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During the pandemic housing boom, housing demand surged rapidly amid ultralow interest rates, stimulus relief, and the remote work boom—which increased demand for space and unlocked “WFH arbitrage” as high earners were able to keep their income from a job in, say, New York City or Los Angeles, and buy a home in, say, Austin or Tampa.
Federal Reserve researchers estimate that “new construction would have had to increase by roughly 300% to absorb the pandemic-era surge in demand.” Unlike housing demand, housing stock supply isn’t as elastic and can’t ramp up as quickly. As a result, the heightened pandemic-era demand drained the market of active inventory and overheated home prices, with U.S. home prices rising a staggering 43.2% between March 2020 and June 2022.
Of course, a lot has changed since then.
Not long after mortgage rates spiked in 2022 and return-to-office mandates gained a bit of momentum, national demand in the for-sale market pulled back, and the pandemic housing boom fizzled out.
The longer we’ve remained in this strained housing demand environment, the more the total number of U.S. active sellers is outmatching the total number of active homebuyers.
According to a recent Redfin analysis, there were nearly 490,041 more U.S. home sellers than buyers in April 2025. That’s the most that home sellers have outmatched homebuyers in over a decade.
For comparison, at the height of the pandemic housing boom in April 2022, there were 436,106 more U.S. homebuyers than sellers.
“The balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall. Many are still holding out hope that their home is the exception and will fetch top dollar,” writes Redfin economist Asad Khan. “But as sellers see their homes sit longer on the market and notice fewer buyers coming through on tour, more of them will realize that the market has adjusted and reset their expectations accordingly.”
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