There were an estimated 36.8 percent more home sellers than buyers in the housing market in October (or 528,769 more), the largest gap in records dating back to 2013. That’s according to a new report from Redfin.

Redfin defines a market with over 10 percent more sellers than buyers as a buyer’s market. By this definition, it has been a buyer’s market since May 2024. There have been more than 30 percent more sellers than buyers since April 2025. Redfin economists estimate that the last time there was a stronger buyer’s market was in the years following the 2008 financial crisis.

When sellers outnumber buyers, buyers typically hold the negotiating power because they have a lot of options to choose from. It’s only a buyer’s market for those who can afford to buy — many Americans have been priced out of the housing market as affordability has eroded.

“There’s a shortage of both first-time buyers and repeat buyers because mortgage rates and home prices have gone up so much in recent years,” Denver-based Redfin Premier real estate agent Matt Purdy said in a release. “At the same time, there are homeowners who need to sell because they have to relocate for a job or are getting divorced. Sellers want top dollar because they’re focused on recouping their investment, but buyers are focused on having a low monthly payment, so there’s this gap in expectations that’s making it hard for buyers and sellers to see eye to eye. Oftentimes, the buyer ends up winning the negotiation because they have options—there are a lot of sellers who are desperate to make a deal happen.”

The number of homebuyers in the housing market dropped 1.7 percent month-over-month in October to an estimated 1.44 million — the lowest level on record aside from April 2020, when the pandemic brought the housing market to a halt. That’s the largest monthly decline since June.

Sellers have also been retreating, but not as quickly, according to Redfin. The number of sellers in the market in October fell 0.5 percent month-over-month to an estimated 1.97 million — the lowest level since February. That marks the fifth-straight monthly decline in the number of sellers.

Buyers are backing off due to high housing costs and economic uncertainty, according to Redfin. Sellers, many of whom are buyers themselves, are backing off in response to lackluster demand for their homes

In San Antonio, there were an estimated 18,467 homesellers and 8,497 homebuyers in October. That means there were 117 percent more sellers than buyers, which had the largest imbalance among the 50 most populous metropolitan areas. Next came Austin, Texas (115 percent more sellers than buyers), Miami (108 percent), Fort Lauderdale, Fla. (107 percent) and Nashville, Tenn. (105 percent).

The Sun Belt skyrocketed in popularity during the pandemic, when scores of homebuyers moved in from more expensive parts of the country, driving up housing costs and pricing many locals out of the market, according to Redfin. To meet rising demand, homebuilders ramped up activity, which is one reason there are now a lot more homes for sale than people who want to buy them.

Texas and Florida continue to build more homes than other states. Florida is also grappling with intensifying natural disasters, soaring insurance premiums and rising condo homeowners association fees, which has prompted some homeowners to leave.

Overall, 35 of the 50 most populous metros were buyer’s markets, nine were balanced markets and six were seller’s markets. The buyer’s markets are concentrated in the Sun Belt and on the West Coast, while balanced markets and seller’s markets skew more toward the Midwest and East Coast.

Nassau County, N.Y. was the strongest seller’s market in October, with an estimated 7,442 sellers and 11,888 buyers — or 37.4 percent fewer sellers than buyers. The other five sellers’ markets are Newark, N.J. (34.9 percent fewer sellers than buyers), Montgomery County, Pa. (34 percent), New Brunswick, N.J. (25.2 percent), Milwaukee (15.1 percent fewer) and Cleveland (14.4 percent).

New construction can have a significant influence on whether negotiating power lies with buyers or sellers, Redfin’s report noted. The Northeast and the Midwest issue the fewest building permits, while the South and the West issue the most.

Home prices rose an average of 7.1 percent year-over-year across the six seller’s markets in October, compared with a 3 percent gain across balanced markets and a 1.5 percent increase across buyer’s markets — an indication that buyers in buyer’s markets have more leverage.

Redfin’s report noted that San Francisco has shifted from a buyer’s market to a balanced market, with roughly the same amount of estimated buyers (2,601) as sellers (2,428). It has now been a balanced market for two months after being a buyer’s market for six months in a row.