T
he US housing market has taken a significant turn in favor of buyers, according to a new report from Redfin. With nearly 34% more sellers than buyers, the biggest imbalance since at least 2013, home shoppers now have the upper hand.

    Florida is leading the charge, with six of its metros ranking among the top 10 strongest buyer's markets. Miami, West Palm Beach, and Fort Lauderdale are particularly notable, with sellers outnumbering buyers by nearly 200%. Agents in these regions are also reporting a shift towards a buyer's market, with 35% saying conditions favor buyers.

    The condo market is even more skewed towards buyers, with condo sellers outnumbering buyers by 83.5%. Rising HOA fees and insurance costs, as well as a "condo mortgage blacklist," may be contributing to the slowdown in this segment.

    Redfin attributes the shift in the market to several factors, including high home prices deterring buyers, increasing supply allowing them to be more selective, and sellers adapting to higher interest rates. As a result, Redfin predicts that median home prices will dip by 1% by the end of 2025, marking a significant change from the steady growth seen over the past decade.

    Historical trends suggest that when the market shifts in favor of buyers, home prices tend to cool down. In late 2018, for example, sellers outnumbered buyers for the first time in three years, and just a few months later, home price growth fell significantly. While some markets are still strong for sellers, particularly in the Northeast, Redfin economists believe that the national trend will continue towards a buyer's market.