Redfin: In September, U.S. Sellers Outnumber Buyers by 62.6%, the Largest Gap Since 2013
Redfin data shows that in September 2026, there were approximately 1.51 million sellers and 930,000 buyers in the U.S., with sellers outnumbering buyers by 62.6%, marking the largest gap recorded since 2013, widening from 56.9% in August.
The number of buyers dropped to about 929,000, the lowest on record, declining for the fifth consecutive month; the number of sellers rose to about 1.51 million, the highest since March 2020.
Among the 50 major cities in the U.S., 41 have entered a buyer's market, the highest on record; in Miami, sellers outnumber buyers by 158.9%, leading the nation, with several cities in the Sunshine State showing gaps exceeding 100%.
Only five seller's markets remain, including San Francisco and parts of the Northeast; Redfin notes that demand in San Francisco is still supported by AI-related wealth.
High home prices and high mortgage rates are pushing many potential buyers out of the market, while many homeowners with low-interest loans are reluctant to lower prices, leading to extended listing times and shrinking transaction volumes.
Market dynamics show that buyers are suppressed by high rates and prices, while sellers are existing homeowners and new supply continuing to list; the situation is driven by dual pressures of rates and prices, with funds shifting from potential buyers to those waiting or holding inventory, benefiting buyers with negotiation power and pressuring sellers who need to sell but find it hard to lower prices.
This gap has set a record for the fourth consecutive month, with oversupply particularly notable in the Sunshine State, while a few markets like San Francisco still maintain a seller's advantage.
Source: Public Information
ABAB AI Insight
Redfin tracking shows that since mid-2026, the gap between sellers and buyers has continued to widen, reaching 62.6% in September, with the number of buyers hitting a new low since 2013; several previous months have already set records, with the Sunshine State becoming a major driving force due to ongoing new construction and slowing demand.
The capital pathway reflects that high rates lock many homeowners into low-interest mortgages, making them unwilling to lower prices for sale, while potential buyers exit the market due to pressure from monthly payments; AI-related wealth maintains localized demand in a few cities like San Francisco, creating regional differentiation.
This is similar to historical patterns where rapid rate increases lead to a contraction in housing demand, with existing homeowners holding low-rate loans; it also resembles cases where regional markets maintain resilience due to concentrated industrial wealth; currently, the market is dominated by buyers nationally, with a few tech centers still favoring sellers.
Essentially, this represents a shift in pricing power: high rates transfer purchasing ability from average families to cash or high-income groups, shifting bargaining power from sellers to buyers in most national markets, while localized wealth created by AI maintains seller pricing power in markets like San Francisco, directly reflecting wealth differentiation in real estate.
ABAB News · Cognitive Law
- More sellers do not mean prices will drop faster.
- Low-interest loans keep sellers anchored.
- There are still localized seller strongholds in a national buyer's market.