A dwindling number of homebuyers coupled with fewer homeowners listing their properties is shifting most of the housing market in favor of buyers—leaving only five remaining "sellers' markets," a new Redfin report shows.

Why It Matters

Fewer active buyers, paired with more options on the market than demand can absorb, typically means longer listing times, more price cuts and more room for negotiation when it comes to purchasing a home. Mortgage rates have been falling slightly as of late, which could bring some buyers and sellers back to the market, but the balance today favors those on the bid side in most metros.

What To Know

In July, there were an estimated 1.43 million homebuyers in the market —the lowest level in records dating back to 2013 aside from the onset of the pandemic,

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