After years of sellers holding the upper hand, the US housing market is subtly shifting in buyers’ favor. But many are still reluctant to make a move.

Nationally, there are significantly more sellers than buyers in the market. Sellers outnumbered buyers nationwide by 58% in August — the widest gap since Redfin began tracking the data in 2013.

And, at the current sales pace, the market has 4.9 months of supply, according to the National Association of Realtors. That’s the highest level in more than a decade.

It’s a change from the past five years, when a rush for housing during the pandemic helped drive intense competition at a time of limited supply. But despite the current boost in inventory, buyers have pulled back in the last few months.

Several factors may be sidelining buyers. Mortgage rates have surged since the start of the US war with Iran, inching closer to 7%, and reaching the highest level last week since President Donald Trump’s first full week in office. The increase has driven up monthly payments, and a 7% mortgage could pose a psychological barrier for some would-be buyers, further restricting demand.

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