U.S. Homebuyers Demand Falls to Lowest Level on Record

If it feels like nobody is buying houses right now... you're not imagining it. U.S. homebuyers just hit their lowest count on record, and the gap between people trying to sell and people actually shopping has never been wider.

According to Redfin's latest Buyers vs. Sellers report, there were an estimated 928,892 homebuyers in the market nationwide in September. That's the lowest number in records going back to 2013, down 2.4% from August and the fifth straight monthly decline.

Sellers, on the other hand, aren't going anywhere. Redfin counted roughly 1,510,784 home sellers in September, the most since March 2020. Put those two numbers side by side and you get about 63% more sellers than buyers across the country.

Sellers Now Outnumber U.S. Homebuyers by a Record 63%

The exact figure is 62.6%, up from 56.9% in August. As Mortgage Professional America pointed out, that makes four record breaking months in a row and the widest gap Redfin has tracked in 13 years.

Redfin calls any metro with more than 10% more sellers than buyers a buyer's market. By that standard, 41 of the 50 biggest metros in the country now qualify, the most ever. Only five are still seller's markets: Nassau County, NY, Montgomery County, PA, Newark, NJ, Milwaukee and San Francisco.

The most lopsided markets are all in the Sun Belt. Miami leads the pack with 158.9% more sellers than buyers, Tampa sits at 103.7%, and four of the top 13 are in Texas with another four in Florida.

"This is a buyer's market born out of caution, not strength," said Asad Khan, a senior economist at Redfin.

Why Buyers Are Sitting on the Sidelines

It mostly comes down to cost. The weekly average mortgage rate climbed to 7.4% on October 8, a three year high, and the typical homebuyer's monthly payment hit $2,777, according to Redfin's weekly housing update. That's the highest on record except for the week before.

Add in a shaky economy and a lot of would be buyers are just... waiting. Khan said many of them have been "priced out of the market, or scared off by economic uncertainty."

Here's the ironic part. On paper, this is a great time to be a buyer. "In terms of supply, these are some of the best conditions for buyers in many years," Khan said, "but they have arrived at a time when costs are so high that fewer people can afford to take advantage of them."

Buyers Who Are Still Shopping Hold the Cards

If you can make the numbers work, you've got serious leverage right now. About 22% of home sellers with active listings cut their asking price, up from 20.9% a year ago. The median U.S. asking price slipped 0.3% year over year, the first decline since March.

Buyers are also walking away more often. Roughly 14.5% of deals that went under contract in September fell through, about one in seven and the highest rate since the early days of the pandemic, per Redfin's pending sales report. Pending sales dropped 4% from August, the biggest monthly drop in more than three years.

What the Record Low Means for the Las Vegas Housing Market

Here's where it hits close to home. Las Vegas is one of the most buyer friendly markets in the entire country right now. Redfin counted 14,234 sellers and just 6,313 buyers in the Las Vegas metro in September. That's 125.5% more sellers than buyers... roughly double the national gap and the sixth widest of the 50 metros Redfin tracks.

Deals are falling apart here more than almost anywhere else too. Las Vegas had an 18.6% contract cancellation rate in September, the third highest in the country behind only Jacksonville and Tampa.

The local numbers from Las Vegas Realtors tell the same story. The median price for an existing single family home was $470,000 in September, down 1.1% from August and dead even with September 2025. That's still below the all time high of $490,000 set back in May and June. Condos and townhomes came in at a $290,000 median, down 1.4% from a year ago.

Sales are slowing down as well. A total of 2,169 existing homes, condos and townhomes sold in September. Compared to last year, home sales were down 7.4% and condo and townhome sales were down 12.6%.

Meanwhile, inventory keeps stacking up. By the end of September there were 7,995 single family homes listed without any offers, up 6.6% from a year earlier, plus 2,796 condos and townhomes, up 7.3%. That works out to about a five month supply, compared to roughly four months a year ago, according to FOX5.

LVR President George Kypreos said recently rising mortgage rates are playing a bigger role in the market, but he still called buying a home a great long term investment.

So what does all this mean for you? If you're buying in Las Vegas and your budget works at today's rates, you've got more homes to choose from and more room to negotiate than locals have seen in years. Ask for seller credits, ask for repairs, and don't be afraid to walk if the numbers don't make sense.

If you're selling, price it right from day one. With more than two sellers for every buyer in the valley, overpriced listings are going to sit. And if you're renting, keep an eye out... more homeowners who can't get the price they want may decide to rent their homes out instead, which could mean more rental options for you.