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US Home Listings Top $698 Billion as Buyers Gain Leverage

Soaring inventory with mortgage rates near 7 percent has created a surplus of sellers over buyers.

People walk through a neighborhood with row houses on a spring day on May 24, 2025, in Washington, DC.
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Data: Redfin; Note: Number of buyers based on Redfin analysis of pending home sales, MLS listings and other data; Sellers number is amount of homes listed for sale on the MLS.; Chart: Axios Visuals

Overview

  • Inventory climbed to 1.97 million homes for sale in April, a 16.3 percent year-over-year increase that drove total listing value to a record $698 billion.
  • Sellers outnumbered buyers by nearly 500,000 in April, marking the widest gap on record and a reversal from the pandemic era’s high demand.
  • More than $330 billion of listings have sat idle for 60 days or longer, prompting sellers to pursue price reductions to attract buyers.
  • The 30-year fixed mortgage rate held around 6.89 percent at the end of May, further constraining buyer affordability.
  • Redfin forecasts a 1 percent decline in home prices by the end of 2025 as the surplus supply and subdued demand press prices lower.