More Sellers Than Buyers: What's Happening in the U. S. Housing Market?

In October, the U. S. housing market saw a significant shift with more sellers than buyers. This gap, the largest since 2013, means buyers have more choices and can negotiate better deals. However, this situation isn't uniform across the country. The number of buyers dropped by 1. 7%, reaching a low not seen since the start of the pandemic. High housing costs and economic uncertainty are keeping many potential buyers on the sidelines. Sellers, on the other hand, are also retreating, with a 0. 5% decrease in numbers. Many sellers are finding it hard to attract buyers and are either delisting their properties or choosing not to list them at all. Texas and Florida are experiencing the most significant buyer's markets, with cities like San Antonio and Austin seeing a large imbalance between sellers and buyers. This trend is partly due to the increased construction activity in these areas during the pandemic. Meanwhile, the strongest seller's markets are in the Tri-State area, with Nassau County, NY, leading the pack. San Francisco, which had been a buyer's market for several months, has now shifted to a balanced market. This change is notable as it reflects the dynamic nature of the housing market. The current market conditions highlight the challenges faced by both buyers and sellers. Buyers are grappling with affordability issues, while sellers are struggling to meet buyer expectations. This mismatch in expectations is making it difficult for both parties to find common ground.