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Houston Heights home is listed for sale on Monday, Oct. 27, 2025. Redfin’s latest report, released by its parent Rocket Companies, declares this the strongest buyer’s market in more than a decade. In October, sellers outnumbered buyers by an estimated 36.8 %, the widest gap recorded since 2013. Redfin defines a buyer’s market as one where sellers exceed buyers by at least 10 %; the last comparable period was after the 2008 financial crisis, when prices fell nationwide. However, Redfin researchers caution that the market is only truly a buyer’s market for those who can afford to buy, as many Americans remain priced out of the market, limiting actual demand.

    The National Association of Realtors (NAR) echoes this sentiment, ranking housing affordability as the top challenge for real‑estate firms, surpassing other issues such as rising industry costs. “Real‑estate firms are on the frontlines and see firsthand how affordability and local economic conditions affect their clients,” said NAR deputy chief economist Jessica Lautz.

    National home‑price trends show a modest 1.2 % year‑over‑year increase in September, according to Cotality, but prices remain roughly 50 % higher than pre‑pandemic levels. Cotality’s chief economist Selma Hepp notes a K‑shaped pattern: higher‑income buyers continue to spend, while lower‑income prospects face job uncertainty, sluggish wage growth, and tighter finances, dampening demand and pressuring prices downward.

    Mortgage rates have eased from recent highs but are still about twice the levels seen in the early pandemic years, keeping borrowing costs high. Cotality reports that about 75 of the top 100 housing markets are still overvalued, with cost remaining the main barrier to homebuying. In Washington, D.C., where the recent government shutdown hit hardest, buyers—mostly those unaffected by the shutdown—are discovering better deals, negotiating price concessions and repairs. Buyer’s agent Paul Legere notes this may be a brief window.

    Despite the shutdown’s end, consumer sentiment does not signal a surge in homebuying. The National Association of Home Builders’ November sentiment survey shows a decline in builder sales expectations over the next six months. NAHB chief economist Robert Dietz attributes the weak demand to a softening labor market and stretched consumer finances, creating a challenging sales environment.