Many regions of the housing market are experiencing a trend not seen since at least 2013.
With more houses for sale and with prices inching down, we are seeing some signs of an emerging buyer's market. The number of active listings was more than 1 million in June, a 31.5 percent year-over-year increase. That means that buyers have more choices.
Naturally, the trend is not uniform across the country.
In the Sun Belt, including the cities of Miami and Austin, inventory has surged. Florida housing inventory is up 22.7 percent year-over-year, for example. This oversupply, driven by overbuilding during the 2020'2022 pandemic boom, reduced buyer demand due to higher mortgage rates, investor sell-offs, rising insurance costs from hurricane risks, and some out-migration, classifies these markets as buyer's markets.
In contrast, the Northeast and Midwest remain more seller-friendly due to persistent inventory shortages.
Even so, the housing market remains a great place for sellers as home prices remain high. Analysts say the overall market is more buyer-friendly than it has been since 2016, but it isn't a classic buyer's market, where buyers have a lot of power over price.
Housing observers have noted some price reductions in the market. More than 20 percent of listings in June had price cuts, the highest since 2016. Sellers may be more flexible now and buyers might be able to negotiate. According to Redfin, there were nearly half a million more sellers than buyers in April 2025. That should put some downward pressure on prices, analysts say.