The housing market is running out of buyers:
There were an estimated 46.3% more home sellers than buyers in February 2026, the biggest difference since Redfin data began in 2013.
This gap has widened sharply from 29.8% a year ago, marking the strongest market for buyers in over a decade.
By comparison, there were a record 36.0% more buyers than sellers in November 2022.
This comes as the number of active homebuyers fell -2.4% MoM, to ~1.36 million, the lowest since at least 2013.
At the same time, the number of sellers declined -0.4% MoM to ~1.99 million, posting a smaller decrease than homebuyers.
Further home price cuts are likely coming.
The housing market is running out of buyers:
There were an estimated 46.3% more home sellers than buyers in February 2026, the biggest difference since Redfin data began in 2013.
This gap has widened sharply from 29.8% a year ago, marking the strongest market for buyers in over… pic.twitter.com/SRVOyoldil
— The Kobeissi Letter (@KobeissiLetter) April 20, 2026
Since the pandemic, rapid home price growth has increasingly been politically based—it’s about money moving towards (or away from) certain political environments
We saw it during the pandemic with a rush to the sunbelt for lower taxes and more lenient COVID policies
And today… pic.twitter.com/UAM1SwLHSC
— Amy Nixon (@texasrunnerDFW) April 20, 2026