people who can afford to buy. High housing costs and widespread economic uncertainty have caused many would-be buyers to back off in recent years, creating the imbalance of buyers and sellers we see today…