Buyers’ Markets Emerge in 33 of 47 Major US Cities While 7 Remain Sellers’ Markets

Nearly 70% of large US cities shifted into buyers' markets in June as the number of homes listed for sale reached the highest level since 2020, New York Post reported. Redfin data showed nearly 500,000 more sellers than buyers nationwide, a 48.5% increase from the prior month. Thirty-three of the 47 metro areas analyzed by Redfin qualified as buyers' markets.

The largest imbalances appeared in Sun Belt cities, where Miami recorded 140% more sellers than buyers, Nashville 129%, Houston 124%, San Antonio 117% and Austin 101%. High home prices, rising insurance costs and condominium fees contributed to Miami's surplus, the report stated. In Nashville and parts of Texas, lingering inventory combined with elevated mortgage rates kept demand subdued.

Seven metro areas remained sellers' markets, including several Northeast locations and San Francisco. Nassau County, Newark and New Brunswick recorded tight inventory near New York City. San Francisco's position stemmed from limited new construction and demand from workers in the artificial intelligence sector.

“The biggest hurdle for Americans looking to buy a home is affordability, but those with the budget to move now — even in the face of record-high home prices and stubbornly high mortgage rates — have the power,” said Asad Khan, senior economist at Redfin.