US Home Sellers Hit 6-Year High as Buyer's Market Deepens: Redfin
Redfin data shows US home sellers hit a 6-year high in August 2026, outnumbering buyers by 58% as concessions reach nearly half of all sales and mortgage rates push toward 7%.
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.
The supply side is flooding
The total number of homes for sale rose 3.9% from a month earlier to its highest level since 2020. 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%.
New listings of U.S. homes for sale rose 2.6% month over month to their highest level in over four years in August. The surge in fresh supply was driven by San Jose, CA, where listings rose 25.5% year over year, Nashville (15.8%) and Seattle (13.7%), which posted the biggest increases in the country.
Buyers are sitting on their hands
On the buying side, pending home sales were essentially flat (0.1%) from a month earlier in August. That brought the number of pending sales just slightly above July’s 1-year low. Closed home sales, a more lagging indicator of demand, fell 0.5% month over month to their lowest level in over a year.
Homebuying demand is stagnant largely because housing costs are stubbornly high, pushing would-be buyers to the sidelines. The median U.S. home-sale price rose 2.2% year over year to $398,596, the highest August level on record. The monthly average mortgage rate jumped to 6.67%, the highest level in over a year.
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Concessions are the new normal
Nearly half of home sales in August came with a sweetener from the seller, representing a six-year high. Homesellers gave buyers concessions in 44.7 percent of U.S. sales in August, up from 42.6% a year earlier.
Sellers are increasingly cutting prices, offering repairs or helping with closing costs to attract a shrinking pool of buyers. But elevated borrowing costs continue to keep many households out of the market. 3 in 5 homes sold below their original asking price, illustrating that buyers are using their negotiating power.
Why the shift is happening now
More U.S. homeowners are listing as the mortgage-rate lock-in effect fades, life circumstances prompt moves and sellers adjust to a slower market.
The concessions story clusters geographically. Concessions clustered in Sun Belt metros, where Redfin’s data shows buyer leverage is strongest.
Options market and stocks to watch
A softer housing market with rising inventory and stretched buyers hits several corners of the market. Names worth watching:
RDFN: Redfin sits at the center of this story. Watch for how transaction volume and pricing pressure flow through its brokerage revenue.
Z: Zillow is exposed to the same listing dynamics and buyer-side traffic trends.
DHI and LEN: Homebuilders are competing head-on with a growing pool of existing-home inventory. Watch for incentive spend and margin commentary.
HD: Home Depot has leverage to turnover and remodel activity, both of which are sensitive to a slower move market.
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