The difference between the number of US home sellers and buyers has rarely been larger.
The number of home sellers jumped rose to 1,943,669 in April, the most since March 2020 (COVID Lockdown).
Simultaneously, the number of homebuyers declined to 1,453,628, the lowest since April 2020.
As a result, the difference between US home sellers and buyers hit 490,041, the most since records began in 2013. In other words, there are now 33.7% more sellers than buyers in the US, according to Redfin.
By comparison, the gap was just 6.5% a year ago.
Home price cuts are likely coming soon.
US Housing data paints grim picture of housing market