Trump just dropped a line on TruthSocial: “No more property taxes.” That’s not policy. That’s a signal. The real estate sector is buckling, and he knows it. The federal government can’t touch property taxes. That’s state territory. But when a former president starts shouting about it, it’s not about jurisdiction. It’s about panic.
The housing market is showing signs of structural failure. According to Redfin’s May 2025 report, there are 1.9 million active home sellers and only 1.45 million buyers. That’s a gap of 490,041. Largest ever recorded. That’s not a seasonal dip. That’s a full-blown imbalance. Sellers are flooding the market. Buyers are ghosting. Inventory is up 34% year-over-year. Demand is flatlining.
Trump: No more property taxes
— First Squawk (@FirstSquawk) July 4, 2025
Home Sellers now outnumber Buyers by almost 500,000, the largest gap ever recorded 👀 pic.twitter.com/J796iHhlJH
— Barchart (@Barchart) July 3, 2025
Prices are holding for now, but barely. Median sale price in April was $431,931. Up 1.6% from last year. But that’s the slowest growth in two years. Mortgage rates are sitting at 6.73%. That’s double the pandemic lows. Monthly payments hit record highs. Buyers are tapping out. Sellers are listing homes that sit for 60 days or more. Nearly half of all listings are stale. That’s not normal.
The lock-in effect is cracking. Homeowners who clung to 3% mortgages are finally listing. Divorce, job transfers, layoffs. Life doesn’t wait for rates to drop. But buyers aren’t biting. They’re priced out. They’re waiting. They’re watching. And they’re not moving.
Florida’s getting hit hardest. Miami, West Palm Beach, Fort Lauderdale, Jacksonville, Tampa. All flooded with listings. In Miami, sellers outnumber buyers nearly 3 to 1. That’s a buyer’s market with no buyers. Builders overbuilt. Insurance premiums exploded. HOA fees doubled. Natural disaster risk climbed. Buyers walked.
Trump’s “no property tax” post isn’t about seniors. It’s about optics. He sees the implosion. He’s trying to get ahead of it. But he can’t legislate it. States control property taxes. Local governments fund schools, police, infrastructure with those levies. Cutting them would gut municipalities. But Trump’s not talking policy. He’s talking headlines.
The real estate sector isn’t collapsing overnight. It’s slow. It’s quiet. It’s systemic. Commercial vacancies are rising. Residential inventory is swelling. Office buildings in Boston and San Francisco are selling at 40% discounts. Downtown cores are hollowing out. Residential sellers are chasing buyers who aren’t there.
This isn’t a bubble pop. It’s a slow bleed. And Trump’s post is a pressure valve. He’s trying to redirect the narrative. But the numbers don’t lie. The market’s shifting. And it’s not shifting toward strength.
Sources:
https://www.redfin.com/news/sellers-vs-buyers-price-impact/
https://dcwatchdog.com/bombshell-500000-more-sellers-than-buyers/
https://www.bostonmagazine.com/news/2024/05/26/boston-doom-loop/