US Home Sellers Outnumber Buyers by Record 563,000: Redfin
Redfin says US home sellers outnumbered buyers by a record 58% in August 2026, roughly 563,000 more listings than active buyers. Sun Belt metros lead the imbalance as builders keep adding supply into a stalled demand backdrop.
The US housing market just tipped further into buyer territory. Sellers outnumbered buyers by 58% in August, the biggest gap in Redfin’s records, driven by a surge in listings and stagnant demand. That works out to roughly 563,000 more sellers than buyers, the widest imbalance Redfin has ever measured.
The numbers behind the gap
Redfin counted about 1.53 million sellers versus 972,300 buyers nationwide. The number of sellers increased 3.9% month over month, the largest monthly increase in Redfin’s records, while the number of buyers rose just 0.1%.
There were an estimated 57.9% more home sellers than buyers in the U.S. in August, a big jump from 52.1% the month before, which was the second-strongest buyer’s market on record.
Sun Belt is where it breaks
In Nashville, TN, there were an estimated 139% more home sellers than buyers in the market in August, the biggest gap in records dating back to 2013. Miami follows closely, with 138% more sellers than buyers. Next comes Houston, at 131%.
Sellers outnumbered buyers by at least two to one in eight major U.S. metros: The others are Orlando (122%), Las Vegas (117%), San Antonio (116%), Austin, TX (115%) and Dallas (108%). Redfin pointed to active homebuilding pipelines in Nashville, Texas and Florida as one reason inventory has continued to accumulate even as demand has cooled.
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Buyer’s market, but not a cheap one
The imbalance gives qualified buyers more negotiating leverage, but mortgage rates near 7% and a national median existing-home price above $429,000 continue to keep many would-be purchasers out of the market.
Three in five homes sold in August went for less than their original asking price, while total housing inventory reached its highest level since 2020. Sellers are increasingly cutting prices, offering repairs or helping with closing costs to attract a shrinking pool of buyers.
Where the seller’s markets still exist
There are just 5 seller’s markets in the U.S., led by New York City suburbs. San Francisco is also a seller’s market—just the second time in 4 years it has been classified as such.
“With sellers piling into the market and demand falling flat, today’s house hunters can afford to be choosy,” Redfin senior economist Asad Khan said.
Options market and stocks to watch
Watch for pressure on Sun Belt-heavy homebuilders as pricing power fades and incentives climb:
DHI: D.R. Horton has heavy exposure to Texas and Florida, epicenters of the seller glut. Watch for guidance on incentives and gross margin compression.
LEN: Lennar shares similar Sun Belt exposure. Watch for order commentary and buyer traffic trends.
PHM: PulteGroup is another builder to watch as inventory piles up in its core markets.
Z: Zillow benefits from listings volume but suffers when transaction activity stalls.
RKT: Rocket Companies, which now owns Redfin, is levered to mortgage originations that remain choked off by 7% rates.
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