Miami Tops U.S. Buyer's Markets With 154% More Sellers Than Buyers
Redfin says Miami is the strongest U.S. buyer's market with 154% more sellers than buyers in July, as national homebuyer counts fall to a record low.
Miami is now the most lopsided buyer's market in the country. Redfin data shows Miami was the nation's strongest buyer's market in July, with an estimated 154% more sellers than buyers. The imbalance has widened sharply from the prior month, and it points to a housing market where demand is collapsing faster than supply.
What the Redfin report actually says
In Miami, the seller surplus grew to 154% more sellers than buyers in July, up from 134% the month before. Nationally, the picture is not much better for anyone hoping to sell quickly.
The number of U.S. homebuyers fell to an estimated 966,752 in July 2026, the lowest level on record, according to Redfin, while the number of sellers fell just 0.3% to 1,462,921. Sellers outnumbered buyers by 51.3% nationally, approaching the December record of 51.8% and widening substantially from 47.9% in June.
Why buyers are walking away
Homebuying demand fell in July largely because mortgage rates soared to their highest level in a year, straining affordability, and widespread economic and geopolitical uncertainty also deterred house hunters. Some prospective sellers pulled back as they took note of slow demand.
“Buyers are dropping out faster than sellers, giving the buyers who remain more options and more negotiating power,” said Asad Khan, a senior economist at Redfin.
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Sun Belt dominates the buyer's market list
Behind Miami came Nashville, TN (151%), Houston (130%), San Antonio (116%) and Austin, TX (112%). More than three-quarters of U.S. housing markets—39 of the 49 U.S. metro areas Redfin analyzed—are buyer's markets.
Miami and Nashville saw a wave of new construction and investor activity during the pandemic boom, and that supply is now landing in a market where local buyers are increasingly priced out, particularly in Miami where rising insurance costs, increasing HOA fees and climate risks have piled onto already-high prices. Houston, San Antonio and Austin have some of the most active homebuilding pipelines in the country, and new-construction inventory continues to hit the market even as buyer demand cools.
The other side of the tape
Just six metros, led by Nassau County, NY, remained seller's markets, where prices rose faster—4.2% year over year versus 2.3% in buyer's markets—indicating stronger buyer competition there. For more housing coverage, see other news.
Options market and stocks to watch
Housing demand at record lows and a Sun Belt supply glut have direct read-throughs across the real estate complex:
Watch RKT, the parent of Redfin, for reaction to its own data on collapsing buyer counts and mortgage-rate sensitivity.
Watch Z and OPAD for exposure to weakening transaction volumes in Miami and other buyer-heavy metros.
Watch homebuilders DHI, LEN and PHM, which are heavily concentrated in Texas and Florida, the same regions where new-construction supply is piling up against soft demand.
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