US Housing Market Sees Record Seller Surplus As Buyers Retreat

Redfin said US home sellers outnumbered buyers by 57.9% in August, the widest gap in its records going back to 2013, as the market added 1.53 million sellers and an estimated 972,300 buyers remained. According to BeInCrypto, the average 30-year mortgage rate is 6.76%, and Redfin senior economist Asad Khan said buyers can afford to be choosy as demand stays weak. Nashville, Miami and Houston posted the largest seller surpluses, while San Francisco remained one of five seller’s markets.