Now there is nearly 500,000 more household sellers than customers star-news.press/wp

The American housing market has suffered an unprecedented shift: sellers now surpass customers for about 490,000.

It is the greatest inequality of Redfin, the real estate company began to follow the data in 2013. Years.

Redfin’s reportPublished on Thursday, it forecasts that if there are current trends, home prices could reduce by 1% by the end of 2025. year on average. “Future customers can see their increase in purchasing power, and potential sellers should consider selling before, not later,” report statement.

The analysis reveals that there is an estimated 1.9 million active home lists compared to 1.5 million customers. 33.7% Seller’s surplus over customers marks a significant transition to the customer market, which is Stark in opposition to the conditions that are favored by sellers in recent years. For example, just two years ago, customers Number of counted sellers.

This imbalance is most pronounced in the situation sector, where sellers surpass customers by 83%, while one-family home market is of 28% surplus seller.

Geographically, inequality varies: Miami leads as the strongest market market, with almost 3-to-1 seller ratio customers. There are only seven seller markets; Najmallect is Newark, New Jersey, with a ratio of about 2 to 1. St. Louis was observed as mildest, where there is only 1.3% less sellers than customers.

This surplus seller contributes to the increase in price reductions and long time input. Thursday National Association of Realtor reported A drop of 6.3% in waiting for the sale of the house from March to 2025. April, with a 2.5% reduction from year to year. This slowdown is attributed to the increase in mortgage rates, which were on average an average of 6.89% in April amounted to potential customers.

The reduction trend began last year. In May 2024. 6.4% of housekeepers reduced their requested prices – the largest share of 2022. year, according to the row-up report. In addition, the median age of the active listings allegedly increased to 46 days in which they point to 46 days, which indicates that houses remain in the market longer.

Sellers are also increasingly forced to offer concessions to attract customers. Redfin data It indicates that 44.4% of the sale of the house in the first quarter of 2025. included compromises, such as covering closing or financing repairs, more than 39.3% of the previous year.

Concessions and reduced prices can offer a break for customers who are placed on the side of high prices and mortgage prices. The Average 30-year-old fixed rate The mortgage rate is 7%, which doubled from 2016. year, when the rates began to growing. Moreover, the medium existing selling price of the house has reached $ 396,900 In Januaryabove 4.8% of a year ago.