US Home Sellers Outnumber Buyers by 58% as Supply Hits 4.9-Month High
Updated
Updated · CNN · Sep 21
US Home Sellers Outnumber Buyers by 58% as Supply Hits 4.9-Month High
3 articles · Updated · CNN · Sep 21
Summary
August data show the widest seller-buyer gap since 2013, with 4.9 months of housing supply — the highest level in more than a decade — signaling a market tilting toward buyers.
Mortgage rates nearing 7%, still-rising prices and economic uncertainty are keeping many shoppers sidelined; pending home sales fell 4.7% from a year earlier and purchase mortgage applications dropped 19%.
That pullback is reshaping behavior across the market: some owners remain locked into older low-rate mortgages, while others are finally listing as they accept higher borrowing costs and tap home equity.
Redfin said home tours are down 3% this year, and agents in markets such as Cincinnati report longer listing times, more price cuts and heavier marketing even as overall sales pace has held roughly steady from last year.